Carbonate is a class of carbon-containing inorganic compounds derived from carbon dioxide. Commonly produced synthetic carbonates are used in various applications such as coating cosmetics and personal care products. Carbonates provide protection against UV radiation and have moisture retaining properties.
The global Carbonate Market is estimated to be valued at US$ 159.51 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased use of eco-friendly polymers is propelling the carbonate market growth. Due to stringent regulations regarding plastic disposal and rising environment concerns, biodegradable polymers derived from carbonates are gaining traction. Carbonates can be incorporated into eco-friendly polymers to manufacture biodegradable plastic products such as shopping bags, food packaging, and 3D printing filaments. This trend is encouraging carbonate manufacturers to explore business opportunities and invest in R&D to cater to the growing demand for sustainable polymers.
SWOT Analysis
Strength: Global Carbonate Market Size has a wide range of applications across multiple industries such as paints, coatings, paper, plastic, detergents, and others. Its versatility makes it an integral part of many formulations.
Weakness: Carbonate is subject to price fluctuations depending on raw material prices. Supply disruptions can also negatively impact carbonate prices.
Opportunity: Growing end-use industries like paints & coatings, polymers, construction are creating high demand for carbonate. Developing regions offer significant untapped growth opportunities.
Threats: Stringent environmental regulations around carbon & greenhouse gas emissions during carbonate production pose challenges. Substitute products also threaten certain carbonate application areas.
Key Takeaways
The global carbonate market is expected to witness high growth over the forecast period supported by end-use industries like paints & coatings and polymers. The global Carbonate Market is estimated to be valued at US$ 159.51 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the carbonate market and is expected to continue its lead through 2030 on the back of growing demand from China, India and other Southeast Asian countries.
Key players operating in the carbonate market are Evonik Industries AG (RAG-Stiftung), JSR Corporation, Kumho Petrochemical Co. Ltd., Kuraray Co. Ltd., Lanxess AG, Nippon Soda Co. Ltd., Reliance Industries Limited, Saudi Basic Industries Corporation (Aramco Chemicals Company), Synthomer PLC, Synthos (Ftf Galleon S.A.), UBE Corporation, Versalis (Eni S.p.A.). Asia Pacific region is expected to witness fastest growth led by China market owing to growing demand from end use industries. Countries like India, Indonesia, Vietnam etc. are also expected to drive the regional market supported by strong economic growth rates.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it