The requirement for a clean, green environment is on an exponential rise. Dimethyl carbonate market is expected to gain remarkable traction pertaining to this factor. Mounting government efforts to promote green construction and minimize GHG emissions is also expected to augment industry growth. The polycarbonate sector is also witnessing a robust expansion - it had collected a revenue of USD 14 billion in 2015 and is anticipated to hit USD 22 billion by 2024. The sector is projected to observe a huge surge owing to extensive product demand across electronics and automotive sectors and is forecast to contribute largely towards the dimethyl carbonate industry share. Evolving economies of APAC are likely to be the elite business destinations for electronics items such as smartphones, mobiles, and iphones, resulting in dimethyl carbonate industry development. Extensive product usage as a gasoline additive across the energy sector will favorably influence the business landscape.
Paints & coatings sector, which was evaluated at USD 110 billion in 2015, is projected to further boost dimethyl carbonate market size. The sector is forecast to hit USD 165 billion by 2024, subject to its rising popularity across the residential and automotive sectors. Rise in the number of construction activities across the BRICS countries will spur the growth of the paints & coatings industry which will in turn accelerate dimethyl carbonate market demand. According to Global Market Insights, Inc., “Dimethyl Carbonate Industry revenue, worth USD 410 million in 2015, is predicted to hit USD 738.2 million by 2024.”
U.S Dimethyl Carbonate Market size, by application, 2013-2024 (USD million)
Taking into consideration the regional trends, Asia Pacific dimethyl carbonate industry, which contributed to a major chunk of the overall dimethyl carbonate industry revenue in 2015, is projected to expand remarkably over the coming seven years. Escalating product preference across the automotive, paints & coatings, and electronics sectors will lead to the expansion of the business space. Indonesia, China, and India are projected to be the major revenue contributors, subject to the rise in per capita income of these regions.
U.S. dimethyl carbonate market is forecast to make substantial contributions towards North America dimethyl carbonate industry share, which was valued at USD 90 million in 2015. High spending on construction projects along with beneficial government legislations supporting large-scale infrastructural development are expected to propel the regional growth.
Dimethyl carbonate finds applications in pesticides, polycarbonate, pharmaceuticals, and solvents. Dimethyl carbonate market share from polycarbonate was evaluated at USD 200 million in 2015 and is expected to grow enormously over the next few years. Rising demand for polycarbonate from medical, appliances, automobile, optical media, and lightning sectors will uplift the monetary gains of the business.
Dimethyl carbonate industry size from solvents will grow massively at an annual rate of 6% from the period of 2016 to 2024. The product is environment-friendly and hence is widely used in solvent production. Its beneficial features such as high solubility and pleasant odor deems it fit to be extensively utilized across the paints & coatings sector, thereby favoring the business expansion.
In 2016, CNSG Anhui Hong Sifang of China and Ube Industries of Japan had collaborated to manufacture and promote high-purity dimethyl carbonate with a production capacity of nearly 10,000 tons per year. This joint venture enterprise will advertise the product to firms who manufacture electrolytes for lithium-ion batteries. High demand for electric vehicles in China will boost the demand for these purity products benefitting both the firms in the terms of costs, quality, and production.
Market players will invest heavily in R&D activities for creating new products and increase customer engagement, thereby gaining competitive edge. Firms are looking forward to raise their production capacities and explore the market potential by establishing their presence across the untapped geographies.
Dongying City Longxing Chemical Company Limited, AkzoNobel N.V., EMD Millipore Corporation, UBE Industries Limited, Sigma-Aldrich Corporation, Tangshan Chaoyang Chemical Company Limited, and HaiKe Chemical Group are the major participants of dimethyl carbonate industry.