Market Research Future (MRFR) postulates that the global alkylene carbonates market is predicted to demonstrate a healthy CAGR during the forecast period (2016-2023) as they possess properties such as low toxicity and low volatile organic content. Alkylene carbonates are referred to as cyclic esters of carbonic acid and are used in several formulations comprising microemulsifiable concentrates, emulsifiable concentrates, microemulsions, suspoemulsions, and concentrated emulsions.
Market Potential and Pitfalls
Alkylene carbonates possess properties such as low toxicity, low volatile organic content (VOC), high boiling point, biodegradable in nature, and low- odor, which makes them an excellent solvent choice. Such benefits of alkylene carbonates are estimated to propel the market growth throughout the estimated period. Alkylene carbonates find applications in several end-use industries like cosmetics & personal care, agriculture, textiles, and paints & coatings. Owing to the increasing demand for agricultural products, accelerating consumerism, and growth in the construction sector, the end-use industries are predicted to flourish. Moreover, the emerging nations promise high growth of the market owing to the increasing demand from end-use industry as a result of increasing disposable income. Such factors are fueling the market growth throughout the assessment period. Additionally, alkylene carbonates are extensively used in lithium batteries, which is further expanding the market growth across the globe. As alkylene carbonate is a compound with low emission and low toxicity, they are environmental-friendly. The rising concern regarding the environment is highly supporting the use of ecological solvents, thereby fostering the market growth globally.
On the contrary, the global alkylene carbonates market is presumed to experience a slowdown owing to the scarcity of raw materials coupled with the regulations imposed by the regional government.
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Global Alkylene Carbonates Market: Segmental Analysis
The global alkylene carbonates market has been segmented on the basis of type and end-user industry.
By mode of type, the global alkylene carbonates market has been segmented into propylene carbonate, ethylene carbonate, and glycerine carbonate. Among these, the ethylene carbonate is considered to occupy a significant market share and is extensively used in lithium batteries.
By mode of end-user industry, the global alkylene carbonates market has been segmented into agriculture, paints & coatings, cosmetics & personal care, textiles & fabrics, and others. Among these, the personal care and cosmetics segment occupies a significant market share globally.
Geographically, the alkylene carbonates market span across regions namely, Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the Asia Pacific region is considered to experience the fastest growth rate throughout the appraisal period. The region is estimated to retain its dominance owing to the accelerating demand for cosmetics and personal care products among the population. Moreover, with the growing manufacturing bases for textile & fabrics, paints & coatings, and personal care, the market in this region is anticipated to propel. The market is anticipated to flourish especially in economies like China and India owing to the increasing industrialization and high disposable income among the population in this region.
Regions such as North America and Europe are considered to experience a significant growth rate owing to the strict mandates imposed by several nations of these regions in order to prevent the emissions of volatile organic compounds in the atmosphere. Moreover, the rising number of initiatives taken by the environmental agencies, especially in economies like Germany, France, and the U.S., regarding the usage of environmental-friendly solvents is propelling the market growth in these regions.
The prominent players operating the global alkylene carbonates market are Huntsman International LLC (U.S.), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), Tongling Jintai Chemical Industrial Co. Ltd (China), Alfa Aesar (U.S.), Sigma-Aldrich Co. LLC. (U.S), Qingdao Shinda Chemical Co. Ltd. (China), and others.
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