Alkylene Carbonates Market size was USD 1.2 billion in 2024 and is estimated to reach USD 1.9 billion by the end of 2037, expanding at a CAGR of 3.6% during the forecast period, i.e., 2025-2037. In 2025, the industry size of alkylene carbonates is evaluated at USD 1.3 billion.
Carbonates are prime materials that have a significant influence on the majority of industries’ growth. The carbonate rocks being porous contain petroleum, metal, minerals, and other resources existence. Rapid industrial activities across the world are contributing to the revenue growth of the alkylene carbonate producers. For instance, as per Research Nester’s analysis, the year-on-year growth of global industrial production excluding the U.S. amounted to 1.45% in Q3 FY24. Furthermore, in December 2023, the United Nations Industrial Development Organization revealed that the industrial sectors including electricity, mining, manufacturing, and other utilities are exhibiting a 2.3% growth.
|
Country |
Carbonate Value in Exports (USD Million) |
Country |
Carbonate Value in Imports (USD Million) |
|
Chile |
7720 |
China |
6300 |
|
China |
2250 |
South Korea |
1690 |
|
U.S. |
2110 |
Japan |
1270 |
|
Turkey |
1660 |
Brazil |
612 |
|
Germany |
646 |
Mexico |
450 |
Source: OEC World
The Observatory of Economic Complexity (OEC) reveals that carbonates held the 228th position as the most traded product, worldwide, in 2022 with around USD 19.0 billion worth of trade. The product complexity index (PCI) of carbonates was 861st. The alkylene carbonates market concentration measured using Shannon Entropy was accounted at 3.46, this explains that the most carbonate exports were represented by 11 countries. Also, carbonate exports increased by 123.0% from USD 8.68 billion in 2021 to USD 19.3 billion by 2022.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.6% |
|
Base Year Market Size (2024) |
USD 1.2 billion |
|
Forecast Year Market Size (2037) |
USD 1.9 billion |
|
Regional Scope |
|
End use Industry (Automotive, Oil & Gas, Paints & Coating, Agriculture, Textile, Others)
The automotive segment in alkylene carbonates market is estimated to hold a dominating share throughout the projected period. The high use of alkylene carbonates in energy storage systems of vehicles is propelling its consumption rates in the automotive sector. The increasing adoption of electric vehicles is driving high demand for alkylene carbonates in lithium-ion battery production. For instance, the International Energy Agency (IEA) revealed that global EV sales roared to USD 14.0 billion in 2023 and are expected to maintain consistent growth in the coming years. In Q1’FY24 the EV sales crossed over 3.0 million, a 25% hike than the previous year. The same source also revealed that in 2022, the demand for automotive lithium-ion batteries surpassed by 65% to 550 GWh from 330 GWh in 2021. More than 70% of automotive battery demand was exhibited by China, in 2022.
|
Lithium-ion Battery Demand by Region (2022) |
GWh/Year |
|
China |
312.0 |
|
Europe |
127.7 |
|
U.S. |
70.6 |
|
Others |
40.3 |
Source: IEA
Product Type (Ethylene Carbonate, Propylene Carbonate, Butylene Carbonate, Hexylene Carbonate, Others)
Ethylene carbonate segment is predicted to dominate alkylene carbonates market share of over 44.9% by 2037. The increasing use of ethylene carbonates in capacitor production is positively influencing the overall market growth. Capacitors find high applications in electronic devices such as computers, laptops, smartphones, and portable gadgets, with the rise in the demand for these products the sales of ethylene carbonates are estimated to exhibit a boom. The Observatory of Economic Complexity (OEC) estimated that the global electrical capacitor trade totaled USD 34.8 billion in 2022. China and Japan are the major exporters of ethylene carbonates with USD 8.74 billion and USD 7.51 billion trade in 2022.
Our in-depth analysis of the alkylene carbonates market includes the following segments:
|
Product Type |
|
|
End use Industry |
|
Asia Pacific Market Forecast
Asia Pacific in alkylene carbonates market is likely to account for more than 42.8% revenue share by the end of 2037. The boom in electric vehicle adoption, the sustainability trend, rising construction activities, and increasing demand for agrochemicals are augmenting the alkylene carbonate sales growth. The growth in infrastructure development projects and innovations in modern farming solutions are fueling the consumption of alkylene carbonates in China and India. Advancements in automotive manufacturing are propelling the sales of alkylene carbonates in Japan and South Korea.
The high sales of electric vehicles in China are generating lucrative opportunities for alkylene carbonates market players. The supportive government policies for sustainable vehicle and energy storage system adoption are augmenting the use of alkylene carbonates in battery production. For instance, the International Energy Agency (IEA) estimated that in 2023, 60% of total new electric vehicles were registered in China. Around 8.1 million EVs were registered in 2023, which means over 1 in 3 cars owned were electric.
In India, rapidly expanding chemical production activities, supportive government policies, and expanding foreign direct investments are boosting the alkylene carbonates market growth. For instance, the India Brand Equity Foundation (IBEF) report reveals that the country ranks 14th in exports and 8th in imports in terms of chemicals. In the second quarter of 2024, the agrochemical export valuation totaled USD 661.18 million. The chemical industry of India is estimated to reach USD 304.0 billion by 2025-end. IBEF also estimates that lithium-ion battery demand is expected to reach 320 GWh by 2030.
North America Market Statistics
The North America alkylene carbonates market is forecast to increase at a swift pace during the anticipated period. The strong presence of pharma companies, electrification in automotive manufacturing, increasing adoption of renewable energy storage solutions, and green chemistry trends are augmenting the overall alkylene carbonates market growth. Supportive government policies on sustainable manufacturing practices are further increasing the consumption of alkylene carbonates in both the U.S. and Canada.
In the U.S., the rapid expansion of the pharma sector is creating high-growth opportunities for alkylene carbonate manufacturers. The rise in construction activities is also augmenting the use of alkylene carbonates in paints & coatings. For instance, the Associated General Contractors of America reveals that in Q1 of FY23 over 919,000 structures were established in the country. The construction sector employs over 8 million employees, creating USD 2.1 trillion valued structures annually.
In Canada, the increasing adoption of electric vehicles and the high importance of sustainable chemical use is set to push the sales of alkylene carbonates. For instance, in October 2022, the Canada Energy Regulator report stated that around 86,032 electric vehicles were registered in the country. The average share of battery electric vehicles in the second quarter of FY22 was 5.0%. Quebec (43%), British Columbia (28%), and Ontario (23%) are the top provinces with high electric vehicle registrations.
The alkylene carbonates market is highly competitive owing to the strong presence of industry giants. To succeed in the competitive landscape majority of alkylene carbonate manufacturers are employing various organic and inorganic marketing strategies such as technological innovations, strategic collaborations & partnerships, mergers & acquisitions, and global expansion to earn high profits and maximize their reach. Forming strategic collaborations is aiding companies to increase their customer base. Manufacturing unit expansion is aiding them to enter untapped alkylene carbonates markets with profitable opportunities.
Some of the key players include:
Author Credits: Rajrani Baghel
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