Austin, Nov. 26, 2024 (GLOBE NEWSWIRE) -- The Dimethyl Carbonate (DMC) Market Size Growth is projected to reach a valuation of USD 3.25 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.9% from 2024 to 2032.
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Dimethyl Carbonate Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.09 Billion |
| Market Size by 2032 | USD 3.25 Billion |
| CAGR | CAGR of 12.9% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Trends Influencing the Dimethyl Carbonate Market
One of the primary trends in the DMC market increasing emphasis on sustainable and eco-friendly chemicals over nongreen chemicals. Dimethyl carbonate proved to be low in toxicity and biodegradable, thus making it a valuable alternative for conventional solvents like methyl ethyl ketone (MEK) and acetone. The demand for DMC as a green, safer, and eco-friendly alternative is also being driven by governments across the globe pushing for the usage of green chemicals.
DMC is widely applied in lithium-ion battery production for automotive use. The demand for DMC is anticipated to increase significantly as the transition to electric vehicles (EVs) continues to accelerate since DMC is used as a solvent in the electrolyte solutions of lithium-ion batteries. In addition, its contribution to a smaller environmental footprint of battery production by delivering safer and more efficient electrolytes is behind automotive platforms' adoption of DMC. Booster of Downstream Demand Since the automotive industry is adopting EVs at an accelerated speed and demanding high-quality batteries, DMC as a lithium-ion battery solvent will benefit from these growing factors. With a prevision of world EV sales growth in the coming years, as stated in the International Energy Agency (IEA), and as the inherent necessity of DMC in the production of battery electrolytes, the demand for DMC will increase rapidly in future.
The global push for environmental sustainability is one of the major drivers, as industries are increasingly looking for safer alternatives to harmful solvents.
According to the United Nations Environment Programme (UNEP), the global market for green chemicals is expected to grow at a robust pace, providing a significant boost to the DMC market.
Moreover, the increasing awareness of the harmful effects of traditional solvents in the pharmaceutical and cosmetics industries is encouraging the shift toward safer, green alternatives like DMC. The versatility of DMC in various formulations, including APIs and cosmetic products, is expected to further enhance its market position in these industries. The pharmaceutical and cosmetics industries are also contributing to the rise in demand for DMC. Its use as a solvent and intermediate in the synthesis of active pharmaceutical ingredients (APIs) and in the formulation of cosmetic products is expanding. DMC's compatibility with various organic compounds makes it a versatile option in these applications.
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Which Grade Segment Led the Market in 2023?
Industry grade (>99.0 weight %) held the largest market share around 42% in 2023. This grade is mainly used in polycarbonate production, a high-market material that is lightweight, strong & impact resistant, and extensively used in automotive, building and construction, and electronics application areas. Moreover, industry-grade DMC is also an essential raw material for liquid-type electrolytes for lithium-ion batteries, which are vital for the fast-growing market of electric vehicles (EVs). It comes with a higher level of purity which improves the performance in sensitive fields like battery manufacturing, where impurities can strongly affect efficiency and lifetime. This grade is also used in methylation and carbonylation processes in pharmaceutical and agrochemical industries because of its high reactivity and green profile.
Which End-User Industry Dominated the Dimethyl Carbonate Market in 2023?
Paint and coatings held the largest market share around 28% in 2023. It is due to its superior characteristics as a multifunctional solvent and green substitute to conventional solvents. DMC is extensively employed in synthetic paints and coatings due to its low toxicity, high solvency power, and capability to shrink volatile organic compound (VOC) emissions to meet rigid environmental standards (Choudhary et al.2020). Because of its fast evaporation rate and solvent compatibility, it is also often employed in formulating high performance coatings for automotive, construction, and industrial applications. This widespread adoption has been rapidly propelled by a sustainability-driven technology push (especially within waterborne and low-VOC coatings).
Which Region Holds the Largest Market Share in the Dimethyl Carbonate Market?
The Asia-Pacific region dominated the Dimethyl Carbonate market in 2023, holding over 42% of the global market share. The demand for DMC in this region is driven by the robust growth of the automotive, electronics, and pharmaceutical industries. China and India, in particular, are major contributors to the growth of the DMC market, owing to their strong manufacturing bases and growing demand for eco-friendly solvents. Moreover, the increasing shift towards electric vehicles and the expansion of these countries' pharmaceutical and chemical sectors are expected to further boost the demand for DMC in the region.
Recent Developments
- In 2023, BASF SE announced the launch of a new, more sustainable DMC production process, aimed at reducing the carbon footprint of its production operations. The new technology has been integrated into its manufacturing facilities in Europe and Asia, and is expected to provide more efficient and cost-effective production of DMC.
- In 2023, Mitsubishi Chemical Corporation expanded its DMC production capacity in response to the growing demand from the automotive and battery manufacturing industries. The company aims to strengthen its position as a leading supplier of high-quality DMC, particularly in the rapidly expanding EV sector.
Conclusion
The Dimethyl Carbonate market is poised for significant growth, driven by the increasing demand for green chemicals and sustainable alternatives across a wide range of industries. As the automotive, pharmaceutical, and chemical sectors continue to adopt eco-friendly solutions, the demand for DMC is expected to rise. With advancements in production technologies and growing adoption of electric vehicles, the DMC market is well-positioned to achieve substantial growth through 2032.
As DMC continues to gain traction as a safe, versatile, and environmentally friendly solvent, its role in driving sustainability in various sectors will remain crucial, making it an essential component of future industrial applications.
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BENEFITS:
1 No. Of Pages: 310 Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6 Buying Options
- Single User License: USD 3350
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- Excel Data Sheet: USD 2350
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