The Global Carbonate Market size is expected to reach $6.4 billion by 2030, rising at a market growth of 6.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,830.2 Kilo Tonnes, experiencing a growth of 5.5% (2019-2022).
Carbonates, such as ethylene carbonate (EC) and propylene carbonate (PC), exhibit good electrical conductivity. This property is essential for efficient ion transport within the electrolyte, enhancing the overall performance of batteries. Consequently, the electrolytes segment would generate approximately 18.77% share of the market by 2030. Carbonates generally have a high dielectric constant, which is favorable for creating electrolytes with high capacitance. This characteristic is crucial for the energy storage capacity of electrochemical devices.
Activities related to construction serve as significant drivers for the carbonate market due to the extensive use of carbonate compounds, primarily calcium carbonate, in various construction materials and industrial applications. Calcium carbonate, a widely used compound, has extensive applications in construction. It is a key ingredient in producing construction materials such as cement, concrete, mortar, and asphalt. Hence, the growing construction activities propel the market demand. Moreover, Carbonate compounds are used extensively in producing polymers and composite materials in automotive and electronics manufacturing. Carbonate compounds use automotive components, including interior trim, bumpers, body panels, dashboards, and under-the-hood parts. Therefore, the proliferation of carbonate-based products within the automotive industry is propelling the expansion of the market.
However, the market relies on specific raw materials such as limestone for calcium carbonate or ethylene for some carbonate derivatives. Any fluctuations in the availability of these primary raw materials, pricing, or supply chain disruptions directly impact carbonate compounds' production costs and overall economics. Uncertainty regarding raw material costs can hinder strategic decision-making and capital allocation. Thus, the volatile nature of raw materials is impeding the growth of the market.
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Opportunities 
Challenges On the basis of application, the market is segmented into solvents, catalysts, electrolytes, additives, cleaners, and others. The solvents segment recorded the largest revenue share in the market in 2022. Carbonates, particularly certain types like dimethyl carbonate (DMC), are considered environmentally friendly solvents. They have low toxicity, low volatility, and are biodegradable, making them more sustainable alternatives to traditional solvents with higher environmental impact. Furthermore, carbonates possess good solvency power, allowing them to dissolve a wide range of substances. This characteristic makes them effective solvents in various applications, including paint stripping, cleaning, and as carriers in formulations for coatings and adhesives.
Based on end use, the market is categorized into cosmetics & personal care, paints & coatings, pharmaceuticals, textile, energy & power, polymer, and others. The polymer segment witnessed a considerable growth rate in the market in 2022. Carbonates, especially calcium carbonate, are widely used as fillers and reinforcing agents in polymer formulations. They enhance the mechanical properties of polymers, including tensile strength, modulus, and impact resistance, while simultaneously reducing costs. The incorporation of carbonates can improve the thermal conductivity of polymers. This is beneficial in applications where heat dissipation is crucial, such as in electronic components and packaging materials.
Based on type, the market is divided into dimethyl, propylene, ethylene, glycerol, 1,2-epoxydodecane, 1,2-hexadecene, styrene, epichlorohydrin, and others. In 2022, the glycerol segment garnered the highest revenue share in the market. The significant expansion of glycerol across diverse industries, with its increasing applications in renewable energy, pharmaceuticals, cosmetics, and more, has notable implications for the carbonate market. Glycerol, with its multifaceted utility and sustainability attributes, plays a crucial role in the development of bioplastics and biodegradable materials.
Free Valuable Insights: Global Carbonate Market size to reach USD 6.4 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region generated a substantial revenue share in the market in 2022. The promising outlook of the carbonate market in North America is driven by economic stability, advanced infrastructure, growth in key industries, innovation, sustainability initiatives, and a supportive regulatory environment. These factors position North America as a region with considerable potential for further expansion and development in the carbonate market.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3.8 Billion |
| Market size forecast in 2030 | USD 6.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.9% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 439 |
| Number of Tables | 930 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End Use, Region |
| Country scope |
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| Companies Included | BASF SE, Huntsman Corporation, LyondellBasell Industries Holdings B.V.Empower Materials (Axess Corporation), Anmol Chemicals Private Limited, Kowa Company, Ltd., Shandong Lixing Chemical Co. Ltd., Imerys S.A, SMC Global, Solvay SA |
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $6.4 billion by 2030.
Expansion of industrial sectors and construction activities are driving the Market in coming years, however, Fluctuating raw material prices restraints the growth of the Market.
BASF SE, Huntsman Corporation, LyondellBasell Industries Holdings B.V.Empower Materials (Axess Corporation), Anmol Chemicals Private Limited, Kowa Company, Ltd., Shandong Lixing Chemical Co. Ltd., Imerys S.A, SMC Global, Solvay SA
In the year 2022, the market attained a volume of 2,830.2 Kilo Tonnes, experiencing a growth of 5.5% (2019-2022).
The Paints & Coatings segments is leading the Market by End Use in 2022 there by, achieving a market value of $1.6 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 there by, achieving a market value of $2.7 billion by 2030, growing at a CAGR of 7.3 % during the forecast period.
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