The global dimethyl carbonate market was valued at USD 812.7 million in 2023 and is expected to grow from USD 873.5 million in 2024 to USD 1,506.7 million by 2032, with a compound annual growth rate (CAGR) of 7.1% over the forecast period. In 2023, the Asia Pacific region dominated the market, holding a 59.57% share.
Dimethyl carbonate is a clear, flammable organic liquid widely used as a solvent and chemical intermediate in the production of polycarbonate plastics, pharmaceuticals, and lithium-ion battery electrolytes. It is also recognized as an environmentally friendly alternative to phosgene and methyl halides in methylation and carbonylation reactions. A key driver of the DMC market is the increasing demand for lithium-ion batteries, particularly in the electric vehicle (EV) sector.
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Dimethyl Carbonate Market Segmentation:
1. By Application
- Battery Electrolyte: The demand for DMC in lithium-ion battery production, particularly in the electric vehicle (EV) industry, is growing rapidly due to its role as a key electrolyte component. The expanding EV market will be a significant driver.
- Solvent for Paints & Coatings: DMC’s use as a low-VOC (Volatile Organic Compounds) solvent in the paints and coatings industry makes it a preferred choice for manufacturers seeking sustainable options.
- Pharmaceuticals: DMC is increasingly used in pharmaceutical manufacturing, particularly in drug formulation and as a reagent in organic synthesis.
- Pesticides: It is also used in agrochemicals, particularly in pesticide formulations, due to its low toxicity and better environmental profile.
- Others: This includes applications in adhesives, fuel additives, and plastic manufacturing.
2. By End-Use Industry
- Automotive: With the global shift toward electric vehicles (EVs), DMC has gained significant traction as it is a critical ingredient in lithium-ion batteries.
- Pharmaceuticals: Its non-toxic properties and usefulness in drug synthesis are driving demand in this sector.
- Paints & Coatings: The demand for sustainable and eco-friendly chemicals in the paints and coatings industry is fueling DMC adoption.
- Agriculture: Its use in pesticide formulations adds to its demand in the agriculture sector.
LIST OF TOP DIMETHYL CARBONATE COMPANIES:
- UBE Corporation (Japan)
- LOTTE CHEMICAL CORP. (South Korea)