Cyclic Carbonate (PC and EC) Market size is estimated to be USD 1.2 Billion in 2024 and is expected to reach USD 2.5 Billion by 2033 at a CAGR of 9.1% from 2026 to 2033.
The global Cyclic Carbonate (PC and EC) market was valued at approximately USD 665 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2030. Propylene Carbonate (PC) and Ethylene Carbonate (EC) are key solvents used extensively in lithium ion batteries, pharmaceuticals, and various industrial applications, driving steady market expansion. The increasing demand for high performance battery electrolytes, particularly in electric vehicles (EVs), has accelerated the adoption of EC and PC globally. In 2022, Asia Pacific dominated the market, accounting for over 48% of the global share due to high production capacities and rising consumption in China, Japan, and South Korea. North America followed with a 23% share, driven by growing investments in renewable energy storage systems and electric mobility solutions.
Europe accounted for approximately 18% of the global market in 2022, with strong emphasis on environmental policies and a transition toward sustainable energy sources increasing demand for advanced battery technologies. Latin America and the Middle East & Africa represented smaller shares of 6% and 5% respectively, but are expected to show notable growth as regional economies adopt energy efficient practices and expand their industrial base. Opportunities in the cyclic carbonate market include the rising use of EC and PC as green solvents in chemical synthesis, increased R&D in biodegradable polymers, and innovation in high purity carbonate grades for advanced electronics. Additionally, as global EV production ramps up, manufacturers are actively seeking stable, high performance electrolyte solvents, creating a strong future demand curve for both EC and PC in battery grade applications across developed and emerging regions.
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Mitsubishi Chemical
BASF
Huntsman
LyondellBasell
OUCC
TOAGOSEI
Shida Shenghua
Daze Group
Shandong Depu chemical
Hi-tech Spring Chemical
Linyi Evergreen Chemical
Shandong Feiyang Chemical
Lixing Chemical
Zhongke Hongye
Haike Group
Liaoning Konglung Chemical
Hengyang New Energy Chemical
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Cyclic Carbonate (PC and EC) Market
Propylene Carbonate (PC)
Ethylene Carbonate (EC)
Lithium-ion Batteries
Supercapacitors
Automotive
Electronics
Aerospace
Chemical Manufacturing
Pharmaceuticals
High-Temperature Stability
Low Viscosity
High Dielectric Constant
Low Toxicity
Liquid Formulations
Solid Formulations
Powder Formulations
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Cyclic Carbonate (PC and EC) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Cyclic Carbonate (PC and EC) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Cyclic Carbonate (PC and EC) Market, By Type
6. Global Cyclic Carbonate (PC and EC) Market, By Application
7. Global Cyclic Carbonate (PC and EC) Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Cyclic Carbonate (PC and EC) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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