PUBLISHER: Grand View Research | PRODUCT CODE: 1301274
PUBLISHER: Grand View Research | PRODUCT CODE: 1301274
The global ethylene carbonate market size is expected to reach USD 887.1 million by 2030, registering a CAGR of 6.7% during the forecast period, as per a new report by Grand View Research, Inc. The growth is majorly driven by the rising demand for electrolytes in lithium-ion batteries using ethylene carbonate as a major ingredient for production as a solvent.
The utilization of ethylene carbonate in lithium-ion batteries is experiencing an increase in demand due to its extensive use in electric vehicles. The growing awareness of environmental concerns has led to the adoption of electric vehicles. The widespread usage of electric vehicles in countries such as the U.S., France, China, Japan, Germany, and the UK has resulted in the use of Li-ion batteries, thereby boosting the demand for ethylene carbonate.
The product is also used as a solvent in the production of plastics, coatings, and adhesives. It can also serve as an intermediate in the synthesis of various organic compounds, including pharmaceuticals, polymers, and specialty chemicals.Additionally, it is used as an additive or co-solvent in lubricant formulations to enhance their performance and properties.
Asia Pacific dominated the market with a revenue share of more than 36% in 2022. Several countries in Asia Pacific, such as China, Japan, and South Korea are at the forefront of electric vehicle production and deployment. These countries have witnessed a surge in the manufacturing and consumption of lithium-ion batteries, which are essential components of electric vehicles.