PUBLISHER: Grand View Research | PRODUCT CODE: 1363509
PUBLISHER: Grand View Research | PRODUCT CODE: 1363509
The global 2-(2,2,2-trifluoroethoxy)-1,3,2-dioxaphospholane-2-oxide market size is expected to reach USD 676.5 million by 2030, according to a new study by Grand View Research, Inc.. The market is expected to expand at a CAGR of 3.7% during the forecast period of 2023 to 2030. The growth of this industry is primarily attributed to the rising demand for lithium-ion batteries in electric vehicles.
The demand for electric vehicles is increasing sharply in emerging economies, as these vehicles are key to decarbonizing the road transportation sector, which accounts for over 15% of global energy-related emissions, as per the International Energy Agency (IEA). In recent years, the global electric vehicles industry has witnessed a surge in sales, owing to the easy availability of a wide range of EV models and their improved performance. The popularity of passenger electric cars has been increasing steadily; according to the International Energy Agency (IEA), around 18% of cars sold globally in 2023 are expected to be electric. This is expected to result in strong market growth for the compound.
On the other hand, limited raw material suppliers and high associated costs are expected to restrain market development. As such, it becomes difficult for manufacturers to procure raw materials required for manufacturing market products. The major raw materials used for manufacturing the compound are 2-chloro-1,3,2-dioxaphospholane-2-oxide and 2,2,2-trifluoroethanol. Currently, very few players in the market supply these raw materials, thereby creating a high raw material supply risk for its manufacturers.