PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174538
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174538
Ethylene Propylene Diene Monomer Market size was valued at USD 4,800.2 Million in 2021, expanding at a CAGR of 6.3% from 2022 to 2028.
High-density synthetic rubber with a very high level of durability is called ethylene propylene diene monomer (EPDM). The principal applications for EPDM are lamination, gaskets, and electrical insulation. It is very resistant to heat, chemicals, abrasives, and tearing.
The substantial use of ethylene propylene diene monomer (EPDM) in automotive rubber strips, fender extensions, and bumpers is expected to drive market growth for EPDM over the projection period. EPDM is utilized as a less expensive alternative to silicone rubber for electrical insulation or parts that are anticipated to be exposed to severe dampness. Electrical insulators, connectors for wires and cables, and parts like O-rings, hoses, and gaskets for water systems are all made of EPDM. Additionally, it is utilized in belts, grommets, diaphragms, and accumulator's bladders. Because of the rise in demand for ethylene propylene diene monomer (EPDM) in the automotive, construction, and mechanical industries, businesses involved in that industry can be expected to concentrate more on improving their manufacturing capabilities. In addition to the previously mentioned factors, the automotive industry is anticipated to present development prospects for the market.
Furthermore, vehicles witnessed an increase of 10% in the first nine months of 2021 compared to the same period in 2020. This is estimated to bolster the EPDM market growth. EPDM is used in building and construction, plastic modification, tires and tubes, wires and cables, lubricant additives, and the auto industry. The thermoplastic elastomers industry is anticipated to be driven by rising demand for environmentally friendly goods as alternatives to PVC, which in turn is expected to boost the global demand for ethylene propylene diene monomer (EPDM). The COVID-19 pandemic had a detrimental effect on the market due to supply chain disruptions and a decline in demand from the auto industry,
The Global Ethylene Propylene Diene Monomer Market is segmented on the basis of Product Type, Manufacturing Process, Application, and Region.
The market is split into two categories based on Product Type: solution polymerization, and suspension polymerization. The solution polymerization segment dominates the market. Growing demand for solution polymerization in the chemical industry is mainly contributing to segment growth.
The market is segmented into two categories based on the manufacturing process: polymerization and purification. The diagnostics segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for clinical and diagnostics needs.
The market is segmented into six categories based on end-users: automotive, building & construction, plastic modification, lubricant additive, wires & cables, and tires & tubes. The automotive segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for automotive applications such as sealing, tubing, etc.
The worldwide market for Ethylene Propylene Diene Monomer is highly fragmented and comprised of large and small-sized market players with a few large ones dominating the global market share. The companies in the market emphasize adopting aggressive strategies to reach out large consumer base. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new Product Type launches, partnerships, distribution network development, R&D spending, and mergers and acquisitions.
For instance, in May 2021, Kumho Petrochemical announced its decision to acquire 50.0% of the Kumho Polychem shares held by its joint venture partner, JSR Corporation.
The scope of this report covers the market by its major segments, which include as follows: