Ethylene Propylene Diene Monomer [EPDM] Market is projected
Chicago, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global "EPDM 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, as per the recent study by MarketsandMarkets™. EPDM mainly finds its application in automotive industry. The market during the forecast period is expected to be driven by recovery of automotive sector in APAC region.
Ethylene propylene diene monomer (EPDM) is a type of elastomer which is suitable for resistance against ozone, ultraviolet, weathering, and high temperature. The average product life cycle for EPDM is over 20 years. It has applications in automotive, building & construction, wire & cables, lubricant additive, and plastic modification.
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Browse In-Depth TOC On "Ethylene Propylene Diene Monomer [EPDM] Market”
282 - Market Data Tables
52 - Figures
229 - Pages
List of Key Players in EPDM Market: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)Mitsui Chemicals, Inc. (Japan)
Drivers, Restraints, Opportunities and Challenges in EPDM Market:Drivers: Increasing use of EPDM polymer in blended productsRestraints: Availability of substitutes of EPDM Opportunity: Development of environment-friendly technology for production of EPDMChallenges: Difficulty in recycling of EPDM
Key Findings of the Study:Automotive application holds the largest share in the EPDM market.By Manufacturing Process, Solution Polymerization Process account for the largest share of the EPDM market.By region, Asia Pacific accounted for the largest share in the global EPDM market.
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The automotive application accounted for 49% share of the overall EPDM market in 2020, in terms of value. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the global production of vehicles declined by 5.2% in 2019 compared to the previous year. The production further dipped in 2020 due to the COVID-19 pandemic. However, the market is expected to grow in the near future with the rise in the living standard of people and the development of new technologies. 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 2020 increased by 9.6% year-on-year. NEVs will account for 25% of the sales by 2025. In the automotive industry, EPDM is used in hoses, gaskets, body sealing, weather stripping, brake parts, windshield wipers, and other under-hood applications.
In building & construction, EPDM rubber is preferred in various applications because of its mesh-molecular structure that provides elasticity and a better life cycle for the products. In this sector, EPDM is used as roofing membrane, swimming pool liners, pond and canal liners, and window and door seals. EPDM rubber is used as a roofing membrane in North America, Europe, and China. The UV resistance and waterproofing characteristic of EPDM is favored in the building & construction industry. EPDM roofing is a single-layer roofing membrane that is long-lasting, recyclable, and is suitable for all weather conditions. Apart from roofing applications, EPDM membranes are also suitable for waterproofing facades in walls and balconies. EPDM pond liners are non-toxic and leak-resistant, which makes them suitable for fishes, plants, humans, and other wildlife. EPDM cracks and shrink resistance properties also make it suitable for pool liners and water tank liners. It offers ozone resistance and increased life cycle, which makes them suitable for sealing applications in aluminum doors and sliding windows in buildings.
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Plastic modification is an emerging application of EPDM. EPDM is used in the production of thermoplastic elastomers (TPE) such as thermoplastic polyolefin (TPO) and thermoplastic vulcanizates (TPV). TPE has the recyclability of thermoplastics and elastic properties of elastomers. EPDM is blended with thermoplastic resins to produce TPE compounds.TPO and TPV also finds their application in building and construction and automotive respectively.
The EPDM market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa, and South America. APAC accounted for the largest share of the EPDM market in 2020, followed by North America and Europe. Germany and US are major market for EPDM in Europe and North America respectively. The increased demand for EPDM in APAC is due to the presence of significant number of automotive manufacturers in the region. The market in this region is driven by the recovery of the automotive sector in China, India, and Southeast Asian countries. Moreover, the development of electric and hybrid vehicles will provide a new revenue opportunity for EPDM manufacturers.
The supply chain of the EPDM market was disrupted by the COVID-19 pandemic in 2020. Owing to the COVID-19 pandemic and declining oil prices, the production of raw materials (ethylene and propylene) declined. The production plants were operating at low utilization rate (%). The decline in demand from end-use industries further impacted EPDM production. Automotive production, for the first three quarters of 2020, declined by 26%. Other segments such as building & construction, tires &tubes, wire & cables, and lubricant additives also showed a similar decline due to COVID-19.
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