Chicago, April 28, 2024 (GLOBE NEWSWIRE) -- The Dimethyl Carbonate Market is projected to grow from USD 1.1 billion in 2023 to USD 1.9 billion by 2028, at a CAGR of 12.7% from 2023 to 2028, as per the recent study by MarketsandMarkets™. The main reason for such growth is that dimethyl carbonate (DMC) serves as a crucial component in the synthesis of polycarbonate, a versatile thermoplastic widely used in various industries such as automotive, electronics, construction, and packaging.
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List of Key Players in Dimethyl Carbonate Market:
Drivers, Opportunities and Challenges in Dimethyl Carbonate Market
Key Findings of the Study:
With increasing awareness of environmental issues and stricter regulations on harmful chemicals, industries have been seeking greener alternatives. Also The increasing demand for lightweight, durable, and high-performance materials is driving the growth of the polycarbonate market, consequently boosting the demand for dimethyl carbonate. This factor has fueled the demand for dimethyl carbonate.
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Based on the end-use industry, the dimethyl carbonate market is segmented into plastics, paints & coating, pharmaceuticals, batteries, agrochemicals, and others. The growth of the dimethyl carbonate market in the battery sector is driven by the compound's safety benefits, environmental considerations, and its role in advancing battery technology to meet the growing demand for electric vehicles worldwide.
By application, the dimethyl carbonate market is segmented into polycarbonate synthesis, battery electrolytes, solvents, reagents, and others. The growth of DMC usage in polycarbonate synthesis is fueled by its environmental advantages, regulatory compliance, process efficiency, and the market demand for high-performance and sustainable materials. As industries continue to prioritize sustainability and efficiency, DMC is expected to play an increasingly important role in the production of polycarbonate and other key polymers.
Based on grade, the dimethyl carbonate market is segmented into industry grade (>99.0 weight %), pharmaceutical grade (>99.5 weight %), and battery grade (>99.9 weight %). The industry grade dimethyl carbonate market is poised for continued growth as industries across pharmaceuticals, chemicals, energy storage, and other sectors recognize its versatility, environmental benefits, and performance advantages.
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The dimethyl carbonate market in the Asia Pacific region is projected to hold the most significant market share. The Asia-Pacific region, particularly countries like China, India, Japan, and South Korea, hosts a rapidly growing chemical industry. This growth is fueled by factors such as urbanization, industrialization, and increasing disposable incomes. Dimethyl carbonate finds extensive applications in various segments of the chemical industry, including pharmaceuticals, agrochemicals, and fine chemicals. The region's burgeoning chemical sector creates a substantial demand for DMC as a key raw material, contributing to market growth.
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