The Ethylene Carbonate Market is being driven by Growing automotive production
The Ethylene Carbonate Market is expected to grow at a CAGR of 10.32% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 223.48 million. The shift towards electric vehicles (EVs) due to growing environmental concerns and advancements in battery technology poses a significant challenge to the traditional automotive market. Tesla Inc., BMW, Ford, BYD, Beijing Electric Vehicle, ZhiDou, Shanghai Auto, and Zotye are among the companies leading this transformation. Ethylene carbonate, with its high dielectric strength, plays a crucial role in ensuring safety in the production of EV components such as spark plugs, ignition cable sets, and battery terminals. This not only enhances the performance of EVs but also positions them competitively against conventional automobiles.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.32% |
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Market growth 2024-2028 |
USD 223.48 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
9.96 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Ethylene Carbonate market finds extensive applications in various industries, including the production of lithium batteries for electric vehicles and lithium-sulfur batteries. This versatile chemical is used as a solvent in both solid and liquid forms for producing lithium ions and serving as battery electrolytes in EV lithium-ion batteries. Additionally, it is employed as a chemical intermediate in surface coatings, medical applications, capacitor electrolytes, and soldering fluxes. Ethylene Carbonate also plays a crucial role in viscosity reduction for drilling operations and energy storage systems. Furthermore, it is used in portable electronics as a solid battery electrolyte and solid capacitor electrolyte.
The Ethylene Carbonate market is a significant segment within the larger Global Commodity Chemicals Market, which encompasses businesses primarily engaged in the production of industrial and basic chemicals. This market category includes a diverse range of products such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably excluded are chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Key growth drivers for the Global Commodity Chemicals Market include the escalating demand for plastic packaging, particularly in the context of the burgeoning Electric Vehicle (EV) sector, which relies heavily on Lithium-ion batteries. Ethylene Carbonate is a crucial chemical intermediate in the production of Lithium-sulfur batteries, battery electrolytes, and surface coatings. As such, its demand is expected to increase significantly due to the growing popularity of EVs and the expanding Lithium-ion battery market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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