Ethylene Carbonate Market to grow at a CAGR of 10.32% during 2024-2028
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 transition towards electric vehicles (EVs) driven by consumer concerns over environmental sustainability poses a significant challenge to the traditional automobile market. Tesla Inc., BMW, Ford, BYD, Beijing Electric Vehicle, ZhiDou, Shanghai Auto, and Zotye are among the leading companies spearheading this shift. Ethylene carbonate, with its superior dielectric strength, plays a crucial role in ensuring safety and protection against electric shock in the manufacturing of essential EV components such as spark plugs, ignition cable sets, and battery terminals. This innovative use of ethylene carbonate in the automotive sector is set to redefine industry standards and intensify competition within the market.
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Technavio analysts predict that the Lubricants subsegment will lead the Application segment during 2024 and 2028 Ethylene carbonate plays a pivotal role in the lubricants industry due to its capability to enhance the performance and stability of lubricating oils. As a critical component in the production of synthetic lubricants, it imparts superior thermal stability and oxidation resistance, thereby extending the lifespan of lubricants and reducing maintenance costs for machinery and equipment. In the manufacturing process of lubricants and greases, ethylene carbonate functions as a reactive intermediate. The extensive application of these lubricants in various industries, including automotive, industrial, and oil and gas, drove the lubricants segment to dominate the global ethylene carbonate market in 2023.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing automotive production
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The Ethylene Carbonate (EC) market is experiencing significant growth due to its versatile applications in various industries. In the realm of portable electronics, EC is used as a solvent and a chemical intermediate in the production of lithium-ion batteries. In the energy storage sector, EC finds extensive use as a solid battery electrolyte in solid-state batteries, particularly in solid capacitor electrolytes. The oil & gas industry also utilizes EC in drilling operations for viscosity reduction. In addition, EC is employed as a solvent in the production of soldering fluxes and as a plasticizer in cosmetics. The medical industry uses EC as a solid capacitor electrolyte and in the production of lithium-sulfur batteries. EC is also used as a lithium ion source in the production of lithium carbonate and lithium hydroxide. In the EV lithium-ion batteries, EC is used as a battery electrolyte. Furthermore, EC is used in surface coatings, lubricants, and as a solvent in the production of polymers. EC is available in both liquid and solid forms, making it a versatile chemical intermediate in the production of various industrial products. The growing demand for electric vehicles and energy storage systems is expected to drive the growth of the Ethylene Carbonate market in the coming years.
According to Technavio, the global ethylene carbonate market is a segment of the larger commodity chemicals market, which encompasses businesses specializing in the production of industrial and basic chemicals. This market category includes manufacturers of plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, it excludes companies producing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Technavio's estimation of the global commodity chemicals market size is derived from the collective revenue generated by these industrial and basic chemical manufacturers. The market's expansion will be fueled by the escalating demand for plastic packaging, as plastic remains the most frequently utilized material in the global packaging industry.
The Ethylene Carbonate Market is experiencing significant growth, fueled by the growing automotive production. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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