CHICAGO, March 14, 2024 /PRNewswire/ — The 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 2028″, EPDM Market size is estimated to be USD 3.9 billion in 2023, and it is projected to reach USD 5.2 billion by 2028 at a CAGR of 5.9% during the forecast period.
The growth of the EPDM market is primarily driven by the rising automotive sector which helps to generate the demand for EPDM across the industry. Apart from this, the increasing use of EPDM polymer in the blended products also helps to drive the market. Availability of the substitutes for EPDM in the market, becomes the main restraining factor in this market. However, the growing demand for EVs, and development of environment-friendly technology for EPDM production, provides lucrative opportunities for EPDM producers. Anti-dumping duties imposed by China, and recycling issues of EPDM, are the major challenge of this market.
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By Application, Automotive accounted for the largest share in 2022
In the forecast period, the automotive segment within the EPDM market is anticipated to experience the most substantial compound annual growth rate (CAGR) in terms of value.
EPDM rubber plays a significant role in the manufacturing of rubber parts utilized in automotive vehicles. China, renowned for its automotive market, particularly stands out as a pivotal player. The country is actively promoting the development of new-energy vehicles (NEVs), encompassing 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 witnessed a 3% year-on-year increase, indicating a steady growth trajectory. NEVs are projected to represent 25% of sales by 2026, underlining the nation’s commitment to sustainable transportation solutions.
Within the automotive industry, EPDM finds extensive usage in various applications including hoses, gaskets, body sealing, weather-stripping, brake parts, windshield wipers, and other under-the-hood components.
By Manufacturing Process, Solution Polymerization Process accounted for the largest share in 2022
The Solution Polymerization Process segment holds the largest share in the EPDM market in 2022. Commercially, EPDM can be produced through three primary processes: solution, slurry (suspension), and gas-phase methods. These processes leverage advanced polymerization and catalyst technologies, offering the flexibility to tailor polymers to meet specific application and processing requirements. Among these methods, the solution polymerization process stands out as the most prevalent and versatile method, capable of producing a diverse array of polymers to suit a wide range of applications.
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Asia Pacific is the fastest-growing market for the EPDM market
The Asia Pacific region is accounted to be the fastest-growing market in terms of value, from 2023 to 2028. Asia-Pacific’s dominance in the EPDM market can be attributed to the concentration of EPDM producers within the region. Additionally, the region experiences a surge in new construction projects and sustained growth in the automotive sector, further propelling the demand for EPDM in the region.
The key players profiled in the report include ARLANXEO (Netherlands), DOW (US), Exxon Mobil Corporation (US), Kumho Polychem (South Korea), PetroChina Company Limited (China), Versalis S.p. A. (Italy), SK Geo Centric Co., Ltd. (South Korea), ENEOS Holdings, Inc. (Japan), Mitsui Chemicals, Inc. (Japan), and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the EPDM market.
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