The global epichlorohydrin market size is expected to witness an elevated growth owing to rising demand of epoxy resins for various applications and increasing demand of epichlorohydrin-based latex in the automobile industry.
This information is provided by Fortune Business Insights™, in its report, titled, “Epichlorohydrin Market, 2022-2029.”
Additionally, rising demand due to increasing environmental concerns along with the need for sustainable products will increase the footprint of the market.
COVID-19 Impact
The COVID-19 pandemic has impacted several economic backlash across various businesses around the world and the sector of epichlorohydrin was no different. Several corporations were observed struggling in order to overcome functioning with a smaller capital than usual. Moreover, employee safety and health were prioritized which led to a smaller workforce on the ground at all times, which further led to slower production. Decreased transportation routes and options required businesses to adapt to the new way of functioning. Strict government guidelines and disruptions in the supply chain deteriorated the market to a certain extent.
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Segments
On the basis of type, the market can be divided into oil-based epichlorohydrin and organic-based epichlorohydrin.
By application, the market can be broken into epoxy resins, synthetic glycerin, epichlorohydrin elastomers, specialty water treatment chemicals, and other applications.
Based on end-user, the market can be branched across paints & coatings, adhesives, construction, textile, and others.
In terms of region, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report is aimed at delivering a thorough study of the market segments followed by a comprehensive analysis of the market overview. An estimation of the market trend is presented along with a forecast for the contemporary market. Furthermore, COVID-19 impacts have been mentioned in the study for assisting our readers understand the perils that they can encounter while navigating the depths of the market. The report also sheds light on the dominant players and their accompanying strategies which help them stay at the top.
Drivers & Restraints
Rising Demand of Epoxy Resins Will Drive Market During Forecast Period
Epichlorohydrin is often used as a raw material for manufacturing epoxy resins. Rising demand for epoxy resin will further boost the growth of the market. Also, continuous investments in wastewater treatment plants and infrastructures will further propel the epichlorohydrin market growth. Fuel based applications in automotive fuel systems, die-cut sealing, and bladders will increase the market footprint.
However, strict regulations regarding approvals of new products are expected to hamper the growth of the market during the forecast period. Also, rising list of health concerns due to prolonged exposure will reduce the growth of the market to some extent.
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Regional Insights
Asia Pacific to Dominate Market Due to Increasing Demand for Various Applications
Asia Pacific will contribute the largest market share during the forecast period due to rising demand for epoxy resins and synthetic glycerin from emerging economies such as China, India, and Japan. Additionally, a general trend towards bio based feedstock will increase the boundary of the epichlorohydrin market share in the region.
North America will contribute a significant volume in terms of global share due to rising protective coating market coupled with increasing demand for epoxy resins in the U.S. Also, rising demand from various end sectors such as building & construction and electronic production will further help the growth of the market share.
Competitive Landscape
Mergers & Acquisitions to Help Prominent Players Widen their Grip on Market
The global assortment of market is extremely competitive where the prominent business players are employing several strategies in order to retain their market position. Among such strategies, the most effective solution found to be employed by these players are acquiring like-minded organizations in order to capture a larger consumer base. Mergers, acquisitions, and collaborations are further integrated by the dominant players in order to further increase revenue streams.
In September 2019, Meghmani Finechem planned to construct a 50,000-tonne-per-year plant based on TechniFMC’s EPICEROL technology. This move was aimed at rising production in order to meet the growing demand for ECH.
Industry Development
- April 2021: TechnipFMC announced the acquisition of Epicerol technology from Solvay SA which will mainly focus on delivering high grade ECH. Solvay developed the technology which was fully deployed and managed in plants in the region of Europe and Asia with a capacity of 100 Mtpy.
List of Key Players Present in the Market
- Solvay S.A. Chemicals Company (Belgium)
- TechnipFMC (U.S.)
- Zachem SA (Poland)
- Samsung Fine Chemicals Co. Ltd. (South Korea)
- Meghmani Finechem (India)
- Sumitomo Chemicals Co. (Japan)
- Aditya Birla Chemicals (India)
- Osaka Soda Co. Ltd. (Japan)
- Formosa Plastics Corporation (Taiwan)
- Shandong Haili Chemical Industry Co. Ltd (Shanghai)
- NAMA Chemicals (Saudi Arabia)
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