Scienza e Tecnologia
Carbonate Market to Garner $7.1 Billion, Globally, By 2030 at 7.2% CAGR, Says Allied Market Research
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Escalation in demand for dimethyl carbonate in the textile industry and surge in use of organic carbonates in solvent & electrolyte applications drive the growth of the global carbonates market. However, side effects associated with use of organic carbonates hinder the market growth. On the other hand, growth of the pharmaceutical sector presents new opportunities in the coming years.
Based on type, the glycerol segment held the highest market share in 2020, accounting for nearly one-third of the global carbonate market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to rise in concerns about sustainability and versatility of glycerol carbonates. Moreover, the dimethyl segment is projected to manifest the highest CAGR of 8.1% from 2021 to 2030, owing to its environmentally friendly characteristics.
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Based on end use, the paints & coatings segment accounted for the largest share in 2020, contributing to nearly one-third of the global carbonate market, and is projected to maintain its lead position during the forecast period. This is due to polar characteristic and mineral wetting property of propylene carbonate that makes it suitable to be used in the coating industry for applications such as wire enamels, polyurethane production, and epoxies. However, the polymer segment is expected to portray the largest CAGR of 8.2% from 2021 to 2030, owing to rise in demand for packaging products.
Based on region, Asia-Pacific , followed by Europe & North America , held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global carbonate market. Moreover, the same region is expected to witness the fastest CAGR of 8.0% during the forecast period, owing to rapid technological development and rise in demand for environment friendly coating products.
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