The global 2-(2,2,2-trifluoroethoxy)-1,3,2-dioxaphospholane-2-oxide market size is expected to reach USD 676.5 million by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.7% during the forecast period of 2023 to 2030. The growth of this industry is primarily attributed to the rising demand for lithium-ion batteries in electric vehicles.
The demand for electric vehicles is increasing sharply in emerging economies, as these vehicles are key to decarbonizing the road transportation sector, which accounts for over 15% of global energy-related emissions, as per the International Energy Agency (IEA). In recent years, the global electric vehicles industry has witnessed a surge in sales, owing to the easy availability of a wide range of EV models and their improved performance. The popularity of passenger electric cars has been increasing steadily; according to the International Energy Agency (IEA), around 18% of cars sold globally in 2023 are expected to be electric. This is expected to result in strong market growth for the compound.
On the other hand, limited raw material suppliers and high associated costs are expected to restrain market development. As such, it becomes difficult for manufacturers to procure raw materials required for manufacturing market products. The major raw materials used for manufacturing the compound are 2-chloro-1,3,2-dioxaphospholane-2-oxide and 2,2,2-trifluoroethanol. Currently, very few players in the market supply these raw materials, thereby creating a high raw material supply risk for its manufacturers.
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The North American region is expected to witness the fastest growth rate of 4.2% during the projection period, as the market for lithium-ion batteries in North America is driven by the increasing adoption of electric vehicles
According to the International Energy Agency (IEA), the demand for automotive lithium-ion (Li-ion) batteries increased by about 65% to 550 GWh in 2022, from approximately 330 GWh in 2021, primarily as a result of growth in the sales of electric passenger cars, with new registrations increasing by 55% in 2022 over the previous year
The automotive end-use segment is poised to advance at the fastest CAGR of 3.8% through 2030, as the increasing demand for electric cars in China, Europe, and the U.S. is expected to drive product demand over the forecast period
The market for 2-(2,2,2-trifluoroethoxy)-1,3,2-dioxaphospholane-2-Oxide is competitive in nature, owing to the dominance of Chinese players that account for a significant share of the overall market
Grand View Research has segmented the global 2-(2,2,2-trifluoroethoxy)-1,3,2-dioxaphospholane-2-oxide market on the basis of end-use, and region:
2-(2,2,2-Trifluoroethoxy)-1,3,2-Dioxaphospholane-2-Oxide End-use Outlook (Volume, Kilograms; Revenue, USD Million, 2018 - 2030)
2-(2,2,2-Trifluoroethoxy)-1,3,2-Dioxaphospholane-2-Oxide Regional Outlook (Volume, Kilograms; Revenue, USD Million, 2018 - 2030)
Central & South America
Middle East & Africa
List of Key Players in the 2-(2,2,2-Trifluoroethoxy)-1,3,2-Dioxaphospholane-2-Oxide Market
Innopharmchem.com (NINGBO INNO PHARMCHEM CO., LTD.)
Tokyo Chemical Industry Co., Ltd.
Hangzhou MolCore BioPharmatech Co., Ltd.
Dalian Ease New Material Co., Ltd.
Shanghai Minstar Chemical Co., Ltd.
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