Carbonate Market Thumbnail Image

2021

Carbonate Market

Carbonate Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Application and End Use : Global Opportunity Analysis and Industry Forecast, 2021-2030

MC : Bulk Chemicals

Select an option
Author's: Nikhil Mittal | Eswara Prasad
Publish Date:

Get Sample to Email

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.          

Global-Carbonate-Market

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.

Carbonate Market
By Region
2030
Apac 
North America
Europe
LAMEA

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.

Carbonate Market
By Type
Your browser does not support the canvas element.

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.

Carbonate Market
By Application
Your browser does not support the canvas element.

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. 

Carbonate Market
By End-use
Your browser does not support the canvas element.

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.

Impact Of Covid-19 On The Global Carbonate Market

  • The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. 
  • 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. Skin care, color cosmetics, hair care, fragrance, and personal care are sub-categories that are part of beauty industry. Propylene carbonate is used in cosmetics & personal care products formulation for dissolving or suspending other ingredients into cosmetic products. 
  • In addition, it is used to minimize the thickness of cosmetic and personal care formulations. Key players in the cosmetics & personal care industry are switching their primary production to hand sanitizers and cleaning agents. In addition, they are also offering free beauty services for frontline response workers, which has gained positive response from the beauty sector in the COVID-pandemic. Majorly, beauty products are sold in-store and accounted for 85% prior to emergence of COVID-19 pandemic. Owing to emergence of new variants of coronavirus, premium beauty-product outlets were closed and nearly 30% of outlets stores are still closed. This factor has negatively impacted the global market during the COVID-19 pandemic.
  • Moreover, known Japanese make up brand KATE is also facing supply demand gap for its best-selling products such as mask friendly lipsticks, lip monsters, and others. However, key-players in the cosmetic industry are launching innovative products that are manufactured from natural extracts that are proven to mimic the medication effect on the skin. For instance, 3DL Inc. is a Taiwan’s leading key-player in the cosmetic industry that has launched new series of skin care products. These products are proven to enhance beta-endorphin release inside the skin. 
  • Polar characteristics and mineral wetting property of propylene carbonate makes it suitable to be used in the coating industry for applications such as wire enamels, polyurethane production, and epoxies. Antiviral coatings are gaining importance amid the COVID-19 pandemic. This factor is anticipated to escalate growth of the global carbonate market amid COVID-19 pandemic situation. 

Carbonate Market Report Highlights

Aspects Details
icon_5
By Type
  • Dimethyl
  • Propylene
  • Ethylene
  • Glycerol
  • 1,2-Epoxydodecane
  • 1,2-Hexadecene
  • Styrene
  • Epichlorohydrin
  • Others
icon_6
By Application
  • Solvents
  • Catalysts
  • Electrolytes
  • Additives
  • Cleaners
  • Others
icon_7
By End Use
  • Cosmetics & personal care
  • Paints & coatings
  • Pharmaceuticals
  • Textile
  • Energy & power
  • Polymer
  • Others
icon_8
By Key players in the global carbonate market are:
  • 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
  • TOAGOSEI Co. Ltd

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.

 

Author Name(s) : Nikhil Mittal | Eswara Prasad
Frequently Asked Questions?

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...

Individual sections of the reports are available for purchase.
Would you like to see a breakdown of prices by section?

Carbonate Market

Global Opportunity Analysis and Industry Forecast, 2021-2030