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According to Fortune Business Insights, The global ethylene carbonate market was valued at USD 184.2 million in 2024 and is projected to expand from USD 206.8 million in 2025 to USD 412.6 million by 2032, registering a CAGR of 10.4% over the forecast period. In 2024, Asia Pacific led the market, accounting for 63.02% of the global share.
Ethylene carbonate’s high polarity and excellent water solubility make it a preferred solvent across a range of applications. As a polar solvent, it is widely used in the production of lubricants, plastics, resins, surface coatings, and more. Chemically, it is classified as a cyclic carbonate ester derived from ethylene glycol and carbonic acid. Beyond its role as a solvent, ethylene carbonate is also employed as an intermediate in chemical synthesis, which has further contributed to its demand in the historical period. Ethylene carbonate has emerged as an ideal solvent for different applications owing to its efficacy of providing high solubility and polarity against water. The market growth can be attributed to the growing demand for lithium-ion batteries and supercapacitors.
Fortune Business Insights™ provides this information in its research report, titled “Ethylene Carbonate Market, 2025-2032”.
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Segmentation:
Increasing Demand for Lithium Batteries to Augment the Battery Grade Segment Growth
In terms of grade, the market is divided into industrial grade, battery grade, and electronic grade. The battery grade segment is anticipated to expand at the fastest annual growth rate during the forecast period. The growth in the demand for lithium batteries in which the product is deployed as an electrolyte is fostering the battery grade segment growth.
Lithium Battery Electrolyte Segment to Secure Largest Share Due to Surging Demand for Lithium-ion Batteries
By application, the ethylene carbonate market is classified into polymers & resins, lubricants, semiconductor, lithium battery electrolyte, and others. The lithium battery electrolyte segment is expected to register the largest ethylene carbonate market share during the forecast period. The growing demand for lithium-ion batteries is boosting the lithium battery electrolyte segment growth.
Rise in Demand for Electric Vehicles to Propel the Automotive Segment Growth
With respect to end-use, the market is classified into industrial, healthcare, electronics, automotive, and others. The automotive segment is poised to dominate during the forecast period. The increasing demand for electric vehicles is bolstering the automotive segment's growth.
From the regional perspective, the market is segregated into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.
List of Key Players Mentioned in the Report:
BASF SE (Germany)
Huntsman International LLC (U.S.)
Indorama Ventures Public Company Limited (Thailand)
Lotte Chemical (South Korea)
Mitsubishi Chemical Group Corporation (Japan)
Hi-Tech Spring (China)
Oriental Union Chemical Corporation (OUCC) (Taiwan)
Shandong Haike Chemical Group (China)
Shandong Shida Shenghua Chemical Group Co. Ltd. (China)
Toagosei Co., Ltd. (Japan)
Report Coverage
The report offers an in-depth analysis of the driving and restraining factors affecting the market growth. In addition, it focuses on the strategic initiatives undertaken by leading players to stand out from the competition. The report further provides a comprehensive coverage of the latest trends, the impact of the COVID-19 pandemic on market growth, and notable industry developments.
Drivers and Restraints:
Trend of Electrifying the Vehicle to Escalate Market Growth
Humongous investments in the electrification of the automotive industry to drive market expansion due to momentum toward clean energy. Moreover, due to the growth of the electric vehicle market, the demand for lithium-ion batteries has increased.
Despite such growth opportunities, the environmental concerns related to conventional production methods are poised to hinder the supply-demand equation during the mid-term forecast, impeding the ethylene carbonate market growth.
Regional Insights:
Asia Pacific Dominated Due to High Consumption of Products in the Electronics Industry
Asia Pacific accounted for the largest share in 2022. The high consumption of the product in electronics, lithium-ion batteries, and polymers is driving regional growth.
North America and Europe's ethylene carbonate market growth can be attributed to huge investments by producers of lithium batteries, which is poised to bolster the demand for lithium battery electrolytes over the next several years.
Information Source: https://www.fortunebusinessinsights.com/ethylene-carbonate-market-107266
Competitive Landscape:
Companies Focus on Investment Strategies to Strengthen Their Position
Shandong Shida Shenghua Chemical Group Co. Ltd., Shandong Haike Chemical Group, Huntsman International LLC, BASF, and Mitsubishi Chemical Group Corporation are some of the prominent companies in the market. Players are emphasizing different competitive strategies to reinforce their position. Some of these strategies include joint ventures, partnerships, and others. Several companies are also focusing on investment strategies and launching innovative ethylene carbonate solutions to enhance their position.
Key Industry Development:
August 2022: Under its Vision 2030, Indorama Ventures Public Company Limited (IVL) partnered with Capchem Technology USA Inc. to establish a new lithium-ion battery solvents plant on the U.S. Gulf Coast.
January 2022: Shida Shenghua established a new production facility with an annual production capacity of 120 kilotons. The company will purify 40 kilotons of industrial grade to make battery grade ethylene carbonate in this expansion.
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