Epichlorohydrin Market is forecast to reach $3.14 billion by 2025, after growing at a CAGR of 5.1% during 2020-2025. Epichlorohydrin is a colorless, clear, flammable, volatile liquid with bitter odor used as a raw material for epoxy resin production, and has a wide range of application in numerous end-use industries which include paints & coatings, building & construction, and electronics & electrical systems. Furthermore, employment of new eco-friendly technologies by manufacturers for the production of epichlorohydrin will create new opportunities for the growth of the global epichlorohydrin industry in the forecast era.
Epichlorohydrin Market Segment Analysis - By Feedstock
Petro-Based feedstock held the largest share in epichlorohydrin market in 2019. Epichlorohydrin (ECH) is historically produced via petro-based feedstock. The conventional way of producing epichlorohydrin is a multi-step process based on propylene, which is obtained petro chemically. At present, approximately 85 per cent of industrial ECH demand is still met by traditional propylene high-temperature reaction with chlorine followed by hydrolysis. Epichlorohydrin is an organic chemical raw material with broad applications, and an intermediate chemical component. It is primarily used to produce epoxy resins, a major component of paints, coatings, electrical insulation materials, glass fiber reinforced plastics in aircraft construction, the automotive and shipbuilding industries, as well as in the manufacture of printing circuits and wind turbines.
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Epichlorohydrin Market Segment Analysis - By Applications
Epoxy resins held the largest share in the epichlorohydrin market in 2019 and are projected to grow at a CAGR of 4.5% during the forecast period 2020-2025. Epoxies are produced from a reaction between epichlorohydrin (ECH) and bisphenol-A (BPA), though the latter may be replaced by other raw materials (such as aliphatic glycols, phenol and o-cresol novolacs) to produce specialty resins. Epoxy based- paints & coatings are ecofriendly and consume less energy than heat-cured coatings. Rising purchasing power, changing lifestyle, vigorous industrialization and population growth will drive the growth of the construction industry, boosting demand for paints and coatings. These resins are used in the development of high-performance adhesives with superior chemical and heat resistance which are used in the manufacture of aircraft, bicycle and automobiles. Besides that, epoxy resins are also used in generators, engines, and transformers among others. Rapid development in these end-use industries will boost demand for epoxy resins, which will in turn propel market growth over the forecast period.
Epichlorohydrin Market Segment Analysis - By End Use
Construction Industry held the largest share in the epichlorohydrin market in 2019. Because of their anti-slip texture, epoxy resins are used in the construction industry to create floorings in high-traffic areas such as shopping centers, manufacturing buildings, and hospitals. Epoxy resins are used in the manufacture of adhesives, fibers, paints, coatings, primers and sealers, flooring and other products and materials used in building and design applications, due to their hardness, good adhesion, chemical resistance and other advanced properties. Highly sticky and robust epoxy resin is an outstanding tool for a large variety of construction and repair ventures. Hence rise in construction activities will drive the market in the forecast era.
Epichlorohydrin Market Segment Analysis - Geography
Asia-Pacific held the largest share with 44.2% in epichlorohydrin market in 2019. Global domination of epichlorohydrin was primarily due to the rise of developing countries like China, India and Malaysia, which are among the key consumers of epichlorohydrin. Owing to increased demand from end-use industries such as building and construction and electronic manufacturing, the markets in China and India are expected to grow rapidly in the coming years. The rise in petroleum refining activities coupled with increased demand for epoxy resins is also expected to propel market growth in those regions. According to the International Trade Administration, in China, the construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. Also, according to The Government of Japan, initiatives are taken by the Japanese government partnering with private companies to introduce modern building technologies in the construction sector, using Information and Communication Technologies (ICT).
Epichlorohydrin Market Drivers
Increasing use of bio-based feedstock
Bio-based feedstock is developed using an advanced and patented process based on glycerol. Glycerol is a sustainable feedstock and a by-product of biodiesel and oleo chemical production. It provides substantial environmental advantages compared to propylene-based ECH from fossil fuel. Bio-based feedstock is produced using 100% renewable carbon offers reduction in GWP (Global Warming Potential) and consumes less energy. Owing to such features it is used in applications such as paper chemicals, water treatment chemicals, optical lens monomers, synthetic rubbers, and electronics industry among others. Thus, consumers are becoming more aware of the adverse environmental effects of propylene, and of the benefits of using bio-based products. Bio-based methods will have a positive impact on the epichlorohydrin market and will drive its future development.
The rapidly growing use of epichlorohydrin-based resins in textile
Epichlorohydrin is used to modify the carboxyl groups of wool in the textile sector. The product resulting has a longer and better resistance to moths. Epichlorohydrin is also used to make protein-modified, wool-like fibers which have an affinity to acid coloring and are immune to both mold and insect. In addition, epichlorohydrin is used to make dye-capable polypropylene fibres, polyolefin, polyacrylonitrile, polyvinyl chloride, polyvinyl alcohol and other fibers. It is also used to impart resistance to wrinkles and to prepare anti-static agents and textile sizes. Epichlorohydrin derivatives demonstrate effectiveness as lowering, dispersion, softening, emulsifying, and washing agents. Thus, the demand for epichlorohydrin (ECH) is expected to grow in the projected timeframe due to these factors.
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Epichlorohydrin Market Challenges
Harmful Health Effects of using epichlorohydrin
Acute toxic responses after dermal exposure are characterized by initial redness and the feeling of itching or burning. The redness intensifies over time, and the tissue becomes swollen and blistered. Visual itching, eye and throat pain, swelling of the face, nausea, vomiting and extreme headache are the initial symptoms following exposure to vapours. According to the World Health Organization (WHO), an epidemiological analysis was carried out on 863 workers at two chemical plants with possible exposure to epichlorohydrin (ECH). Both cancer and leukaemia-related deaths and death from most other causes were associated with estimated levels of ECH exposure. The clearest link was between the level of exposure and heart disease. Hence, harmful health hazards of epichlorohydrin will further create hurdles for the epichlorohydrin market in the forecast period.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the epichlorohydrin market. In 2019, the market of epichlorohydrin has been consolidated by the top five players accounting for xx% of the share. Major players in the epichlorohydrin market are Solvay S.A., Zachem SA, Samsung Fine Chemicals Co., Ltd., Dow Chemical Company, Sumitomo Chemical Co., Aditya Birla Chemicals, Osaka Soda Co., Ltd., Formosa Plastics Corporation, Shandong Haili Chemical Industry Co. Ltd., and NAMA Chemicals among others.
Key Takeaways
Increased automotive demand in the Asia Pacific region due to growing disposable income, government investments, simple financing alternatives, and initiatives to support the regional automotive industry, increasing the region's automotive manufacturing base will push the global epichlorohydrin market.
Growing private and public non-residential expenditure as a result of expanded job opportunities boosts the prospects for growth of epoxy resins, thereby benefiting the demand for epichlorohydrin (ECH) over the forecast period.
Due to COVID-19 palindrome, some of the supply chain operations have been disrupted due to which a major downfall in the epichlorohydrin market is seen in the year 2020.
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