Sellbyville, DE -- (SBWire) -- 04/03/2019 --The size of Dimethyl Carbonate Market was anticipated as 410 million in the year 2018 and is predicted to touch 738 million till 2024, rising with a CAGR of 5% between the years 2018 to 2024 as per the research done by Global Market Insights, Inc.
The global dimethyl carbonate market will be driven by the rising demand in the polycarbonate industry. The polycarbonate business revenue is predictable to be over USD 22 billion globally by the end of 2024, with growth more than 5% CAGR. The product growth is ascribed to the immensely growing consumption of electronic gadgets together with cell phones and other electrical appliances supported by the increasing consumer disposable income.
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Globally growing pace of the consumer lifestyles, rapid technological innovations, dynamic consumer preferences and the era of intense competition are some of the macro economic factors driving the automotive and electronics industries. The widespread applications in these industries involving dimethyl carbonate will propel dimethyl carbonate market growth.
Budding paints & coatings industry lead by the globally thriving construction sector is likely to drive the dimethyl carbonate demand in the forecast period. The global paints & coatings industry will witness CAGR up to 4% coupled with revenue growth over USD 165 billion by 2024. The broad application spectrum of this industry portrays brighter growth aspects for dimethyl carbonate demand in the near future.
The competitive price and environment friendly chemical protocols have made the global dimethyl carbonate market witness escalating growth in the recent years. Stringent permitting guidelines, may restrain the industry growth during the forecast period. Also, difficulties involved in technology implementation might further hinder growth. However, product capability as a fuel additive substitute to ethanol, for its unique characteristics viz., low vapor pressure, high boiling point and low toxicity will complement the industry growth. It also finds applications in transportation fuel for its significant emission characteristics.
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Solvent applications are likely to witness growth over 6% CAGR by 2024. The product offers good evaporation rate and high solubility, because of it finds applications in paints & coatings industry, steel drum linings, traffic paints and in architectural coatings. Robust growth in the end user industries such as electronics, automotive, optical media, appliances, glazing and medical will drive dimethyl carbonate market product demand in the forecast period.
Asia Pacific region is likely to witness the highest market share by 2024. The emerging economies in Asia Pacific are likely to be the most attractive markets for the investors in the forecast period. The growth is attributed to the growing regional electronics and construction industries, owing to the factors such as increasing consumer spending powers and increasing smartphone customer base.
Major industry participants include AkzoNobel, Sigma-Aldrich, Dongying City Longxing, UBE Industries, EMD Millipore Corporation, Tangshan Chaoyang Chemical and HaiKe Chemical Group.
Browse key industry insights spread across 105 pages with 89 market data tables & 12 figures & charts from the report, "Dimethyl Carbonate Market" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/dimethyl-carbonate-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
At 5% CAGR, Dimethyl Carbonate Market to Be Worth More Than $738 Million by 2024
Global dimethyl carbonate market share is majorly driven by inclining polycarbonate industry growth over the forecast timeframe.