Dimethyl carbonate solvents are more environmentally friendly than several other methylating agents in the context of flammability. It emits a low amount of carbon monoxide as compared to acetone or methyl acetate used in coatings and paints, which has been a major area of concern in recent years, thus accelerating product acceptability.
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In January 2021, a study titled "effect of biodiesel-dimethyl carbonate blends on engine performance, combustion, and emission characteristics", conducted by the Department of Mechanical Engineering, University of Engineering and Technology, Lahore, observed that the dimethyl carbonate antioxidant added to different biodiesel blends released lesser CO than biodiesels without the antioxidant.
The coronavirus pandemic negatively impacted dimethyl carbonate market growth due to layoffs across production chains and declining sales in light of restrictions in business operations due to widespread lockdowns. However, declining COVID-19 cases and immunization efforts have bolstered the demand for dimethyl carbonate products, thereby aiding industry growth.
Furthermore, major players in the dimethyl carbonate market have been focusing on product innovation and growth strategies, such as collaborations, acquisitions, and partnerships, to maintain a prominent position in the sector. For instance, in March 2022, AkzoNobel, a Dutch multinational paints and performance coatings company, opened its new research and development center in the UK with the aim of expanding its product development line. This move was slated to advance AkzoNobel's innovation abilities, propelling the company's product development.
In another instance, in October 2021, UBE Industries, Ltd., a Japanese chemical company, introduced Daxsol DMC (dimethyl carbonate), a new environmental-friendly, quick-evaporating, biodegradable, and considerably less toxic solvent. The novel product is VOC-free and serves as a synthetic intermediate for several chemical processes and applications.
The dimethyl carbonate industry has been bifurcated based on application and region. In terms of application, the industry has been divided into pesticide, polycarbonate, pharmaceutical, solvent, and others. The others segment is slated to grow at a CAGR of over 4.6% through the review timeline.
In the regional frame of reference, the Latin America dimethyl carbonate market is speculated to expand at around 4.4% CAGR over the analysis period attributed to the positive outlook of the electronics sector in the LATAM region.
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Meanwhile, the dimethyl carbonate industry in Middle East & Africa is expected to grow at a CAGR of approximately 3.9% over the study timespan. The rapidly growing MEA construction industry is likely to boost the demand for paints & coatings, thereby impelling the uptake of dimethyl carbonates in the region.