A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global dimethyl carbonate market was worth USD 796.8 Million in 2020 and is further projected to reach USD 1,198.6 Million by 2027, at a CAGR of 6.4% during the forecast period (2021-2027). The dimethyl carbonate market is primarily supported by the growing industrialization, robust demand in paints, and the electronic sector. In addition, the increasing demand for lithium-ion batteries in the production of electronic vehicles has favored the growth of the dimethyl carbonate market. Market growth is also driven by environmental concerns and the desire for no emission of volatile organic compounds, as dimethyl carbonate emits minimally harmful substances.
Multiple Industrial Application Supported the Growth of Global Dimethyl Carbonate Market
Since dimethyl carbonate possesses properties like strength, transparency, chemical resistance, and heat resistance, its production has boomed globally. The ever-increasing demand in the automotive and electronics industries is likely to propel the growth of the dimethyl carbonate market growth. Dimethyl carbonate is considered a better alternative to solvents used in paints and coatings due to no environmental impact and no emission of volatile organic compounds. The growing use of water-based, eco-friendly paints and coatings is driving demand for dimethyl carbonate in the paints and coating industries, creating a lucrative opportunity in the dimethyl carbonate market.
Dimethyl as a Fuel Additive Powering Market Growth
Dimethyl carbonate was developed as a gasoline additive as a result of technological breakthroughs and the drive for a greener tomorrow. Petrol has raised the levels of pollutants in the atmosphere. Furthermore, fossil fuels are running out, and oil and petroleum costs are expected to grow in the coming year, further harming the environment. Thus, new and better alternative fuels or additives have become necessary for conventional hydrocarbon fuels development to overcome these problems. Under the same conditions, oxygenated fuels, either used directly as fuel or as additives, have shown promise to reduce pollution from internal combustion (IC) engines as renewable non-conventional hydrocarbon fuels. The properties listed above are the most important aspects that will likely drive the dimethyl carbonate market forward.
Polycarbonate Made Up of DMC to Dominate the Market in the Upcoming Years
Polycarbonate is widely used in a variety of industries including automotive, electronics, building & construction, consumer goods, and others. Increasing demand in the automotive and electronics industries is likely to boost the dimethyl carbonate market growth due to qualities like strength, transparency, chemical resistance, and heat resistance. Moreover, dimethyl carbonate market growth has been driven by growth in the automotive industry in countries such as China, India, and Japan. Further, the growing demand for inexpensive and cost-effective consumer products like smartphones, laptops, power banks, smart home devices, smart speakers, and others drives the growth of the dimethyl carbonate market.
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Impact of COVID-19 on the Global Dimethyl Carbonate Market
COVID-19 has negatively affected the growth of the global dimethyl carbonate market. IEA data indicates that EV sales fell by 39% in China in Q1 2020 due to a drop in dimethyl carbonate usage in lithium-ion batteries. The rising delay, growing uncertainties, and reduced availability of pivotal raw materials profoundly affected the growth of the global dimethyl carbonate market. The initial impact of the pandemic resulted in the shutdown of operations across various industries, resulting in a sharp decline for the end-user sector. According to the Indian Paint Association, paint companies witnessed no sales in April 2020 in India due to lockdown, which has hampered the market's growth.
Global Dimethyl Carbonate Market: Regional insights
The global dimethyl carbonate market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. A demand for superior top-quality paints that are eco-friendly and provide homes with a pleasing appearance is driving the Asia Pacific dimethyl carbonate market year over year (YoY) growth. Furthermore, China is the world's largest maker of lithium-ion batteries, accounting for more than 60% of global output, thus boosting the growth of the dimethyl carbonate market. SK Innovation Co. Ltd.'s battery unit stated in November 2021 that it would invest $2.53 billion in a new electric vehicle (EV) battery production in China. Due to abundant resources and growing demand from end-user industries, many of the major industry players have manufacturing units in the Asia-Pacific region.
The leading players in the Dimethyl Carbonate Market are Alfa Aesar, Thermo Fisher Scientific (US), Ube Industries Ltd. (Japan), Merck KGaA (Germany), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), HaiKe Chemical Group Ltd. (China), Arrow Chemical Group Corp. (China), Tokyo Chemical Industry Co., Ltd. (Japan), Tongling Jintai Chemical Industrial Co., Ltd. (China), Tangshan Chaoyang Chemical Co., Ltd., (China), and Kowa India Pvt. Ltd. Market competitors compete on the basis of product quality as well as new and cost-effective manufacturing processes that can improve yield and optimize the process for more and better output.
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