Impact of COVID-19 on Alkylene Carbonates Market Size 2020 on the Back of Changing Lifestyle
Market Overview
The
global alkylene carbonates market is growing rapidly, witnessing increasing
consumption of these materials. Increasing usages in a number of end-use
industries are majorly driven by the excellent properties of alkylene
carbonates such as low volatile organic content (VOC), low toxicity, high
boiling point, and biodegradability. Increasing demand from paints &
coatings and cosmetics & personal care industries is another key driving
force behind the growth of the market.
According
to Market Research Future (MRFR), the global alkylene carbonates market is
projected to witness significant growth by 2023, registering a modest CAGR
during the forecast period (2017 – 2023). Moreover, augmenting demand for
environmentally friendly chemical products acts as a major tailwind for the
growth of the market. Large application areas drive the huge market demand for
alkylene carbonates. Resultantly, the global alkylene carbonates market is
expected to grow continually in years to come.
Besides,
the rising demand for environmentally safe products and increasing usages of
alkylene carbonates in personal care products and cosmetics foster the market
demand. Moreover, the rising consumption of alkylene carbonates due to the
dramatic increase in the construction and agriculture industry substantiates
the market demand. Additional factors supporting the market include the rising
demand from the paints & coatings and textiles & fabrics industries.
Alkylene Carbonates Market - Segments
To
market is segmented into three main dynamics;
By Type :
Ethylene Carbonate, Propylene Carbonate, Glycerine Carbonate, and
others.
By End Use Industry : Paints &
Coatings, Agriculture, Textiles & Fabrics, Cosmetics & Personal Care,
and others.
By Regions : Asia Pacific, North America, Europe, and the
Rest-of-the-World.
Alkylene Carbonates Market – Regional Analysis
The
Asia Pacific region dominates the global alkylene carbonates market. The
largest market growth attributes to the rising demand for cosmetic &
personal care products among the ever-increasing APAC population. Besides, the
growth of manufacturing bases for paints & coatings, textile & fabrics,
and personal care drives the regional market growth. India and China, heading
with the rising industrialization and economic growth, contribute to the growth
of the regional market significantly.
Moreover,
raw material advantage and the availability of cost-competitive workforce in
the region act as a major driving force for the market growth. The growing
chemical industries in this region are estimated to propel the growth of the
market. Furthermore, the rising development strategies to fulfill the demand
for alkylene carbonates boost the regional market growth. The APAC alkylene
carbonates market is anticipated to grow at a high CAGR during the forecast
period.
Alkylene
carbonates market in North America and Europe are growing rapidly. Markets in
these regions are driven by major end-use industries such as paints &
coatings and Textiles & Fabrics. Governments of various nations in Europe
and North America have imposed stringent regulations to prevent volatile
organic compounds emissions. Furthermore, increasing R&D expenditures and
rapidly growing cosmetics and food industries drive regional market growth.
Besides,
increasing numbers of initiatives are being undertaken by environmental
agencies, specifically in the U.S, France, and Germany, on the usage of
environmentally friendly solvents that are driving the consumption of alkylene
carbonates in the coating industry. The alkylene carbonates market in North
America and Europe is estimated to create substantial revenue pockets over the
assessment period.
Alkylene Carbonates Market – Competitive Analysis
Highly
competitive, the alkylene carbonates market appears fragmented due to the presence
of many well-established players. To gain a substantially larger share in the
market, these players incorporate strategic initiatives such as mergers &
acquisitions, expansion, collaboration, and product or technology launch.
Substantial investments are transpired in the R&D to develop an entirely
different technology compared to their competition.
Major Players:
Players
driving the global alkylene carbonates market include Huntsman International
LLC (US), BASF SE (Germany), Sigma-Aldrich Co. LLC. (US), Tongling Jintai
Chemical Industrial Co. Ltd (China), Mitsubishi Chemical Corporation (Japan),
Alfa Aesar (US), and Qingdao Shinda Chemical Co., Ltd. (China), among
others.
Industry/Innovation/Related News:
March 11, 2020 --- A TEAM of students from the University of Manchester (the
UK), announced that they had won IChemE’s Macnab-Lacey Prize for their project
Greenhouse Gas to Green Solvent. The new design allows a more sustainable
process to produce dimethyl carbonate from Carbon Dioxide. Dimethyl carbonate
(DMC) has a range of uses, including as a solvent and methylating agent. The
Manchester team’s project - Greenhouse Gas involves reacting ethylene oxide
with carbon dioxide to produce ethylene carbonate, which is followed by the
transesterification of ethylene carbonate with methanol into DMC and ethylene
glycol.
Access Complete Report @ https://www.marketresearchfuture.com/reports/alkylene-carbonates-market-3951
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