Dimethyl Carbonate Market Share, Size & Demand Forecast to 2032
The global dimethyl carbonate market was valued at USD 812.7 million in 2023 and is expected to grow from USD 873.5 million in 2024 to USD 1,506.7 million by 2032, with a compound annual growth rate (CAGR) of 7.1% over the forecast period. In 2023, the Asia Pacific region dominated the market, holding a 59.57% share.Dimethyl carbonate is a clear, flammable organic liquid widely used as a solvent and chemical intermediate in the production of polycarbonate plastics, pharmaceuticals, and lithium-ion battery electrolytes. It is also recognized as an environmentally friendly alternative to phosgene and methyl halides in methylation and carbonylation reactions. A key driver of the DMC market is the increasing demand for lithium-ion batteries, particularly in the electric vehicle (EV) sector.
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Dimethyl Carbonate Market Segmentation:
1. By Application
- Battery Electrolyte: The demand for DMC in lithium-ion battery production, particularly in the electric vehicle (EV) industry, is growing rapidly due to its role as a key electrolyte component. The expanding EV market will be a significant driver.
- Solvent for Paints & Coatings: DMC’s use as a low-VOC (Volatile Organic Compounds) solvent in the paints and coatings industry makes it a preferred choice for manufacturers seeking sustainable options.
- Pharmaceuticals: DMC is increasingly used in pharmaceutical manufacturing, particularly in drug formulation and as a reagent in organic synthesis.
- Pesticides: It is also used in agrochemicals, particularly in pesticide formulations, due to its low toxicity and better environmental profile.
- Others: This includes applications in adhesives, fuel additives, and plastic manufacturing.
2. By End-Use Industry
- Automotive: With the global shift toward electric vehicles (EVs), DMC has gained significant traction as it is a critical ingredient in lithium-ion batteries.
- Pharmaceuticals: Its non-toxic properties and usefulness in drug synthesis are driving demand in this sector.
- Paints & Coatings: The demand for sustainable and eco-friendly chemicals in the paints and coatings industry is fueling DMC adoption.
- Agriculture: Its use in pesticide formulations adds to its demand in the agriculture sector.
LIST OF TOP DIMETHYL CARBONATE COMPANIES:
- UBE Corporation (Japan)
- LOTTE CHEMICAL CORP. (South Korea)
- KOWA AMERICAN Corporation (U.S.)
- Kishida Chemical Co., LTD. (Japan)
- Shandong depu chemical industry science&technology co.,ltd (China)
- Merck KGaA (Germany)
- Tokyo Chemical Industry (India) Pvt. Ltd. (India)
- Shandong Haike Holding Co., Ltd (China)
- SANKYO CHEMICAL CO.,LTD. (Japan)
- SMC GLOBAL (U.S.)
Drivers and Restraints:
In March 2020, U.S.-based XNRGI announced plans to set up a 30,000 sq. ft. high-temperature lithium-ion battery plant in Gurugram, Haryana, with an annual capacity of 240 MWh. These batteries can charge up to 80% in under two hours and operate at temperatures up to 55°C. Market players are pursuing mergers, acquisitions, expansions, and innovative product launches to boost market share. For example, Flux Power Holdings Inc. launched its new LiFT Pack L48 lithium-ion battery for three-wheel forklifts at MODEX 2020, targeting high-performance warehouse applications. Rising battery demand and product innovation are expected to fuel market growth.
Key Trends:
- Sustainability and Environmental Concerns: As industries shift towards greener solutions, DMC's non-toxic and biodegradable properties make it a preferred choice in various applications.
- Electric Vehicles Boom: The rise in the production of electric vehicles, particularly in Asia-Pacific and Europe, is driving the demand for lithium-ion batteries, which in turn increases the demand for DMC.
- VOC Regulations: Increasing regulations around VOC emissions, especially in the coatings and paints industry, are boosting the adoption of DMC as a low-emission solvent.
- Technological Advancements: Advancements in chemical synthesis and the development of innovative DMC derivatives are expected to open new opportunities for the market.
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