TAGS: Automotive Coatings
The global ethylene carbonate market is projected to grow from USD 280.3 million in 2018 to USD 475.2 million by 2027, at a CAGR of 6.0% in terms of value from 2018 to 2027. The increase in demand for high-quality ethylene carbonate produced by various companies such as Huntsman, BASF, and Mitsubishi Chemical, is the key factor driving the ethylene carbonate market.
Lubricants Segment - Projected to Lead the Ethylene Carbonate Market
In terms of value, the lubricants segment is projected to lead the ethylene carbonate market during the forecast period. The increasing demand for ethylene carbonate from various end-use industries, such as industrial and automotive is driving the lubricants segment. Lubricants are used in automotive engines for collecting, cleaning, and cooling the engine of a vehicle.
Automotive Application Segment is Projected to Grow at the Highest CAGR
Among applications, the automotive segment is projected to grow at the highest CAGR during the forecast period.
The automotive segment of the ethylene carbonate is projected to grow at the highest CAGR during the forecast period, in terms of value. Increasing demand for ethylene carbonate in the automotive industry is driving the growth of this segment.
Reduced emissions of Volatile Organic Compounds (VOCs) and durable protective surface coating on vehicles makes ethylene carbonate preferable in the automotive industry. There has been a consistent rise in the number of vehicles in use in Asia Pacific, Europe, and North America over the past decade, which is fueling the demand for ethylene carbonate.
Asia Pacific - Projected to Lead the Global Methacrylate Monomers Market
Asia Pacific is projected to be the largest market for ethylene carbonate during the forecast period. Asia Pacific has emerged as the leading customer of ethylene carbonate, owing to the increasing demand from various applications in the region, increasing disposable income, and easy access to raw materials due to efficient distribution channels.
The growth of the ethylene carbonate market in the Asia Pacific region is mainly driven by China, which is experiencing substantial growth fueled by rising investments to establish manufacturing facilities for ethylene carbonate in the country. The growth of oil & gas, industrial, and automotive industries is also driving the market for ethylene carbonate in this region.
Source: MarketsandMarkets™