Albany, NY -- (SBWIRE) -- 01/06/2017 -- The global dimethyl carbonate market will be driven by the rapidly expanding polycarbonate and paints and coatings industries, states a new research report by TMR. Dimethyl carbonate is a green chemical used as a starting material for the synthesis of several organic compounds. The report states that the market will exhibit a healthy 6.6% CAGR from 2015 through 2023. If the prediction holds true, the market will rise to US$690.1 mn by 2023 from US$390.5 mn in 2014.The report is titled "Dimethyl Carbonate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."

Dimethyl carbonate is a colorless, clear, and flammable compound with mild pleasant odor. The compound has a favorable economic profile and evaporation rate. Slightly denser than water, dimethyl carbonate is also slightly soluble in water. It is preferred over a number of toxic reagents, such as phosgene, in the production of polycarbonate due to its eco-friendly nature. It is also used as a solvent in the production of a number of chemicals.

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Apart from the rapid expansion of the polycarbonate and paints and coatings industries, the market is also expected to be driven by the potential application of the compound as an additive for diesel fuels in the near future. The global dimethyl carbonate market has been segmented on the basis of two criteria: Application area and geography.

On the basis of major applications of dimethyl carbonate, the market has been segmented into solvent, polycarbonate, pesticide, pharmaceutical, and other applications such as methylating agent. Of these, the segment of polycarbonate is expected to be the fastest growing and largest segment of the global dimethyl carbonate market in terms of volume over the forecast period. The segment also dominated the market in 2014, accounting for over 50% of the global dimethyl carbonate market. Solvent was the second largest application segment in the market in 2014. The use of dimethyl carbonate as a solvent is expected to expand at a healthy pace over the forecast period as well.

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From a geographical standpoint, the global dimethyl carbonate market has been examined for Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. Asia Pacific led the global market in 2014 in terms of volume, trailed by Europe and North America. The market for dimethyl carbonate is expected to witness excellent growth in Asia Pacific over the report's forecast period owing to the rising demand for polycarbonates in the automobile industry in the region. China, which accounts for the production of nearly 50% of the world's total production, will play a major role in the overall development of the global dimethyl carbonate market.

The competitive landscape of the global dimethyl carbonate market features several small-, medium-sized, and large enterprises. Some of the most influential vendors in the market are Akzo Nobel N.V., HaiKe Chemical Group, Sigma-Aldrich Co. LLC, UBE Industries Limited, Alfa Aesar, EMD Millipore Corporation, and BASF SE.