CHICAGO, June 10, 2022 /PRNewswire/ -- According to the new market research report "EPDM Market by application (Automotive, Building & Construction, Plastic Modification, Tires & Tubes, Wires & Cables and Lubricant Additives), Manufacturing Process, Region (North America, Europe, APAC,
CHICAGO, June 10, 2022 /PRNewswire/ -- According to the new market research report "EPDM Market by application (Automotive, Building & Construction, Plastic Modification, Tires & Tubes, Wires & Cables and Lubricant Additives), Manufacturing Process, Region (North America, Europe, APAC, MEA, and South America) - Global Forecast to 2027", published by MarketsandMarkets™, the market size is estimated to be USD 3.6 billion in 2022 and is projected to reach USD 4.8 billion by 2027, at a CAGR of 5.9% between 2022 and 2027.
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Automotive is the major application segment for EPDM. The recovery of automotive sector in the APAC region is driving the EPDM market during the forecast period. Moreover, the development of eco-friendly technologies for production of EPDM and growing demand for electric & hybrid vehicles are new opportunities in EPDM market.
Automotive application holds the largest share in the EPDM market
EPDM rubber account for significant portion of rubber parts that are utilized in automotive vehicle. China is a significant market for automobiles. The country is focused on developing new energy vehicles (NEVs). NEVs include fuel cell electric vehicles (FCVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). According to the China Association of Automobile Manufacturers (CAAM), the total production of cars in 2021 increased by 3% year-on-year. NEVs will account for 25% of the sales by 2026. In the automotive industry, EPDM is used in hoses, gaskets, body sealing, weather stripping, brake parts, windshield wipers, and other under-hood applications.
By Manufacturing Process, Solution Polymerization Process account for the largest share of the EPDM market
EPDM can be manufactured commercially in three major processes, solution, slurry (suspension), and gas-phase. Polymerization and catalyst technologies provide the ability to design polymers to meet the specific and demanding application and processing needs. Solution polymerization process is the most widely used and is highly versatile in making a wide range of polymers
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By region, Asia Pacific accounted for the largest share in the global EPDM market
Asia Pacific accounted for the largest share of the EPDM market in 2021, followed by North America and Europe. The China is one of the leading producers and consumers of EPDM, globally. Asia Pacific dominates the EPDM market as most of the producers of EPDM are based in the Asia Pacific. New construction projects, and steady growth in automotive, are driving the EPDM market in the region.
The leading players in the EPDM market are ARLANXEO (Netherlands), DOW Inc. (US), Exxon Mobil Corporation (US), JSR Corporation (Kumho Polychem Co. Ltd.) (South Korea), PetroChina Company Limited (China), Versalis S.p. A. (Italy), SK Global Chemical Co., Ltd. (South Korea), Sumitomo Chemical Co., Ltd. (Japan), and Mitsui Chemicals, Inc. (Japan and others.
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