Global Dimethyl Carbonate market projected to reach USD 1,969.38 million by 2032, driven by various sectors
From GlobeNewswire: 2024-11-26 03:05:00
In 2023, the Global Dimethyl Carbonate (DMC) Market was valued at USD 1,077.18 million and is projected to reach USD 1,969.38 million at a CAGR of 6.3% by 2032. The market is expected to witness significant growth due to increased demand in various sectors like electronics, pharmaceuticals, automobiles, and coatings.
The expansion of the Electronics and Electric Vehicle (EV) sectors is driving the demand for DMC globally. DMC plays a crucial role in the production of lithium-ion batteries, which power electronic devices and EVs. Strong pressure for clean energy and sustainable transportation is fueling the demand for DMC, especially in the Asia-Pacific region.
Besides traditional applications, DMC is increasingly being used in the pharmaceutical and agrochemical industries as an intermediate for organic compound synthesis. Its role as a methylating agent in pharmaceutical products and in agrochemicals for crop protection and yield increase presents new growth opportunities for the market.
The DMC market is highly competitive globally, with key players focusing on strategic alliances, capacity expansions, and R&D efforts to strengthen their position. Companies like UBE Industries, BASF SE, and Merck KGaA are investing in advanced production technologies to improve efficiency and reduce costs while promoting sustainable production methods.
The demand for DMC is growing significantly in regions like Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market is being driven by factors such as increased industrialization, demand for electric vehicles, and emphasis on sustainable production practices. Key players in the DMC market include Shandong Haike Chemical Industry Group, UBE Industries, Merck KGaA, and more.
The Asia-Pacific region, led by countries like China, Japan, and South Korea, holds a major share in the DMC market due to strong demand from electronics, automotive, and battery sectors. North America is also witnessing growth in DMC demand, driven by the automobile and electronic sectors. Europe is focusing on sustainable technology and green energy, leading to increased DMC applications.
Overall, the DMC market is expected to grow alongside clean energy initiatives, electric mobility trends, and sustainable industrial practices worldwide. The market is set to expand gradually in regions like Latin America and the Middle East & Africa due to growing industrial activities and investments in renewable energy.
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