ID: MRFR/CnM/2118-HCR | February 2021 | Region: Global | 140 pages
Epichlorohydrin Market: Overview
The Epichlorohydrin Market is projected to be worth USD 4.35 Billion by 2030, registering a CAGR of 6% during the forecast period (2022 - 2030).
Epichlorohydrin is a compound with the presence of both chlorine elements and epoxy. Due to such features, it is highly used in many sectors. Due to the presence of chiral nature and presence of a strong epoxy bond, it is slightly soluble in water. Epichlorohydrin is used in the manufacturing of epoxy resins, glues, and plastic. Glycerin is used as a raw material in the manufacturing of epichlorohydrin. Epichlorohydrin is can further be used with nitrate to manufacture fumigants, solvents, and other explosives. Epichlorohydrin reacted with polymers used to make paper. Apart from that, epichlorohydrin is also used to make foods and beverages. Epichlorohydrin is also used to make filters of coffee and, in the water purification process, teabags. Epichlorohydrin is used in the form of alkyd resins in the coating industry and paints. It is indeed in the manufacturing work to produce glycerin and cellphone. ECH is also using it to make cosmetics products, and explosive, and other military products. Epichlorohydrin is used in the water cleaning process and in water treatment sectors. The industries such as detergents, surfactants use epichlorohydrin in their manufacturing process.
The paintings and coatings highly use epichlorohydrin, and therefore it is responsible for the majority of share in the ECH market and thus will boost the market in the forecast period due to the high application of epichlorohydrin in paints & coatings in construction work as well as the automobile industry. Many water cleaning initiatives have been taken by the government, and it will create a high demand for the epichlorohydrin market. Apart from that, the application of epichlorohydrin in the electrical and electronics manufacturing process will increase the demand of the epichlorohydrin market. The need for epichlorohydrin in various sectors will drive the growth of epichlorohydrin market demand in the forecast period. Epichlorohydrin is also used to make plastics, and increase the demand for plastic around the globe will have a positive impact on the epichlorohydrin market demand.
owing to the demand for epichlorohydrin in many sectors and Industries. Epichlorohydrin is a colorless compound that has a huge range of applications in the manufacturing of pharmaceuticals, glycerin, epoxy resins, and water cleaning chemicals. Epichlorohydrin is used due to its high resistance power to chemicals and moisture. Epichlorohydrin offers to support the weight without making any compromise on the weight needs. The need for epichlorohydrin in manufacturing of various products contributing highly to boost epichlorohydrin market size.
The major key players in the Epichlorohydrin Market are:
These key players are highly contributing to the market, but Aditya Birla Chemicals is contributing the most. Epichlorohydrin manufacturers in India contribute highly to the market.
The covid-19 outbreak has affected the global economy highly, and starting from small businesses to large-scale businesses are highly affected due to this virus. The government has imposed a lockdown in many countries to fight against the virus, and social distancing has also been imposed by the government to stop the fast-spreading of covid-19. Due to this, many countries are going through shut down, and the production of products is at a halt. Due to low production in many sectors, the demand for epichlorohydrin has decreased. Further, the construction work had stopped in almost all regions as paintings and coatings contribute highly to the market that is why the epichlorohydrin market demand is hampered. The key players are trying their best to boost the market demand, but the market is expected to see growth after the post-covid-19 situation.
One of the major drivers in the epichlorohydrin market is the increasing demand for paints and coatings in the construction sector. Paints and coatings were responsible for the largest share of the market in 2014, and it is expected to increase more in the forecast period. The need for construction with the improvement of infrastructural growth will create a positive impact on the market in the forecast period. Apart from construction, paints and coatings are used in automobile sectors, and increasing demand for automobiles with an increasing population will boost the epichlorohydrin market size. Another major driver that is driving the epichlorohydrin market demand is the use of plastic in various industries. As plastic is one of the most used things in the globe and therefore the need for epichlorohydrin in the manufacturing of plastic is driving the epichlorohydrin market demand. The government initiatives to provide clean water and increase the need for water purification are fueling the epichlorohydrin market size. The epichlorohydrin market will see huge growth in the forecast period owing to a wide range of applications in the making of glues, glycerol, and epoxy resins.
