Carbonate Market Statistics – 2030
The global carbonate market was valued at $3.5 billion in 2020, and is projected to reach $7.1 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
Carbonates are salts of carbonic acids that are characterized by the presence of carbonate ions and polyatomic ions. Organic carbonates are mainly of two types such as linear and cyclic. Dimethyl, propylene, ethylene, glycerol, and styrene are types of carbonates that are used in applications such as solvents, catalysts, and cleaner.
Polarity and solubility of ethylene carbonate makes it suitable to be used for applications such as electrolyte in lithium battery, capacitor electrolyte, fiber processing agent, lubricants, and soil hardening agents. In addition, it can also be used in organic solvents, medical products, and as a basic raw material during organic synthesis reactions. Rise in concerns about sustainability and versatility of glycerol carbonates has enhanced demand for the product as it is used to valorize waste glycerol. In addition, several research and development activities have been carried out to expand the use of glycerol carbonate in industrial sectors. Glycerol carbonate constitutes hydroxyl group and 2-oxo-1,3-dioxolane, which enhances reactivity, making it suitable to be used in polymer and solvent applications. In addition, it can also be used in end-use sectors such as surfactant, cosmetics, and construction. All these factors collectively surge the demand for carbonate, thereby augmenting the global carbonate market growth.
However, side effects associated with use of organic carbonates hampers the market growth. Propylene carbonate is widely used as active chemical compound during formulation of cosmetic products. However, long term exposure use of propylene carbonate based cosmetic products leads to carcinogenic issues. In addition, people suffering from eczema tend to develop skin rashes or skin irritation with use of such cosmetic products. In addition, the major disadvantage of using propylene carbonate in electrolyte application is that it cannot be used with combination of single solvent. These further increases cost of batteries and is anticipated to hamper growth of the global carbonate market
On the contrary, environmentally friendly characteristics of dimethyl carbonate makes it suitable to be used as a solvent for manufacturing of coatings, cleaning agents, and adhesives. In addition, it can also be used as a raw material in reactions such as organic synthesis, methylation, carbonylation, and carbomethoxylation reactions. Demand for lithium-ion batteries (LIB) in notebooks, PCs, cell phones, and other electronic products is increasing rapidly. In addition, development of hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) is another factor that propels demand for LIBs. Use of dimethyl carbonate as an electrolyte in lithium-ion batteries is to offer new opportunity in the global carbonate market.
The global carbonate market analysis is done on the basis of type, application, end use, and region. Depending on type, the market is divided into dimethyl, propylene, ethylene, glycerol, 1,2-epoxydodecane, 1,2-hexadecene, styrene, epichlorohydrin, and others. The applications covered in the study include solvents, catalysts, electrolytes, additives, cleaners, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include BASF SE, Huntsman International LLC, LyondellBasell Industries Holdings B.V., Empower Materials, Anmol Chemicals Group, Kowa Company Ltd., Shandong Lixing Chemical Co. Ltd., ReactChem Co. Ltd., SMC Global, and TOAGOSEI Co. Ltd.
Carbonate market, by region
The Asia-Pacific carbonate market size is projected to grow at the highest CAGR of 8.0% during the forecast period and accounted for 42.6% of carbonate market share in 2020. The major application of propylene carbonate in paint industry includes use during formulation of paint strippers. Rapid technological development and rise in demand for environment friendly coating products is the major factor that drives demand of the coating industry in Asia-Pacific. This factor is further anticipated to escalate adoption of ethylene carbonate in the coating industry.
By Region
Asia Pacific is the fastest growing region
Carbonate market, by type
In 2020, the glycerol segment was the largest revenue generator, and is anticipated to grow at a CAGR of 8.0% during the forecast period. Rise in concerns about sustainability and versatility of glycerol carbonates has enhanced demand for the product as it is used to valorize waste glycerol. In addition, several research and development activities have been carried out to expand the use of glycerol carbonate in industrial sectors. In addition, ability of glycerin carbonate to react with amines makes it suitable to be used for production of urethane bonding products and blocking agents.
By Type
Glycerol is the most lucrative segment
Carbonate market, by application
In 2020, the solvent application was the largest revenue generator, and is anticipated to grow at a CAGR of 7.5% during the forecast period. Low toxicity and biodegradability of dimethyl carbonates make it ideal chemical compound for formulation of degreasing solvents. In addition, dimethyl carbonate is widely used electrolyte solvent in lithium-ion batteries, owing to its solvation and low viscosity.
