ALBANY, New York, Aug. 1, 2019 /PRNewswire/ -- Transparency Market Research (TMR) finds that the global dimethyl carbonate market features a fragmented and competitive nature owing to the presence of small and large companies. However, trouble in gaining the license and certificate for new plants is creating a hurdle to the entry of new players in the global dimethyl carbonate market. In addition to this factor, the market players are struggling to produce desired quality products by complying with the regulations implicated on the use of advanced technology and emissions. Some of the prominent players in the market are HaiKe Chemical Group, Tokyo Chemical Industry Co., Ltd. (TCI), Tongling Jintai Chemical Industrial Co., Ltd., UBE Industries Limited, Arrow Chemical Group Corporation, and Alfa Aesar.
Widening Applications across Several Industries Propels Market Growth
Thriving expansion of applications of the dimethyl carbonate across several end use industries is driving growth of the global dimethyl carbonate market. Additionally, the compound has robust applications as solvents owing to its excellent properties. Thus, it is witnessing higher demand than other toxic compounds such as phosgene. Owing to its less toxicity and suitable properties, the compound is witnessing high adoption from pharmaceuticals for production of antibiotics including ciprofloxacin and carbadox. All-encompassing, these factors are estimated to boost the dimethyl carbonate market in future.
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Additionally, less toxic properties of the dimethyl carbonate are leading to increasing its adoption across pesticides manufacturing. Expansion of the pesticides manufacturing is fueling its consumption, which is benefiting growth of the global dimethyl carbonate market. Moreover, the compound is witnessing growth on the back of a surge in uptake of electronics and hybrid vehicle. Along with these industries, the compound has applications in the manufacturing of paints and coatings and biofuel, which in turn boosts the market growth. Thanks to all these factors, the dimethyl carbonate market is estimated to expand at a CAGR of 5.5% during forecast period from 2017 to 2025, and is likely to reach a valuation of US$553.3 mn by 2025-end.
Eco-Friendly Nature of Product Drives the Market Growth
The rising manufacturing of polycarbonate in order to cater to the demand in the automotive and electronics industries is propelling growth of the global dimethyl carbonate market and is estimated to propel growth in coming years as well. Further, it is considered as a greener alternative for industrial production of polycarbonates as it does not produce phenols or acids as bi-products. Rising concerns for producing the eco-friendly products of the thermoplastics have a greater impact on the demand for dimethyl carbonate. Moreover, environmental concerns among people and governmental bodies have led to the implication of stringent regulations for protecting environmental health. This is further augmenting growth of the dimethyl carbonate market.
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Regionally, the dimethyl carbonate market in Asia Pacific grabbed the leading position in 2016, in terms of value and volume. This is attributable to a higher consumption from developing countries such as China and Japan. Major consumption of dimethyl carbonate in these countries is witnessed in the production of polycarbonates, while in India, pharmaceutical industry is a key consumer for manufacturing of antibiotics. Additionally, Europe stood at the second position in the global dimethyl carbonate market in 2016. In comparison, North America held more than 20% share of the global dimethyl carbonate market in 2016. However, this share is estimated to decline in the coming years and the region is estimated to record a sluggish growth rate over the forecast period.
This information is encompassed in the report by TMR, titled, "Dimethyl Carbonate Market (Synthesis - Transesterification and Oxidation of Methyl Carbonylation; Application - Pharmaceuticals, Pesticides, Solvents, Alternative Fuel Additives, and Polycarbonates) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025."
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For the study, the Dimethyl Carbonate Market has been segmented as follows:
- Oxidation of Methyl Carbonylation
- Alternative Fuel Additives
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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