PUBLISHER: KBV Research | PRODUCT CODE: 1374008
PUBLISHER: KBV Research | PRODUCT CODE: 1374008
The North America Ethylene Carbonate Market would witness market growth of 8.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 738.4 hundred Tonnes, showcasing a growth of 7.0% (2019-2022).
As ethylene carbonate is a strongly polar solvent that dissolves a substantial quantity of electrolytes, it is primarily employed in lithium battery electrolyte solutions. It can also dissolve polymers easily, allowing it to be used as a detergent and release agent. Its product is of high quality, with minimal impurity and moisture levels. It has an exceptional reputation for adhering to stringent quality standards. The increase in demand for ethylene carbonate can be associated with the increasing popularity of electric vehicles and the demand for energy storage systems. It is a crucial ingredient in the formulation of electrolytes for lithium-ion batteries, which are used extensively in electric vehicles, electronic devices, and renewable energy storage. Beyond batteries, the product has applications in producing plastic, coatings, glues, and pharmaceuticals. The development of these industries in emerging economies contributes to the expansion of the market.
Additionally, increasing environmental awareness and enforcing stringent regulations have prompted a shift toward more eco-friendly options. Ethylene carbonate is commonly used due to its lower toxicity and ecological impact than other solvents and additives. The primary basic materials required for the production of ethylene carbonate are ethylene oxide and carbon dioxide. Typically, ethylene oxide is derived from ethylene, which is obtained from petroleum or natural gas. Carbon dioxide can be obtained from various sources, such as industrial waste streams and atmospheric purification. The fabrication process takes place in a reactor system under strict supervision. The reactor is designed to accommodate the reaction conditions, guarantee safety, and maximize production efficiency.
According to the International Trade Administration (ITA), the Mexican government's energy development plan stated that 328,597,98 GWh of electricity were produced in Mexico in 2021, with 29.5 percent of that energy coming from clean sources like wind, solar photovoltaic, bioenergy, effective cogeneration, geothermal energy, hydroelectric, and nuclear power. The installed capacity of Mexico's clean energy plants, including hydroelectric, geothermal energy, wind, photovoltaic, and bioenergy, was 29,512 MW in 2020 and 30,812 MW by December 2021, an increase of 4.4% compared to 2020, with the majority of the growth coming from hydro, wind, and photovoltaic solar energy plants. As the need for energy storage solutions continues to rise in Mexico, the demand for technologies like lithium-ion batteries with ethylene carbonate-based electrolytes is expected to grow.
According to Statistics Canada, the oil and gas extraction industry's total cumulative revenue increased 85.7% from $93.7 billion in 2020 to $174.0 billion in 2021. As Canada's oil and gas sector expands, it can increase overall energy demand, potentially leading to a greater need for energy storage solutions that incorporate technologies like lithium-ion batteries with ethylene carbonate-based electrolytes. These factors will positively affect the market growth in this region.
The US market dominated the North America Ethylene Carbonate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $205,621.9 Thousands by 2030. The Canada market is exhibiting a CAGR of 10.6% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 9.6% during (2023 - 2030).
Based on End-Use, the market is segmented into Automotive, Oil & Gas, Industrial, Medical, and Others. Based on Form, the market is segmented into Solid, and Liquid. Based on Application, the market is segmented into Lubricants, Lithium Battery Electrolyte, Surface Coatings, Plasticizers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Chemical Holdings Corporation, FUJIFILM Wako Pure Chemical Corporation, Huntsman Corporation, Thermo Fisher Scientific, Inc., BASF Se, Cole-Parmer Instrument Company (Antylia Scientific), Oriental Union Chemical Corp., Asahi Kasei Corporation, Empower Materials, Inc. (Axess Corporation), and Merck KGaA.
Market Segments covered in the Report:
By End-Use (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
By Form (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
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