Apr 20, 2021   SOURCE: BusinessWire

EPDM Market by Application and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The "Global EPDM Market by Application (Automotive, Building & Construction, Plastic Modification, Tires & Tubes, Wires & Cables, Lubricant Additives) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global EPDM market was valued at USD 856 million in 2021 and is projected to reach USD 1,214 million by 2026, registering a CAGR of 7.2% between 2021 and 2026.

EPDM rubber finds its application in automotive, building & construction, wire & cables, lubricant additive, and plastic modification.

The EPDM is market is expected to be driven by growth recovery in automotive sector during the forecast period. In automotive, EPDM rubber is utilized in weather stripping seals, hoses, gaskets O-ring, grommets, and other under-the-hood applications. Moreover, the growth of electric & hybrid vehicles will enhance the revenue opportunity for EPDM manufacturers. Eco-friendly production and bio-based EPDM are opportunities in EPDM market.

Automotive: the fastest-growing application of EPDM in the application segment

Automotive is the largest application segment for EPDM. EPDM rubber parts in vehicles include weather strips, grommet, O-ring, hoses & gaskets and brake-clutch parts. The automotive sector is expected to recover during the forecast period. In China, one the significant market for automotive, is focused on developing new energy vehicles (NEVs). The technological shift in the automobile sector regarding electric vehicles (EV) & hybrid vehicles is growing progressively. The growth EV will further improve the market for EPDM.

APAC estimated to be the fastest-growing market for EPDM

APAC accounted for the largest share of the EPDM market in 2020, followed by North America and Europe. The EPDM market in the APAC region is expected to witness highest growth during the forecast period. The market in this region is driven by the recovery of the automotive sector in China, India, Japan, South Korea, and Southeast Asian countries. China is the largest importer of EPDM in the world, owing to the demand from automotive industry. Global automobile manufacturers are investing in APAC countries in establish their production plants to enhance their market presence in the region.

EPDM market declined in 2020

The EPDM market in 2020 declined by 12.9%, in terms of volume, compared to 2019 due to the COVID-19 pandemic. The automotive industry is a significant consumer of EPDM. The effect of COVID-19 on the automotive industry led to declining car sales and the layoff of employees. The production was halted due to disruption in the supply chain. With the declining production of automobiles, the demand for EPDM also decreased. Moreover, owing to the COVID-19 pandemic and declining oil prices, the production of raw materials (ethylene and propylene) declined in 2020.

Market Dynamics

Drivers

  • Steady Recovery of Automotive Sector in Asia
  • Increasing Use of EPDM Polymer in Blended Products

Restraints

  • Oversupply of EPDM in the Market
  • Availability of Substitutes of EPDM

Opportunities

  • Growth in Electric Vehicle Will Provide New Revenue Stream for EPDM Manufacturers
  • Development of Environment-Friendly Technology for EPDM Production

Challenges

  • Anti-Dumping Duties Imposed by China
  • Difficulty in Recycling of EPDM

Companies Mentioned

  • ARLANXEO Holding B.V.
  • Bridgestone Corporation
  • Carlisle Companies Incorporated
  • Dow Inc.
  • ExxonMobil Chemical Patents Inc.
  • ExxonMobil Corporation
  • Hyundai Motor Co. Ltd.
  • JSR Corporation
  • Lion Elastomers LLC
  • Mitsui Chemicals, Inc.
  • NOK Corporation
  • PetroChina Company Limited
  • PJSC Nizhnekamskneftekhim
  • SABIC
  • Shanghai Sinopec Mitsui Elastomer Co. Ltd.
  • SK Global Chemical Co. Ltd.
  • Sumitomo Chemical Co. Ltd.
  • Sumitomo Rubber Industries, Ltd.
  • Toyoda Gosei East
  • Versalis S.p.A.

For more information about this report visit https://www.researchandmarkets.com/r/cik4gy