The dimethyl carbonate market is projected to grow from USD 895 million in 2019 to USD 1,207 million by 2024, at a CAGR of 6.2% from 2019 to 2024. The increasing demand for polycarbonates and lithium-ion batteries is expected to drive the global dimethyl carbonate market.
Ube Industries Ltd. (Japan), Merck KGaA (Germany), Kowa Company Ltd. (Japan), Kishida Chemical Co. Ltd. (Japan), Lotte Chemical (Korea), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Guangzhou Tinci Materials Technology Co., Ltd. (China), Haike Chemical Group (China), Arrow Chemical Group Corp. (China), and Panax Etec (Korea) are some of the leading players operating in the dimethyl carbonate market. These players have adopted the strategies of expansions and joint ventures to enhance their position in the market.
In line with the rising demand for dimethyl carbonate, in July 2019, Ube Industries announced that it will increase its production of basic chemical dimethyl carbonate by opening a new plant in the US. The production facility would approximately produce 50,000 tons of DMC as well as 20,000-30,000 tons of purified DMC annually.
In August 2016, Ube Industries opened its Osaka Research and Development Center at Sakai City in Osaka Prefecture (Japan). This expansion, in which the company invested USD 27 million (approximately), helped the company in its research and development endeavors.
Shandong Shida Shenghua Chemical Group Co. Ltd., in December 2017, announced that it signed a cooperation agreement with a new energy research institute on hydrogen fuel cells and lithium-ion battery business. This development is likely to boost their effort to manufacture high purity solvent.