Epichlorohydrin Market- Segmentation:
The global epichlorohydrin market is segmented on the basis of application, end use, and region.
Based on application, the epichlorohydrin market is segmented into epoxy resins, synthetic glycerin, water treatment chemicals, and others including elastomers, water treatment resins, surfactants, ion exchange resins, plasticizers, dyestuffs, oil emulsifiers, lubricants, and adhesives. Epoxy resin production is likely to be the major application segment of the global epichlorohydrin market over the forecast period.
Based on end use, the epichlorohydrin market is segmented into automotive, electronics, textiles, pharmaceutical, construction, and others.
Leading players in the global epichlorohydrin market include Solvay S.A., Samsung Fine Chemicals Co. Ltd., Sumitomo Chemical Co., Osaka Soda Co. Ltd., Shandong Haili Chemical Industry Co. Ltd., NAMA Chemicals, Formosa Plastics Corporation, Aditya Birla Chemicals, Dow Chemical Company, and Zachem S.A.
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In March 2018, TechnipFMC completed the acquisition of epicerol technology to convert glycerol into epichlorohydrin from Solvay.
The growing use of epoxy resins, especially in paints & coatings industry, is forecasted to drive the expansion of the epichlorohydrin market in the years to come. In addition, the shift towards the production of bio-based epichlorohydrin using glycerin in place of propylene is expected to unleash developmental opportunities to the market.
The product is considered moderately toxic and can cause skin allergies. Thus, governments have implemented strict regulations for the use of epichlorohydrin. It is anticipated to check growth pace of the market in the foreseeable future.
Epichlorohydrin is extensively used in end-user industries such as textiles, automotive, construction, etc. It has paved its way across the core industries and is projected to grow substantially over the next couple of years. Market Research Future (MRFR) has highlighted in its latest study that the global epichlorohydrin market is expected to reach 2580.04 Kilo Tons mark in terms of value by 2023. The report also asserts that the market is expected to mark a CAGR of 5% over the assessment period 2016 to 2023.
The global epichlorohydrin market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is expected to hold the dominant share of the market over the review period. The rapid industrialization witnessed in the region is poised to drive demand generation over the next couple of years. The growth of end-user industries is anticipated to catapult the regional epichlorohydrin market on upward trajectory. Fast-developing economies such as China, India, etc. are projected to contribute significantly towards the development of the epichlorohydrin market in the region. China holds a major share of the regional segment owing to the boosted sales observed in the textile and automotive industries. Similarly, the towering demand for epichlorohydrin from the construction industry in India, Taiwan, and South Korea is expected to further boost the revenue creation of the market.
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Europe is anticipated to exhibit significant growth and hold its second position in the global marketplace through the projection period. The market growth is driven by the expansion of end-user industries as epichlorohydrin is extensively used as a raw material. The rising demand for epoxy resins in the region is also likely to accelerate revenue growth for participants of the market. Germany, France, Italy, the U.K., Spain, etc. are prognosticated to emerge as the prime country-level epichlorohydrin markets in the region.
North America is projected to register a moderate CAGR over the forecast period. The region is most likely to witness advancements in the U.S. and Mexico. The revenue creation in the end-user industries is expected to boost the growth pattern of the epichlorohydrin market in the region. The developed and developing economies in the Middle East is poised to drive the expansion of the market in MEA. In addition, the growth of the industrial sector in Latin America is projected to catalyze market expansion over the next few years.
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