The market is expected to register a CAGR of about 5% during the forecast period. One of the main factors driving the market is the growing demand for epoxy resin in the global market. However, the government regulations on the toxicity level of epichlorohydrin are expected to hinder the growth of the market studied.
- The increasing demand for epichlorohydrin-based resins in the water treatment process is expected to act as a driver for the growth of the market studied in the future.
- By application, the demand for epichlorohydrin from epoxy resin is expected to increase during the forecast period.
- Asia-Pacific dominated the market globally, with the largest consumption from countries, such as China and India.
Key Market Trends
Growing Demand of Epoxy Resin in Global Market
- Epichlorohydrin is principally changed over to bisphenol A glycidyl ether, a building block in the manufacturing of epoxy resins. It is additionally a precursor to monomers for different resins and polymers.
- Epoxy resin is extensively used as an insulation material for the electronics and electrical applications that require protection in extreme and dangerous environments (such as chemical plant equipment, deep sea, and engine management).
- Epoxy resins hold a wide range of applications in the industry due to its valuable properties in the paints & coatings industry in the form of anti-corrosive primers, primer tie coats, primer finishes, abrasion-resistant coatings, and chemical, heat, and fire-resistant coatings.
- Owing to the aforementioned factors, the application of epichlorohydrin as epoxy resins is expected to increase during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the global market, owing to the robust demand from developing nations, including China and India. The region is mainly driven by industrialization, the growing consumer class of people, etc. These factors are propelling the growth of the epichlorohydrin market's growth in the region.
- The largest producers of epichlorohydrin are based in the Asia-Pacific region. Some of the leading companies in the production of epichlorohydrin are Dow, Solvay, Samsung Fine Chemicals Co. Ltd, Aditya Birla Management Corporation Pvt. Ltd, and Hexion Inc., among others.
- Asia-Pacific was the largest market for epoxy resins, with a share of about 65%, as most of the emerging economies are based in this region. Increasing industrialization and growing infrastructural development make it an attractive market for epichlorohydrin made epoxy resins.
- The Asia-Pacific water treatment chemicals market is projected to witness the substantial growth during the forecast period, in terms of volume, owing to the rising standard of living in the region that resulted in the growing demand for quality drinking water.
- Owing to the aforementioned factors, the market for epichlorohydrin in the Asia-Pacific region is projected to witness a growth during the study period.
The global epichlorohydrin market is partially consolidated in nature with only a few major players dominating the market. Some of the major companies are Dow Chemicals, Solvay, Samsung Fine Chemicals Co. Ltd, Aditya Birla Management Corporation Pvt. Ltd, and Hexion Inc., among others.
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