Market Trends of Epichlorohydrin Industry
This section covers the major market trends shaping the Epichlorohydrin Market according to our research experts:
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 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 their 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.
- The usage of epoxy coatings is expected to grow further due to the rising demand from the electric vehicle (EV), marine, and aerospace industries. In the first half of 2022, more than 4 million BEVs and PHEVs were sold globally.
- Owing to the aforementioned factors, the application of epichlorohydrin as epoxy resins is expected to increase during the forecast period.
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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. Industrialization, the growing consumer class, etc., mainly drive the region. These factors propel the growth of the epichlorohydrin market's growth in the region.
- Asia-Pacific is 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 infrastructure make it an attractive market for epichlorohydrin-made epoxy resins.
- In August 2022, China announced that it would be spending 300 billion yuan (~USD 44 billion) on infrastructure development and announced more stimulus policies for growth in this sector.
- In India, in the residential segment, the government is pushing huge projects in the next few years. India has an investment budget of USD 1,400 billion for infrastructure - 24% on renewable energy, 19% on roads and highways, 16% on urban infrastructure, and 13% on railways.
- The Asia-Pacific water treatment chemicals market is projected to witness 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.
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