Alkylene Carbonates Market Trends 2022 In-Depth Coverage And Various Important Aspects
The global alkylene carbonates market is growing rapidly, witnessing increasing consumption of these materials. Increasing usages in a number of end-use industries are majorly driven by the excellent properties of alkylene carbonates such as low volatile organic content (VOC), low toxicity, high boiling point, and biodegradability. Increasing demand from paints & coatings and cosmetics & personal care industries is another key driving force behind the growth of the market.
According to Market Research Future (MRFR), the global Alkylene Carbonates Market Trends is projected to witness significant growth by 2023, registering a modest CAGR during the forecast period (2022–2030). Moreover, augmenting demand for environmentally friendly chemical products acts as a major tailwind for the growth of the market. Large application areas drive the huge market demand for alkylene carbonates. Resultantly, the global alkylene carbonates market is expected to grow continually in years to come.
Besides, the rising demand for environmentally safe products and increasing usages of alkylene carbonates in personal care products and cosmetics foster the market demand. Moreover, the rising consumption of alkylene carbonates due to the dramatic increase in the construction and agriculture industry substantiates the market demand. Additional factors supporting the market include the rising demand from the paints & coatings and textiles & fabrics industries.
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Alkylene Carbonates Market — Segments
To market is segmented into three main dynamics;
By Type : Ethylene Carbonate, Propylene Carbonate, Glycerine Carbonate, and others.
By End Use Industry : Paints & Coatings, Agriculture, Textiles & Fabrics, Cosmetics & Personal Care, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Alkylene Carbonates Market — Regional Analysis
The Asia Pacific region dominates the global alkylene carbonates market. The largest market growth attributes to the rising demand for cosmetic & personal care products among the ever-increasing APAC population. Besides, the growth of manufacturing bases for paints & coatings, textile & fabrics, and personal care drives the regional market growth. India and China, heading with the rising industrialization and economic growth, contribute to the growth of the regional market significantly.
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Moreover, raw material advantage and the availability of cost-competitive workforce in the region act as a major driving force for the market growth. The growing chemical industries in this region are estimated to propel the growth of the market. Furthermore, the rising development strategies to fulfill the demand for alkylene carbonates boost the regional market growth. The APAC alkylene carbonates market is anticipated to grow at a high CAGR during the forecast period.
Alkylene carbonates market in North America and Europe are growing rapidly. Markets in these regions are driven by major end-use industries such as paints & coatings and Textiles & Fabrics. Governments of various nations in Europe and North America have imposed stringent regulations to prevent volatile organic compounds emissions. Furthermore, increasing R&D expenditures and rapidly growing cosmetics and food industries drive regional market growth.
Besides, increasing numbers of initiatives are being undertaken by environmental agencies, specifically in the U.S, France, and Germany, on the usage of environmentally friendly solvents that are driving the consumption of alkylene carbonates in the coating industry. The alkylene carbonates market in North America and Europe is estimated to create substantial revenue pockets over the assessment period.
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Alkylene Carbonates Market — Competitive Analysis
Highly competitive, the alkylene carbonates market appears fragmented due to the presence of many well-established players. To gain a substantially larger share in the market, these players incorporate strategic initiatives such as mergers & acquisitions, expansion, collaboration, and product or technology launch. Substantial investments are transpired in the R&D to develop an entirely different technology compared to their competition.
Major Players:
Players driving the global alkylene carbonates market include Huntsman International LLC (US), BASF SE (Germany), and Sigma-Aldrich Co. LLC. (US), Tongling Jintai Chemical Industrial Co. Ltd (China), Mitsubishi Chemical Corporation (Japan), Alfa Aesar (US), and Qingdao Shinda Chemical Co., Ltd. (China), among others.
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Industry/Innovation/Related News:
March 11, 2020 — — A TEAM of students from the University of Manchester (the UK), announced that they had won IChemE’s Macnab-Lacey Prize for their project Greenhouse Gas to Green Solvent. The new design allows a more sustainable process to produce dimethyl carbonate from Carbon Dioxide. Dimethyl carbonate (DMC) has a range of uses, including as a solvent and methylating agent. The Manchester team’s project — Greenhouse Gas involves reacting ethylene oxide with carbon dioxide to produce ethylene carbonate, which is followed by the transesterification of ethylene carbonate with methanol into DMC and ethylene glycol.
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