Global Ethylene Propylene Diene Monomer Market Size, Share 2016 Industry Trend, Growth and Forecast 2024

Global Ethylene Propylene Diene Monomer (EPDM) Market: Snapshot

The global ethylene propylene diene monomer (EPDM) market is marked by the rapid influx of a number of small- and medium-sized companies, sustained rise in demand from industries such as automotive and construction, and shifting preference from conventional to bio-based products. A constant rise in the numbers of construction projects and rising demand for public and private vehicles in developing economies has compelled EPDM manufacturers to align their expansion strategies towards these regions.

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Transparency Market Research states that the global EPDM market will expand at a CAGR of 5.4% over the period between 2016 and 2024. The market, which had a valuation of US$2.63 bn in 2015, is expected to rise to US$4.20 bn by 2024. While growth prospects are mostly positive for the market, fluctuation in raw material costs and oversupply of EPDM are expected to hamper the growth of the market to a certain extent in the next few years.

Excellent Growth of Automotive Industry Bodes Well for EPDM Market

Accounting for over 40% share in the overall consumption of EPDM in the global market, the automotive sector emerged as the most promising end-use industry for EPDM in 2015. In the past few years, the automotive sector has witnessed significant traction in developing economies across Latin America and Asia Pacific. A continuous rise in sales of personal and public transport vehicles across these regions has augured well for the EPDM market. EPDM forms a central component in vehicle parts such as belt drives, front and rear bumpers, rear lamp gaskets, inner tire tubes, braking systems, door seals, and interior panels.

Over the period between 2016 and 2024, development of the EPDM market will continue to be determined by the growth of the automotive industry. Other key end-use industries that will lead to sustainable growth opportunities for the global EPDM market in the next few years include plastics, construction, and electrical. The EPDM market for the plastics (polymer modification) and construction industries will expand at 5.2% and 5.5% CAGRs, respectively, from 2016 to 2024.

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Booming Construction and Electrical Industries in Asia Pacific Hold Promise for EDPM Market

Accounting for over 40% share in 2015 in terms of volume, the Asia Pacific emerged as the clear leader the global EPDM market. The EPDM market in Asia Pacific is expected to expand at a favorable pace in the next few years, enabling the region to retain its dominance in the global market over the period between 2016 and 2024. The flourishing construction and electrical industries in the region will contribute to the favorable growth of EDPM. Owing to the presence of a large number of electrical equipment parts manufacturers and a promising construction industry, China will emerge as the chief consumer of EPDM in the Asia Pacific market.

Other promising regional markets for the EPDM market include Middle East and Africa and Latin America. The rising demand for rubber and plastic components in the electrical, plastic modification, and automotive industries will lead to sustained consumption of EPDM in these regions over the next few years. In developed regions such as North America and Europe, demand for EDPM will expand at a moderate pace, primarily owing to the recovering automotive and construction industries. The North America EDPM market is expected to exhibit a 3.9% CAGR while the Europe EDPM market will expand at a 3.6% CAGR from 2016 to 2024.

In the highly consolidated market, the top six EPDM manufacturers accounted for a collective share of nearly 80% in 2015. These companies are ExxonMobil Chemical Company, LANXESS AG, Lion Copolymer LLC, Kumho Polychem, The Dow Chemical Company, and Mitsui Chemicals. Other prominent vendors in the market are Sumitomo Chemical Co. Ltd., Versalis S.p.A., Johns Manville Inc., and Firestone Building Products Company LLC.

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