Chemicals

How Is the Ethylene Propylene Diene Monomer Market Expected To Grow Through 2024-2033?

January 22, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The ethylene propylene diene monomer (EPDM) market has witnessed robust growth in recent years, with a promising outlook for the future. In 2023, the market size reached $4.16 billion, projected to rise to $4.53 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 8.8%. This upward trajectory can be attributed to several key factors, including the growth of the automotive industry, construction and infrastructure development, the replacement of traditional materials, enhanced durability, and adherence to environmental regulations.

Forecasted Growth: A Closer Look at the Numbers

The positive momentum is set to continue, as the EPDM market is expected to experience even stronger growth in the coming years. Forecasts indicate that by 2028, the market size will expand to $6.39 billion, with a CAGR of 9.0%. This growth is driven by evolving trends such as automotive electrification, the rise in solar energy installations, infrastructure rehabilitation, resilient roofing, and the demand for low Volatile Organic Compound (VOC) materials. Notable trends in the forecast period include electric vehicle (EV) sealing, 3D printing applications, and advancements in sealing technology, including customized EPDM compounds.

Driving Force: Zero-Emission Vehicles Fueling EPDM Market

The surge in demand for zero-emission vehicles is a significant driver behind the growth of the EPDM market. Zero-emission vehicles offer various advantages, such as lower maintenance and running costs, along with zero tailpipe emissions. EPDM’s unique properties, including noise reduction and strong adherence to metal surfaces, make it a preferred material in the production of components for these vehicles. According to the International Energy Agency (IEA), electric car sales witnessed a 40% increase in 2020, reaching 3 million units, and are projected to hit 300 million units by 2030. Major players in the EPDM market, such as The Dow Chemical Company and Exxon Mobil Corporation, are capitalizing on this trend.

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Innovation at the Core: EPDM Market Embraces Product Advancements

Innovation has become a cornerstone in the EPDM market, with key players focusing on creating products that meet the industry’s demand for durability and high performance. Notably, major companies are investing in research and development to introduce innovative EPDM products. For example, Swiss valves and actuators manufacturer InterApp launched a groundbreaking EPDM liner in January 2021. This liner, designed for extreme temperatures and steam applications, boasts improved compression set and mechanical properties compared to other rubber compounds. Such innovations are crucial in meeting evolving industry requirements.

Strategic Moves: Kumho Petrochemicals’ Acquisition Strengthens Industry Position

May 2021 witnessed a strategic move in the EPDM market, with Kumho Petrochemicals, a South Korea-based chemical company, acquiring Kumho Polychem. This acquisition aimed to enhance Kumho Petrochemicals’ competitive advantage in the synthetic rubber business. Kumho Polychem, known for manufacturing ethylene propylene diene monomer, became an integral part of Kumho Petrochemicals, marking a strategic consolidation within the industry.

Market Segmentation: Understanding the Landscape

The EPDM market is diverse, with segmentation based on manufacturing processes, sales channels, and applications. The manufacturing processes include Solution Polymerization Process, Slurry and Suspension Process, and Gas-Phase Polymerization Process. Sales channels encompass both direct and indirect sales, while applications range from automotive and construction to manufacturing, electrical and electronics, and other diversified uses.

Regional Dominance: Asia-Pacific Leads the Way

In 2023, Asia-Pacific emerged as the largest region in the ethylene propylene diene monomer market. The region’s dominance is indicative of its significant contribution to the overall growth and demand for EPDM. As industries in Asia-Pacific continue to expand and evolve, the demand for EPDM is likely to witness sustained growth.

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The Ethylene Propylene Diene Monomer Global Market Report 2024 provides comprehensive insights on the ethylene propylene diene monomer market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the ethylene propylene diene monomer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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