By Application
Additives is the fastest growing segment
Carbonate market, by end use
By end use, the paints & coatings segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 7.6% during forecast period. Polar characteristic and mineral wetting property of propylene carbonate makes it suitable to be used in coating industry for applications such as wire enamels, polyurethane production, and epoxies is the key carbonate market trend. In addition, it can also be used for production of phenol resin, polyester polyols, and polyesterimides that are used in the coating industry.
By End-use
Paints and Coatings is the most lucrative segment
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current carbonate market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Carbonate Market Report Highlights
| Aspects | Details |
 By Type |
|
 By Application |
|
 By End Use |
|
 By Region |
|
 By Key Market Players |
|
Analyst Review
The global carbonate is expected to exhibit high growth potential. Polarity and solubility of ethylene carbonate makes it suitable to be used for applications such as electrolyte in lithium battery, capacitor electrolyte, fiber processing agent, lubricants, and soil hardening agents. In addition, it can also be used in organic solvents, medical products, and as a basic raw material during organic synthesis reactions. Use of ethylene carbonate during synthesis of aliphatic catalyst is the key market trend. Ethylene carbonate is used widely in lithium batteries electrolyte solution, owing to its ability to dissolve large amount of electrolyte solution. In addition, it can also be used as release agent and detergent production, owing to its ability to dissolve polymers.
Rise in concerns about sustainability and versatility of glycerol carbonates has enhanced demand for the product as it is used to valorize waste glycerol. In addition, several research and development activities have been carried out to expand the use of glycerol carbonate in industrial sectors. Glycerol carbonate constitutes hydroxyl group and 2-oxo-1,3-dioxolane, which enhances reactivity, making it suitable to be used in polymer and solvent applications. In addition, it can also be used in end-use sectors such as surfactant, cosmetics, and construction. This is not only gaining immense attention in the market but also emerging as a key strategy, in terms of gaining additional product demand.
Low toxicity and biodegradability of dimethyl carbonates make it ideal chemical compounds for formulation of degreasing solvents. In addition, dimethyl carbonate is widely used electrolyte solvent in lithium-ion batteries, owing to its solvation and low viscosity. Use of dimethyl carbonate is used as solvent during production of traffic paints, floor coatings, and concrete sealers, which propels the market growth.
Surge in use of organic carbonates in solvents and electrolyte applications are the key factors boosting the carbonates market growth.
The global carbonate market was valued at $3.5 billion in 2020, and is projected to reach $7.1 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
BASF SE, Huntsman International LLC, LyondellBasell Industries Holdings B.V., Empower Materials, Anmol Chemicals Group, Kowa Company Ltd., Shandong Lixing Chemical Co. Ltd., ReactChem Co. Ltd., SMC Global, and TOAGOSEI Co. Ltd. are the most established players of the global carbonates market.
Paints and coating industry is projected to increase the demand for carbonates Market.
The carbonate market is segmented on the basis of type, application, end use, and region. By type, the market is segregated into dimethyl, propylene, ethylene, glycerol, 1,2-epoxydodecane, 1,2-hexadecene, styrene, epichlorohydrin, and others. By application, the global carbonate market is classified into solvent, catalysts, electrolytes, additives, cleaners, and others. By end use, the global market is divided into cosmetics & personal care, paints & coatings, pharmaceuticals, textile, energy & power, polymer, and others. Region-wise, the carbonate market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Environmentally friendly characteristics of dimethyl carbonate makes it suitable to be used as a solvent for manufacturing of coatings, cleaning agents, and adhesives. In addition, it can also be used as a raw material in reactions such as organic synthesis, methylation, carbonylation, and carbomethoxylation reactions. Demand for lithium-ion batteries (LIB) in notebook PCs, cell phones, and other electronic products is increasing rapidly. Development of hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) is another factor that is escalating demand of LIB. Use of dimethyl carbonate as an electrolyte in lithium-ion batteries is anticipated to escalate growth of the global market.
Solvent, electrolyte, and additive applications are expected to drive the adoption of carbonates.
The carbonate market has been moderately impacted due to the wake of COVID-19 pandemic owing to its dependence on cosmetic & personal care, paints & coatings, textile, and polymer industry.
Loading Table Of Content...
