Dimethyl Carbonate Market: Introduction
In terms of value, the global dimethyl carbonate market is anticipated to expand at a CAGR of 5.4% from 2020 to 2030. Dimethyl carbonate is primarily used as an intermediate in the manufacture of polycarbonates. Moreover, application of dimethyl carbonate lies in its usage in the manufacture of solvents such as paints & coatings, adhesives, and cleaning agents as well as alternative fuel additives. Additionally, the battery segment is estimated to witness lucrative opportunities during the forecast period, owing to growth of the global automotive industry.
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Increase in Production of Electric and Hybrid Electric Vehicles to Boost Dimethyl Carbonate Market
The automobile industry relies on improved batteries as a secondary power source, as use of batteries increases the efficiency of vehicles and decreases the cost of fuel and the level of pollution. Furthermore, some vehicles can be operated fully or partly on batteries (electric vehicles and hybrid electric vehicles). The demand for lithium-ion batteries is expected to rise significantly in automotive applications, due to the requirement for improved capacity of batteries, better safety, and improved capacity retention after recycling of batteries. The automotive industry is moving toward electrification at a rapid pace. Automotive applications such as deployment of start–stop systems, emergency call telematics, and electric fuel injections are stimulating the need for advanced battery management systems that not only charge batteries in a safe manner, and are also durable.
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Industrial to be Leading Grade Segment of Dimethyl Carbonate Market
Among grades, the industrial segment is projected to expand at a CAGR of more than 5% during the forecast period. This can be ascribed to growth of the chemical manufacturing industry as well as rise in the consumption of dimethyl carbonate in various applications in the construction industry. Over the past few years, the demand for industrial-grade dimethyl carbonate in the U.S. has been rising significantly. The trend is likely to continue during the forecast period, owing to technological advancements in the country. Demand for polycarbonates in the U.S. is expected to rise in the near future, owing to rapid growth of the electronics industry in the region.
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