NEWARK, N.J., Aug. 18, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global epichlorohydrin market is expected to grow from USD 2.51 billion in 2021 to USD 4.06 billion by 2030, at a CAGR of 5.5% during the forecast period 2022-2030.
Epichlorohydrin is mainly utilized for synthetic glycerine manufacturing, water treatment chemicals, epoxy resins, and others. The substantial need for epoxy resins, followed by several end-user sectors, is additionally expected to boost the demand for the global epichlorohydrin market. Epichlorohydrin is operated in epoxy resins used in coatings, plastics, and adhesives. Several biologically active substances are produced with the reaction of Epichlorohydrin and the alcohols of alkylphenols and sodium salts.
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The growing need for epoxy resins from various industries like automotive, textile, renewable energy equipment, and building & construction are the essential elements pushing the development of the global epichlorohydrin market. In the textile industry, epichlorohydrin is utilized for altering carboxyl wool. Further, epichlorohydrin is also used for making protein-modified and wool-like fibers, forming acid dyes that reveal resistance to insects and have antibacterial properties. However, the harmful effects of epichlorohydrin on the environment and health are expected to hinder the development of the global epichlorohydrin market.
To enhance their market position in the global epichlorohydrin market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In April 2021 - TechnipFMC declared the investment of Epicerol technology from Solvay SA. The company concentrates on providing helpful glycerol to high-grade epichlorohydrin utilized in composite materials, coating materials, and adhesive applications across numerous domains. Solvay created the technology and ultimately deployed and operated it in plants in Asia & Europe with a verified capacity of 100 Mtpy. The investment will help the company grow its client base across the Asia & European markets.
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Market Growth & Trends
The primary benefit is the production of epoxy resins from epichlorohydrin, which serves as a crucial driver for the global epichlorohydrin market since epoxy resins are utilized in the manufacture of a combination of materials in the construction & building industry, paints, coatings, plastics, sealants, primers, adhesives, and different products. Usually, companies utilize petroleum-based feedstock in making epichlorohydrin. Regardless, there has been a substantial boost in the production of epichlorohydrin from bio-based glycerin, making it environmentally pleasant. It will boost the development of the global epichlorohydrin market. The latest technology being presented can also help the growth of the market. The transformation in the automotive sector also ultimately affects the epichlorohydrin market since epoxy resins are utilized in manufacturing rubber in automotive industries.
- In 2021, the epoxy resin segment dominated the market with the largest market share of 18% and market revenue of 0.45 billion.
The application segment is divided into epichlorohydrin elastomers, synthetic glycerin, water treatment chemicals, specialty, and epoxy resins. In 2021, the epoxy resin segment dominated the market with the largest market share of 18% and market revenue of 0.45 billion. Epoxy-based- paints & coatings are environmentally friendly and consume low energy than heat-cured coatings. Increasing purchasing power, lifestyles, robust industrialization, and population increase will push the development of the construction industry and the growing need for paints and coatings. These resins create high-performance adhesives with excellent chemical and heat resistance.
- In 2021, the petro-based segment dominated the market with the largest market share of 55% and market revenue of 1.38 billion.
The type segment is divided into bio-based & petro-based. In 2021, the petro-based segment dominated the market with the largest market share of 55% and market revenue of 1.38 billion.
- In 2021, the construction segment dominated the market with the largest market share of 16% and market revenue of 0.40 billion.
The end-user segment is divided into paints & coatings, wind turbines, electrical & electronics, composites, construction, textile, and others. In 2021, the construction segment dominated the market with the largest market share of 16 % and market revenue of 0.40 billion.
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Regional Segment Analysis of the Epichlorohydrin Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global epichlorohydrin market, with a market share of around 34.5% and 0.86 billion of the market revenue in 2021. The Asia-Pacific region is anticipated to dominate the global market due to the vital need of growing countries, including India & China. The region is mainly pushed by automation, the rising customer lifestyle, etc. These elements drive the development of the epichlorohydrin market in the region.
Key players operating in the global epichlorohydrin market are:
- Technipfmc Plc
- Spolchemie As
- Shandong Haili Chemical Industry Co. Ltd.
- Olin Corporation
- Nama Chemicals
- Lotte Fine Chemical Co. Ltd.
- Kashima Chemical Co. Ltd.
- Hanwha Chemical Corporation
- Formosa Plastic Corporation
- Aditya Birla Chemicals
This study forecasts global, regional, and country revenue from 2019 to 2030. Brainy Insights has segmented the global epichlorohydrin market based on the below-mentioned segments:
Global Epichlorohydrin Market by Application:
- Epichlorohydrin Elastomers
- Synthetic Glycerin
- Water Treatment Chemicals
- Epoxy Resins
Global Epichlorohydrin Market by Type:
Global Epichlorohydrin Market by End User:
- Paints & Coatings
- Wind Turbine
- Electrical & Electronics
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About the report:
The global epichlorohydrin market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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