Latest Update on Ethylene Carbonate Market

The global ethylene carbonate market size is estimated to be valued at USD 290 million in 2021 and projected to reach USD 389 million by 2026, at a CAGR of 6.1%, during the same period. The demand for ethylene carbonate is driven mainly by its growing demand in lithium battery electrolyte and lubricant applications.

Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan), among others, are the leading ethylene carbonate manufacturers, globally. These companies have established their brands, and ethylene carbonate produced by these companies is consumed domestically. It is supplied further to various countries such as China, Japan, New Zealand, Australia, and others within the Asia Pacific region.

Solid form ethylene carbonate to dominate the global ethylene carbonate market during the forecast period

The ethylene carbonate industry has been segmented based on form into solid and liquid. The solid segment accounted for the larger share of the market in 2020. The growth in this segment is attributed to the increasing demand from various applications lubricants, plasticizers, solvents, chemical intermediates, among others. Ethylene carbonate in solid form is extensively used in these applications to cater end use industries sucha as automotive, medical, chemical, industrial, among others. These factors are expected to drive the demand for ethylene carbonates during the forecast period.

Lubricants to dominate the global ethylene carbonate market during the forecast period

The ethylene carbonate industry has been segmented based on application into lubricants, lithium battery electrolytes, plasticizers, surface coatings, and others. The lubricant segment accounted for the larger share of the market in 2020. The growth in this segment is attributed to the increasing demand from various end-use industries such as industrial and automotive. They are used in automotive engines as cooling and cleaning agents. These factors are expected to drive the demand for ethylene carbonates during the forecast period.

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Automotive end-use industry segment to dominate the global ethylene carbonate market during the forecast period

The market has been segmented based on the end-use industry into automotive, industrial, medical, oil & gas, personal care & hygiene, and others. The automotive segment accounted for the largest share of the market in 2020 and is expected to witness significant growth during the forecast period. The increase in this segment is attributed to different requirements by manufacturers, such as reduced emissions of volatile organic compounds (VOCs) and durable protective surface coating on vehicles. The motorization rate has increased over the last five years because of the rise in the disposable income of people and industrial growth across the globe. These factors are expected to drive demand during the forecast period.

COVID-19 Impact on the Global Ethylene Carbonate Market

Ethylene carbonate is primarily used as a raw material for the production of lubricants. It is also used as a solvent for many polymers, resins, plasticizers, and adhesives & sealants. It is also used as an electrolyte in various batteries such as lithium-ion batteries. Thus, the impact of COVID-19 on major end-use industries, such as plastics, battery manufacturing, and construction, is expected to directly impact the ethylene carbonate market.

• Automotive is among the worst-hit industries due to the closure of showrooms and the global economic crisis. Consumers also are confined to their homes. The demand for personal cars and commercial vehicles has been drastically reduced due to economic turmoil. Consumers are also canceling already placed pre-orders. All these factors have a negative impact on the ethylene carbonate market.
• The COVID-19 pandemic has disrupted the supply chain of the plastic industry globally. China plays an important role in the supply chain of the plastics industry. According to the Plastics Industry Association, in March 2020, 31% of plastic imports of the US are from China. Thus, the temporary shutdown of plastic factories in China during the first quarter of 2020 disrupted the cargo shipments of plastic products to the other countries in North America and Europe. According to the American Association of Port Authorities, cargo volumes of plastic resins and products at many US ports during the first quarter of 2020 were reduced by approximately 20% compared to 2019. However, the challenges in the supply chain of plastic products are being reduced now, as most of the plastic manufacturers are getting back to reach full capacity globally.
• China is the leading manufacturer of batteries worldwide. However, it experienced a manufacturing slowdown from December 2019 due to the country's COVID-19 outbreak. Some of the world’s leading battery manufacturing companies, such as Contemporary Amperex Technology Co. Ltd. (CATL) and BYD Company Ltd., are based in China. The majority of factories were either closed or unable to attain their full production capacity due to a shortage of staff and raw materials. Supply lines have also been severed, thereby seriously affecting battery production as well as other businesses. Thus, due to the closure of various battery manufacturing facilities or the slow production rate even after the resumption of production, the constrained supply of batteries from China has the potential to severely impact the global electric vehicle market along with other energy storage projects and various electronic products. This, in turn, is anticipated to hit the ethylene carbonate market as ethylene carbonate is used as a battery electrolyte in various batteries.

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APAC is expected to account for the largest market size during the forecast period

APAC is the largest and fastest-growing ethylene carbonate market, owing to its increasing usage in various end-use industries, such as oil & gas, automotive, industrial, and medical. Furthermore, the growing population, rising disposable income, and economic growth in China and Taiwan are augmenting the market growth. These factors are expected to fuel the demand for ethylene carbonate in the region during the forecast period.

Huntsman accounted for the second-largest share in the market owing to the vast experience in the manufacturing of ethylene carbonate, broad product portfolio, huge production, sales, logistics, and technical service network. The company is highly focused on R&D and operates facilities in over 30 countries. It offers ethylene carbonate for various applications such as chemical intermediates, surface coatings, wood binder resins, lubricants, plasticizers, and electrolytes. The company is currently investing in advanced production technologies and carbonate derivatives to meet the customer’s demand. In Jan 2021, Huntsman Corporation announced the expansion of its partnership with distributor partner Azelis Americas CASE, LLC in the US and Azelis Canada, Inc. in Canada. This expansion agreement is expected to lead the distribution of the company’s business for Advanced Materials in the US and Canada.

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