Epichlorohydrin is highly used in the construction sector for painting and coatings. And the need for infrastructural growth with the growing economy and government initiatives to provide better Infrastructure will bring opportunities to the market. People are building Residential places due to a better economic state, and it is contributing to the epichlorohydrin market size growth. With the increasing population, the automobile sectors are growing, and with it, the need for paints and coatings is also increasing. And it brings new opportunities to the epichlorohydrin market.
One of the major restraints is the side effects of epichlorohydrin on human health and the environment. Increasing human awareness about harmful chemicals is one of the biggest market restraints; also, in many countries, governments are putting a ban on epichlorohydrin due to environmental concerns. With the advancement of technology, many other chemicals are replacing epichlorohydrin, such as the epicerol method is replacing Traditional methods of production. And it helps to eliminate the environmental side effects. As a result, it has become a restraint for the epichlorohydrin size. Restrictions in using of epichlorohydrin due to its toxicity are hampering the market.
One of the biggest challenges for the market is the replacement of traditional methods with new techniques. And nowadays industry is adopting new techniques for manufacturing products that are a big challenge for the market. Growing health concerns in people is another challenge for the epichlorohydrin market. Better alternatives of epichlorohydrin that are good for the environment are one of the biggest challenges for the epichlorohydrin market. The key players are trying their best to overcome these challenges to boost the market demand in the coming years. As a result, the market is expected to grow in the forecast period.
Cumulative growth analysis
Epichlorohydrin has a wide range of applications in the manufacturing of different products. As a result, the market will grow rapidly in the forecast period. Epichlorohydrin is used to make paints, coatings, plastic, water filters, and other products, and due to the high demand for these products, the market will see huge growth in demand. The epichlorohydrin market size is expected to grow at a CAGR rate of 5% at the end of the year 2023.
The major regions in the epichlorohydrin market are North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific holds the highest share in the market due to the rapid growth of population and infrastructural growth. Countries like India, Japan, and China contributing the most to the epichlorohydrin market demand growth. There are Epichlorohydrin manufacturers in India, increasing the demand of the market. Increasing demand for automotive and consumer electronics has increased the Epichlorohydrin manufacturers in India. And therefore, Asia Pacific is growing at a faster CAGR rate.
North America holds the second-highest share in the epichlorohydrin market size due to the high demand for chemical products, capital infusion, capacity expansion, and oil exploration. The US is the major contributor in this region. Just like epichlorohydrin manufacturers in India, the presence of manufacturers in the US is boosting the market in this region. The European region holds the third position in the market due to rapid growth in the automotive sectors in this region. All these regions will show rapid growth in demand in the forecast period of the market.
October 2021: Nama Chemicals Company, a global pioneer in the production of epichlorohydrin, announced the safe completion of scheduled periodic maintenance work on the Hassad project's plants (Subsidiary Plant) and the commencement of plant operation and production on Wednesday, October 20, 2021. Throughout this scheduled maintenance period, work has been completed to replace chemical catalysts as well as check, repair, and maintain various units of the connected units. Additionally, work has been completed to incorporate the chilled water system associated with the utility unit. The industrial complex as a whole will cease operation on 25 October 2021.
|Market Size||2030: USD 4.35 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Solvay S.A. Chemicals company (Europe), Zachem SA (Europe), Samsung Fine Chemicals Co., Ltd. (Korea), Dow Chemical Company (US), Sumitomo Chemical Co. (Japan), Aditya Birla Chemicals (India), Osaka Soda Co., Ltd. (Japan), Formosa Plastics Corporation (US), Shandong Haili Chemical Industry Co. Ltd (China), NAMA Chemicals (Saudi Arabia)|
|Key Market Opportunities||ECH is also using it to make cosmetics products, and explosive, and other military products.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Zachem S.A., Osaka Soda Co. Ltd., Sumitomo Chemical Co., Samsung Fine Chemicals Co. Ltd., Dow Chemical Company, Aditya Birla Chemicals, Formosa Plastics Corporation, NAMA Chemicals, Shandong Haili Chemical Industry Co. Ltd are the major key players in the Epichlorohydrin market.
The major regions in the Epichlorohydrin market are North America, Europe, and the rest of the world.
The Asia Pacific holds the highest share in Epichlorohydrin.