A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global dimethyl carbonate market was worth USD 860.9 million in the year 2021. It is estimated to grow at a CAGR of 6.40%, earning revenue of around USD 1,324.3 million by the end of 2028. The rising application of these chemicals in numerous sectors such as consumer items, automotive, medical, electrical, electronics, and others is propelling the market forward. Furthermore, advantageous characteristics such as biodegradability and high solvency are propelling the industry forward. However, the huge demand and supply gap for dimethyl carbonate is posing a huge threat to the market.
Increasing Infrastructural Development and Demand for Paints and Coatings is Driving Dimethyl Carbonate Market Growth
With the increasing government and private investment towards infrastructural development, the demand for paints and coatings is projected to rise in the forecast period. This is going to directly influence the market growth of dimethyl carbonate since it is prominently used in the paints and coatings industry. Dimethyl carbonate is commonly used as a solvent for making coatings, adhesives, and cleaning agents. As construction activities are expanding, especially in emerging economies, the demand for dimethyl carbonate will also surge.
Rising Application of Dimethyl Carbonate in Polycarbonate Synthesis Application
Based on application, the dimethyl carbonate market is segmented into polycarbonate synthesis, battery electrolyte, solvents, reagents, and others. The polycarbonate synthesis segment holds the largest share in the dimethyl carbonate market. In the production of polycarbonates, dimethyl carbonate is utilized as an intermediary. Polycarbonate is an engineering plastic material with high physical and chemical features such as heat resistance, impact resistance, structural stability, and optical clarity that is utilized in end-use sectors such as automotive and electrical, and electronics.
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Dimethyl Carbonate Market – By Grade
Based on grade, the dimethyl carbonate market is segmented into industry-grade (>99.0 weight %), pharmaceutical grade (>99.5 weight %), battery grade (>99.9 weight %). The industry-grade (>99.0 weight %) segment accounts for the largest market share. It is often utilized in the production of polycarbonates. It’s also employed as a reagent in insecticides and as a solvent in paints and coatings. The need for industry-grade dimethyl carbonate is predicted to rise due to increased demand for polycarbonates from end-use sectors such as automotive and electrical and electronics.
Dimethyl Carbonate Market – Regional Insights
Geographically, the dimethyl carbonate market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the dimethyl carbonate market owing to the increasing construction activities for public and private infrastructure development. Furthermore, the presence of leading dimethyl carbonate makers also acts as a significant factor in propelling the overall market growth. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Impact of COVID-19 on Dimethyl Carbonate Market
The unexpected COVID-19 epidemic effectively halted the dimethyl carbonate market’s expansion. The countries’ lockdown to prevent the virus from spreading had a detrimental impact on both the production and supply of dimethyl carbonate. The operations of key end-user sectors such as consumer electronics manufacturing, battery manufacturing, paints and coatings manufacturing, and so on, were also hampered by social distancing norms and labor scarcity. During the COVID-19 period, dimethyl carbonate producers had to deal with massive losses as a result of these causes.
The leading market players of the dimethyl carbonate market are Sabic, Liaoning Oxiranchem, LOTTE, CNSG Anhui Redsifang, Mitsubishi Chemical, Shandong Depu Chemical, UBE, Hi-tech Spring, Shida Shenghua, Tongling Jintai Chemical, Shandong Wells Chemicals, Merck KGaA, Panax Etec, Kowa Company Ltd., Arrow Chemical Group Corp., Kishida Chemical Co. Ltd., Haike Chemical Group, Guangzhou Tinci Materials Technology Co., Ltd., AkzoNobel, EMD Millipore Corporation, and other prominent players.
The dimethyl carbonate market is highly fragmented with the presence of several global and regional industry players. The companies significantly invest in research and development activities to expand their product scope. They are also establishing new production plants to boost their output and product penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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