The global ethylene carbonate market size is expected to grow from USD 0.8 billion in 2024 to USD 1.5 billion by 2029, at a CAGR of 14.4%, during the forecast period. Rising requirements for ethylene carbonate predominantly drive the market expansion within the automotive sector. This compound finds diverse applications, such as the manufacturing of automotive plastics, utilization in surface coatings, and its crucial role as an electrolyte in lithium-ion batteries. Ethylene carbonate is a plasticizer in automotive plastics manufacturing, enhancing the flexibility and durability of materials used in vehicle interiors and exteriors.
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The industrial sector’s increasing demand for chemical-resistant and durable components has driven the need for ethylene carbonate as a plasticizer. Additionally, the growing demand for polycarbonates and lubricants in the emerging Asia-Pacific region, driven by a shift in consumer preference towards high-quality products, is boosting the growth of the ethylene carbonate market. However, market growth could be impacted by political instability between China and Taiwan and fluctuating raw material prices.
Oriental Union Chemical Corporation (Taiwan), Huntsman (US), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan) are the leading ethylene carbonate players, globally. Asahi Kasei (Japan), New Japan Chemical Co. Ltd (Japan), Zibo Donghai Industries Co. Ltd. (China), and Shandong Senjie Cleantech Co. Ltd (China), among others, are the key ethylene carbonate manufacturers in the Asia Pacific. These companies have built strong brand recognition, using their ethylene carbonate domestically and exporting it to various countries, including China, Japan, New Zealand, Australia, and other Asia-Pacific nations.
Oriental Union Chemical Corporation (OUCC), headquartered in Taiwan, is a prominent chemical industry producer focusing on polyester derivatives, ethylene glycol, and ethylene oxide. The company operates a dedicated ethylene carbonate plant with an annual capacity of 60,000 tons, positioning itself strongly in the global market.
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Mitsubishi Chemical Holdings, a significant player in the market, boasts a diverse product portfolio encompassing solvents for lubricants and polymer production. The company is renowned for supplying high-quality ethylene carbonate tailored for battery electrolyte applications, meeting stringent standards with low impurity levels and minimal moisture content. Mitsubishi Chemical actively invests in technological advancements to enhance its product offerings.
Huntsman commands a significant market share due to its extensive expertise in ethylene carbonate production. The company boasts a comprehensive product portfolio, robust production capacity, and a well-established sales, logistics, and technical services network. Huntsman supplies ethylene carbonate for various applications, including high-polarity solvents, plasticizers, surface coatings, chemical intermediates, lubricants, and electrolytes. The company is committed to advancing production technologies and carbonate derivatives to meet increasing customer demands. In June 2021, Huntsman announced an expansion of its ULTRAPURE Ethylene Carbonate production at its Conroe, Texas plant to meet rising battery demand in electric vehicles.
Shandong Shida Shenghua Chemical Group Co., Ltd., known as Shida Shenghua, is a prominent chemical company based in Shandong Province, China. The company specializes in manufacturing various chemical products, including ethylene carbonate, and holds a strong position in the domestic Chinese market. Its products are widely utilized across electronics, automotive, pharmaceuticals, and energy storage industries.
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Taogosei Co., Ltd., a leading Japanese manufacturer, plays a pivotal role in the ethylene carbonate market. The company’s core business spans commodity chemicals and adhesive materials, including ethylene carbonate in its acrylic monomers and chemical products. Taogosei’s ethylene carbonate is a versatile solvent and essential plasticizer in various industrial applications. Its ability to dissolve a broad range of compounds enhances the flexibility and workability of polymers and resins during manufacturing processes.
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