"Epichlorohydrin Market is Estimated to Witness Significant Growth due to Rising Demand from Downstream Industries"
The epichlorohydrin market has been gaining significant traction over the past few years owing to its increasing demand from various downstream industries. Epichlorohydrin is an important organic compound that is primarily utilized in the production of epoxy resins. Epoxy resins find widespread applications across industries like adhesives, paints & coatings, composites and elastomers on account of their superior bonding strength, chemical & heat resistance. The rising consumption of epoxy resins across numerous end-use sectors has substantially boosted the demand for epichlorohydrin over the years.
The Global Epichlorohydrin Market is estimated to be valued at US$ 2.95 Billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the epichlorohydrin market are Momentive Performance Materials Inc., Solvay S.A., Hexion Inc., DOW Chemical Company, Mitsubishi Chemical Corporation, Aditya Birla Chemicals, Hubei Greenhome Chemical Co., Ltd., NAMA Chemicals, Jiangshan Chemical Co., Ltd., Olin Corporation, Zhejiang Jianye Chemical Co., Ltd., Arkema S.A., Hanwha Solutions Corporation, BASF SE, and Koppers Inc.
Epichlorohydrin (ECH) Market Growth is provides several lucrative growth opportunities such as increasing consumption of epichlorohydrin based epoxy resins in end-use industries and innovations to develop bio-based derivatives of epichlorohydrin.
The rapidly growing demand for epichlorohydrin in emerging countries of Asia Pacific and Latin America is encouraging key players to expand their manufacturing facilities in these regions.
Market Drivers
Epichlorohydrin (ECH) Market Size and Trends is rising demand from downstream industries such as paints & coatings, adhesives, composites and elastomers is the major factor driving the epichlorohydrin market. Epichlorohydrin-based epoxy resins exhibit excellent adhesion properties and chemical resistance providing an indispensable solution for various industrial applications.
Additionally, the market growth is supported by the expanding construction industry globally. Large scale infrastructure projects in developing nations are further augmenting the consumption of paints, coatings and composites, thus propelling the demand for epichlorohydrin.
PEST Analysis
Political: Changes in environmental regulations in various countries could affect the production and distribution of epichlorohydrin.
Economic: Economic growth and industrial production in different markets influences demand for epichlorohydrin which is used to make epoxy resins, synthetic glycerin, and other products.
Social: With increasing health awareness, safety standards for materials used in food packaging, paints, and construction are rising which could impact the epichlorohydrin market.
Technological: Development of alternatives with better characteristics than epichlorohydrin and its subsequent derivatives may provide substitutes to the market.
The largest geographical region for the epichlorohydrin market in terms of value is Asia Pacific due to abundant raw material availability and presence of manufacturing facilities in China, Japan, and India. Significant demand from end-use industries such as construction and paints drives the market. Countries like China, South Korea, and India are major consumers of epichlorohydrin in the region.
The fastest growing regional market for epichlorohydrin is expected to be North America. This is mainly attributed to increasing applications in the production of epoxy resins which are used to make industrial coatings, adhesives, wind turbine blades, composites, and several other products. Growth of end-user industries in the US and Canada is supporting demand rise in the North American epichlorohydrin market.
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