Pune, India, Nov. 10, 2022 (GLOBE NEWSWIRE) -- According to a report by Fortune Business Insights™, titled, dimethyl carbonate market size is anticipated to rise owing to increasing adoption of batteries by several manufacturers to adhere to strict environmental regulations across several economies. Fortune Business Insights, in its latest upcoming report, predicts promising growth for the market during the projected horizon.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| Region Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the Rest of the World |
| Segments Covered | By Type, End-user and Regional Insights |
| Dimethyl Carbonate Industry Growth Drivers | The rapid growth of the electronics industry has resulted in a large scale demand for batteries to power the devices. |
| DMC has the capability of absorbing a significant amount of water from the environment, which reduces the efficiency of DMC as an electrolyte. |
Dimethyl carbonate is generally an eco-friendly solvent widely used as a raw material in the manufacturing of adhesives, coatings, and cleaning agents. A colorless and flammable liquid is commonly regarded as a green reagent. Furthermore, it is chemically prepared by the reaction between phosgene and methanol. In 2009, the U.S. Environmental Protection Agency (EPA), exempted dimethyl carbonate from the volatile organic compounds that lead to the popularity of the solvent across several industries globally. Moreover, it has lower levels of toxicity and is considered biodegradable.
What does the Report Offer?
The market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. In addition to this, the report includes information sourced from advice of expert professionals from the industry by our research analyst. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/dimethyl-carbonate-dmc-market-102131
Drivers and Restraints:
Increasing Adoption of Lithium-ion Batteries to Aid Growth
In March 2020, XNRGI, A U.S.-based Company, announced its plan to set a high-temperature lithium-ion battery plant at Gurugram in Haryana, India. According to the company, the factory is expected to be built spread over 30,000 square feet wilt a production capability of 240 MWh of batteries every year. The batteries can be charged up to 80% of its capacity in less than two hours and can operate at high temperatures of 55 degree Celsius too. The companies operating in the market are adopting strategies such as merger and acquisition, expansion, and product launches to gain maximum share for the market during the forecast period.
Furthermore, product innovation by the companies is expected to drive the growth of the market during the forecast period. For instance, Flux Power Holdings Inc., in March 2020, announced its launch of new LiFT Pack L48 lithium-ion pack of batteries at the annual MODEX 2020. The company reported that the lithium-ion batteries are designed especially for three wheel forklifts extensively used in high performing warehouses. Novel product launches and increasing demand for batteries to power several devices will drive the growth of the market during the projected horizon.
List of the Companies Operating in the Market:
- Merck KgaA
- Henan GP Chemicals Co. Ltd.
- WEGO Chemical Group
- Hefei TNJ Chemical Industry Co. Ltd.
- Akzo Nobel
- UBE Industries
- Thermo Fisher Scientific
- Alfa Aesar
- Aceto Corporation
- Connect Chemicals
- Silver Fern Chemicals.
Regional Analysis:
R&D Activities by Companies to Promote Growth in North America
Among the regions, Asia-Pacific will witness huge growth for the market during the forecast period. This is ascribable to factors such as presence large chemical synthesis industries in Asia-Pacific. On the other hand, the market in North America is likely to grow in the forthcoming years. R&D activities by prominent companies such as Tesla to develop hybrid electric vehicles, and plug-in hybrid electric vehicles in North America will contribute to the growth of the market during the projected horizon.
Europe will register healthy growth backed by increasing adoption of DMC as a promising oxygenated fuel during the forecast period. The market in Latin America is in its infancy and will register significant growth in the forthcoming years. Increasing demand from electronics and pharmaceutical sectors in the Middle East and Africa will bode well for the growth of the market between 2019 and 2026.
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