The dimethyl carbonate market has been projected to reach US$ 729.3 Mn and extend at a CAGR of 5.4% during the forecast period from 2020 to 2030. The growth in the global market has been attributed to the increasing demand for industry products from numerous industries. Along with this, green synthesis of the dimethyl carbonate from the gas carbon dioxide has also been predicted to bolster revenue generation opportunities in the market in the years to come.
Dimethyl carbonate is a colorless liquid that has been utilized as an organic solvent. It allows the production of polycarbonates that are generally strong and transparent plastics along with high heat resistance quality. Dimethyl carbonate has also been used to produce pesticides in the agriculture industry. Furthermore, dimethyl carbonate comes with low water solubility that its applications in detergent, paints and coatings, and pharmaceutical industries. So, these factors are likely to serve as revenue generators in the global market in the following years.
Increased Demand for Polycarbonate from Numerous Industries Stimulates Dimethyl Carbonate Market Growth
Polycarbonate has been used extensively across numerous industries, for instance, building and construction, consumer goods, automotive, electronics, and many more. Further, increasing demand for these products in the electronics and automotive industry owing to various properties, for instance, chemical resistance, heat resistance, strength, and transparency. These factors are estimated to propel the growth impetuses in the dimethyl carbonate market in the coming years.
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In recent years, there has been a noticeable growth in the automotive industry in some countries around the world, such as Japan, China, and India. In addition to this, the growing requirement for cost-effective and low-cost consumer goods, which include power banks, smart home devices, smart speakers, smartphones, and laptops are expected to propel the growth opportunities in the dimethyl carbonate market in the near future.
Industrial Vertical Projected to Dominate in Dimethyl Carbonate Market
On the basis of grade, battery, pharmaceutical, and industrial are the verticals of the dimethyl carbonate market. Among these segments, the industrial vertical has been predicted to hold a dominating position in the market in the forthcoming years. The product from the market has been used widely for product solvents, for instance, substitute fuel additives, paints and coatings, adhesives, and cleaning agents. In addition to this, the rapid growth of the automotive industry results in increasing demand in the battery vertical in the years to come.
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Growing R & D Activities to Bolster Effectiveness in Green Synthesis of DMC Resulting in Market Growth
Carbon has been used as an essential element to produce polymers and fuels. The non-toxic properties of carbon lead the players from the dimethyl carbonate market to convert CO2 into some useful chemicals, for instance, DMC (dimethyl carbonate). This market trend has been predicted to continue due to the downside of the traditional techniques, for example, phosgenation. So, the market players are taking initiatives to increase R & D activities to increase the effectiveness of green chemistry. The manufacturers from the dimethyl carbonate market are employing procedures to entail the direct synthesis of DMC from methanol and carbon dioxide. Further, methanol has been considered as the less costly raw material that is increasing the popularity of green synthesis of DMC as the cost-effective procedure.
Asia Pacific to Lead in Dimethyl Carbonate Market
Among other regional areas, the Asia Pacific region has been projected to hold a noticeable share in the dimethyl carbonate market in the near future. Polycarbonates have been used at an increased rate in the region which further increases the demand for dimethyl carbonate. Further, the rising use of DMC in numerous industries, for instance, lithium-ion batteries, adhesives, pesticides, paints and coatings, and cleaning agents. So, based on these factors, the dimethyl carbonate market has been estimated to create revenue generation opportunities in the near future.
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Global Dimethyl Carbonate Market: Segmentation
Dimethyl Carbonate Market, by Grade
· Industrial
· Battery
· Pharmaceutical
Dimethyl Carbonate Market, by End Use
· Solvents
· Paints & Coatings
· Adhesives
· Cleaning Agents & Others
· Alternative Fuel Additives
· Polycarbonate Production
· Pharmaceuticals
· Pesticides
· Lithium-ion Batteries
· Others
Dimethyl Carbonate Market, by Region
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
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