The global epichlorohydrin market size is projected to reach USD 4.40 billion by 2030, according to a new report by Grand View Research, Inc. The market is estimated to register a CAGR of 5.4% over the forecast period. Steady rise in demand for epoxy resins is the major factor responsible for increased product consumption.
The epichlorohydrin (ECH) market will witness healthy growth owing to rising demand from the paint and coatings industry. Widespread industrial applications such as automotive, electronics, and wind turbines are also driving the overall market growth. Paint and coating industry accounts for the maximum revenue share in the global epoxy resins market.
Escalating demand for protective epoxy resin-based coatings is expected to have a positive impact on the epichlorohydrin market development. Asia Pacific leads the global maker as majority of the epichlorohydrin manufacturing facilities are in this region. The region will maintain its dominance throughout the forecast period due to rising consumption in countries such as China, Taiwan, and Malaysia.
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Further key findings from the study suggest:
- In terms of volume, the market size of epoxy resins is anticipated to exceed 2.35 million tons by 2030, expanding at a CAGR of 4.1% from 2018 to 2030
- Paints and coatings end-use segment led the epoxy resins market in terms of volume, with a share of over 40% in 2017
- The U.S. epichlorohydrin market is anticipated to witness healthy development due to rising investments in specialty chemicals manufacturing along with the production of bio-based epichlorohydrin
- The industry has witnessed significant mergers and acquisitions. Capacity additions for epoxy resins have paved the way for increased investment in epichlorohydrin facilities
- India and Taiwan markets are expected to grow rapidly over the future owing to rising demand from end-use industries such as building and construction and electronic manufacturing. Rise in number of electronic OEMs will also boost the product demand in Asian markets
- Some of the key industry participants are Dow Chemical Company, Lotte Fine Chemical Company Ltd., Shandong Haili Chemical Industry Co. Ltd., and Formosa Plastics Corp.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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