- Advantageous properties of dimethyl carbonate such as polarity, biodegradability, and enhanced reactivity make them an ideal raw material for use in numerous end-use industries, thus enhancing growth prospects
- Increase in research about green synthesis will assure better revenue opportunities for manufacturers in the dimethyl carbonate market
ALBANY, N.Y., Aug. 26, 2021 /PRNewswire/ -- The emergence of dimethyl carbonate as a feasible alternative to toxic reagents such as phosgene will present promising growth avenues for the dimethyl carbonate market during the forecast period of 2020-2030. In addition, the applicability of dimethyl carbonate in numerous end-use industries due to their advantageous attributes is expected to fuel growth across the global market.
The increase in construction activities around the world and extensive demand as a prime component in lithium batteries production will offer vital growth opportunities for the dimethyl carbonate market between 2020 and 2030. Moreover, versatile chemical reactivity of dimethyl carbonate in alternate fuel additives production and cleaning agents is anticipated to help strengthen the growth structure of the market.
Dimethyl carbonate is a versatile and biodegradable reagent used as a raw material for organic synthesis. It is also involved in reactions such as carboxymethylation, methylation, and carbonylation. The associated advantages of dimethyl carbonate including biodegradable properties and mild toxicology make them a significant raw material across various end-use industries. All these factors help in creating a positive impact on the growth trajectory.
Transparency Market Research (TMR) has conducted comprehensive research on diverse factors related to the growth of the dimethyl carbonate market. The experts at the TMR project the global market for dimethyl carbonate to expand at a CAGR of 5.4% during the forecast period of 2020-2030. The dimethyl carbonate market is expected to reach the valuation of US$ 729.3 Mn by 2030.
The automotive industry is currently under an electrification revolution phase. Electric and hybrid vehicles are gaining considerable popularity among the masses. This factor will have a profound impact on the growth structure of dimethyl carbonate, as it is used in lithium batteries, which is a prominent component in electric vehicles (EVs). In addition, the utilization of dimethyl carbonate in paints and coatings will also bring tremendous growth opportunities, as construction activities are expanding due to increased urbanization levels across various regions. These factors are likely to fuel the growth of the dimethyl carbonate market.
A major share of the demand across dimethyl carbonate market is generated from end-use industries such as paints &coatings, solvents, cleaning agents, adhesives, and alternative fuel additives. Industrialgrade dimethyl carbonate is used extensively in these chemical-based industries. Hence, the industrial grade dimethyl carbonate segment acquired a dominating stance in 2019 with more than 80% market share. The industrial grade dimethyl carbonate segment is expected to maintain the same momentum during the forecast period.
Popularity of Electric, Hybrid Vehicles to Enable Exponential Growth of Dimethyl Carbonate Market
Due to harmful effects of carbon emissions and high fuel prices, the demand for electric vehicles in increasing at a rapid pace. Government bodies of numerous countries are encouraging the use of electric vehicles through providing subsidies. It helps the countries to achieve their sustainability targets. Lithium batteries are a crucial component in electric vehicles. Dimethyl carbonate is an important element used in the lithium batteries. Hence, the demand for dimethyl carbonate is estimated to increase significantly. In addition, the battery segment is also prognosticated to observe lucrative growth due to the rising sales across the automotive industry.
Asia Pacific to Emerge as Promising Dimethyl Carbonate Market
The Asia Pacific held a significant share of the dimethyl carbonate market in 2019. The dimethyl carbonate market in the region is anticipated to strengthen during the forecast period of 2020-2030. Dimethyl carbonate is used in the production of polycarbonates. The rise in the demand for polycarbonates across Asia Pacific will offer growth opportunities. In addition, China is emerging as a hub of electric vehicles' production, which will further influence the growth of the dimethyl carbonate market in the region.
Some well-established players in the dimethyl carbonate market are Qingdao Aspirit Chemical Co., Ltd., Kindun Chemical Co., Limited, Hebei New Chaoyang Chemical Stock Co., Ltd., Shandong Depu Chemical Industry Science & Technology Co., Ltd., and KOWA American Corporation.
Global Dimethyl Carbonate Market – Segmentation
By End Use
Paints & Coatings
Cleaning Agents & Others
Alternative Fuel Additives
Middle East & Africa
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