Overview:
The global epichlorohydrin market growth is expected to exhibit a strong 5% CAGR over the forecast period between 2016 and 2023, according to the latest research report from Market Research Future (MRFR). The global epichlorohydrin market is assessed in full detail in the report, which contains detailed profiles of the major factors affecting the epichlorohydrin market, major players operating in the market, as well as detailed analysis of the market’s historical growth trajectory. The growing epichlorohydrin market’s growth over the historical review period is tracked with the help of reliable historical databases. This information is used as a platform to provide studied forecasts regarding the market’s likely growth trajectory in the coming years.
The Epichlorohydrin Market is mainly driven by the growing demand for epoxy resin in construction, automotive, and other applications. Epoxy resins have emerged as a material of choice in several industries in which water resistance, chemical resistance, and heat resistance are important characteristics. Epoxy resins provide stable construction and a high degree of moldability, which has resulted in a growing demand for epoxy resin from various end-use industries. The construction industry is likely to be a major driver for the epichlorohydrin market over the forecast period, as the construction industry has embraced the use of epoxy resins in applications ranging from flooring to paints and coatings. The growing demand for paints and coating materials that actively repel corrosive substances such as moisture and other chemicals is likely to be a major driver for the epichlorohydrin market over the forecast period.
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The growing automotive industry is also likely to make use of epoxy resins in paints and coatings as well as structural components in the coming years. This is likely to be a major driver for the epichlorohydrin market over the forecast period. The growing demand for stronger, longer lasting paintjobs in the automotive industry is likely to be a major driver for the epichlorohydrin market over the forecast period.
Segmentation:
The global report on the epichlorohydrin market has been segmented by various MRFR experts on the basis of application and end users. By digging deeper into various segments, MRFR tries to unravel features that can be studied for a better devising of various plans in the coming years.
By application, the global market for epichlorohydrin has been segmented into water treatment chemicals, synthetic glycerin, epoxy resins, and others. The ‘others’ segment includes water-treatment resins, lubricants, elastomers, ion exchange resins, plasticizers, surfactants, oil emulsifiers, dyestuffs, and adhesives. The lubricants segment is getting good traction from power and energy sector, and the automobile industry. The mining segment is also a huge taker of this to make the machines last long.
By end user, the global reading of the epichlorohydrin market has been segmented into electronics, textiles, automotive, construction industry, pharmaceutical, and others. The automobile sector is expected to be one of the major traction-provider for the global market. This segment would also boost its intake in the Asia Pacific region.
Regional Analysis:
The Asia Pacific market has the upper hand in taking the market forward as the productions of epoxy resin and synthetic glycerin are providing substantial boost to the regional market.The booming automobile sector is also expected to make significant contribution to the regional market using which producers of epichlorohydrin are expected to create better expansion possibilities for the market.
In Europe and North America, the market would find the growth to be a bit restrained as the concerns over the environmental impact looms large on these two regions. This is also spurring the demand for alternative, sustainable sources, which can impact the market growth.
Competitive Landscape:
The global market for epichlorohydrin is expected to benefit from the contribution of companies like Zachem SA (Europe), Samsung Fine Chemicals Co., Ltd. (Korea), Solvay S.A. Chemicals company (Europe), Sumitomo Chemical Co. (Japan), Dow Chemical Company (US), Osaka Soda Co., Ltd. (Japan), NAMA Chemicals (Saudi Arabia), Aditya Birla Chemicals (India), Shandong Haili Chemical Industry Co. Ltd (China), Formosa Plastics Corporation (US), and others. These companies rely on various methods like mergers, acquisitions, collaborations, and others. They have also increased their funding for research and development sector to boost innovation that can ensure an edge in the market. MRFR includes all the latest strategic inputs to gauge how the market can perform in the coming years.
Industry News:
In March 2020, Advanced Biochemical (Thailand) Co., Ltd. (ABT), a bio-based company and a wholly-owned subsidiary of the Vinythai public company, announced that they would increase their production capacity in the Map Ta Phut, Thailand. This factory is now expected to produce almost 120,000 metric tons per year (m.t./yr) of bio-based epichlorohydrin (ECH). The recent announcement has promised an increase by 20,000 m.t./yr. The company has acquired this permission from the Industrial Estate Authority of Thailand.
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