EPDM Market worth $5.2 billion by 2028, at a CAGR of 5.9%, says MarketsandMarkets™
Chicago, April 07, 2024 (GLOBE NEWSWIRE) -- *The Global **EPDM Market **size is projected to grow from USD 3.9 Billion in 2023 to USD 5.2 Billion by 2028, at a CAGR of 5.9%, **as per the recent study by MarketsandMarkets™*. The EPDM market experiences growth propelled by increasing demand across various applications, notably in automotive, building & construction, and other application areas. The automotive industry, witnessing steady expansion, particularly with the rise of electric vehicles, is poised to drive further growth in the EPDM market throughout the forecast period. The challenges include EPDM-being-thermoset-elastomer-which-is-difficult-to- recycle.
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*Browse in-depth TOC on "EPDM Market”.*
*289 - Market Data Tables*
*50 - Figures *
*235 - Pages *
*List of Key Players in EPDM Market**: *
1. ARLANXEO (Netherlands),
2. DOW (US),
3. Exxon Mobil Corporation (US),
4. Kumho Polychem (South Korea),
5. PetroChina Company Limited (China),
6. Versalis S.p. A. (Italy),
7. SK Geo Centric Co., Ltd. (South Korea),
8. ENEOS Holdings, Inc. (Japan),
9. Mitsui Chemicals, Inc. (Japan)
*Drivers, Opportunities and Challenges in EPDM Market*
1. *Drivers:* Increasing use of EPDM polymer in blended products
2. *Restraint:* Availability of substitutes of EPDM
3. *Opportunity:* Development of environment-friendly technology for production of EPDM
4. *Challenge: *Difficulty in recycling of EPDM
*Key Findings of the Study:*
1. By Application, Automotive accounted for the largest share in 2022.
2. By Manufacturing Process, Solution Polymerization Process accounted for the largest share in 2022.
3. Asia Pacific is the fastest-growing market for the EPDM market.
The EPDM market is segmented based on manufacturing processes, including solution, slurry/suspension, and gas-phase processes. In 2022, the solution polymerization process emerged as the dominant segment in terms of volume. Solution polymerization involves the polymerization of ethylene, propylene, and catalyst systems in an excess of hydrocarbon solvent. This method utilizes both Ziegler-Natta and metallocene catalysts in the EPDM manufacturing process, resulting in products with a consistent molecular weight distribution, which is a key advantage over other processes.
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The EPDM market is categorized by applications, including automotive, building & construction, plastic modifications, tires & tubes, wire & cables, lubricant additives, and others. In 2022, automotive applications dominated both in terms of value and volume. EPDM's properties, such as its resistance to ozone, chemicals, ultraviolet rays, weathering, and high temperatures, render it highly suitable for various automotive uses. EPDM finds application in radiator and heater hoses, belts, cooling system hoses, body and chassis parts, weather-stripping (including door, window, trunk, and hood seals), mats, grommets, windshield wipers, and other under-the-hood applications.
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The EPDM market is analyzed across five key regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America. Among these, Asia Pacific emerges as the dominant force, commanding the largest share in both volume and value. Within the Asia-Pacific region, countries such as China, India, and Southeast Asia are poised for significant growth during the forecast period. This growth is attributed to the region's substantial presence of automotive manufacturers, driving increased demand for EPDM. Furthermore, growth in the automotive sector, alongside a rise in construction projects and other applications, is expected to propel the EPDM market forward throughout the forecast period.
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