Epichlorohydrin Market size was over USD 3 Billion in 2023 and is set to cross USD 6 Billion by the end of 2036, growing at more than 6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of epichlorohydrin is evaluated at USD 3.18 Billion.
The growing need for paints and coatings in the building industry is one of the major reasons driving the epichlorohydrin market. The automobile sector uses paints and coatings in addition to building, and as more people purchase cars due to an increasing global population, the market for epichlorohydrin will grow. Global auto production reached 85.4 million in 2022, up 5.7% from the previous year.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6% |
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Base Year Market Size (2023) |
USD 3 Billion |
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Forecast Year Market Size (2036) |
USD 6 Billion |
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Regional Scope |
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Application (Epoxy Resins, Synthetic Glycerine, Water Treatment Chemicals, Pharmaceuticals)
Epoxy resins segment is projected to dominate over 45% epichlorohydrin market share by 2036. Epoxy-based paints and varnishes use less energy and are more environmentally friendly than heat-cured coatings. The building industry will expand due to factors such as changing lifestyles, strong industrialization, rising purchasing power, and population growth, which will increase demand for paints and coatings.
Moreover, these resins are employed in the creation of high-performance adhesives that exhibit exceptional resistance to heat and chemicals, and are utilized in the production of automobiles, bicycles, construction and airplanes. By 2025, it is predicted that the building sector will generate an additional demand for epoxy resins of more than 405 kilotons.
In addition, transformers, engines, generators, and other devices employ epoxy resins. The need for epoxy resins will increase due to the end-use industries' rapid development, which will drive epichlorohydrin market growth over the forecast period.
End Use (Automotive, Adhesives, Paints, Surfactants, Construction, Wind Turbine, Electronics, Composites)
In epichlorohydrin market, paints segment is expected to exhibit over 3.3% growth between 2024 and 2036. Epoxy-based paints and varnishes are renowned for their strength, resistance to chemicals, and level of protection. They are frequently applied as protective coatings for concrete structures and as a means of preventing corrosion in metal flooring applications. With 40.2% of the overall consumption of epoxy resin in 2019, the paint and coatings sector is the largest epichlorohydrin market for the material.
Furthermore, the lifespan and integrity of surfaces exposed to adverse environmental conditions are enhanced by the use of epoxy resins in coatings. Epoxy resins find application in specialty coatings for things like anti-graffiti coatings, tank linings, and pipelines. Epoxy-based formulations provide excellent adhesion, durability, and chemical resistance, which makes them ideal for these specific coating applications.
Our in-depth analysis of the epichlorohydrin market includes the following segments:
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Type |
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Application |
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Sales Channel |
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End Use |
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APAC Market Statistics
By 2036, Asia Pacific epichlorohydrin market is anticipated to dominate over 34% revenue share due to the growing infrastructure and increased industrialization make it a desirable market for epoxy resins manufactured from epichlorohydrin. As per Indian Government, a total of USD 1,400 billion is allocated to infrastructure projects in India, with 24% going toward renewable energy, 19% toward roads and highways, 16% toward urban infrastructure, and 13% toward railways.
China's expanding infrastructure presents an appealing market for epoxy resins derived from epichlorohydrin. China declared in August 2022 that it would invest USD 44 billion in infrastructure development and that it would implement further growth-stimulating measures.
In Japan, paints & coatings are used in the automotive industry, and as the population expands and the demand for cars rises, the epichlorohydrin market will grow in size. According to OEM statistics, Japan's passenger car manufacturing volumes increased to 726,648 units as of November 2022, up 2% year over year. November export volumes increased 9.1% year over year to 350,677 units.
The increasing standard of living in the area has led to a growing need for high-quality drinking water, which is expected to fuel expansion in the Korean market for water treatment chemicals. The total amount of epichlorohydrin imported from South Korea was 3.7K, coming from 210 South Korean suppliers and imported by 380 global importers.
North America Market Analysis
North America epichlorohydrin market is estimated to witness over 4.7% growth rate till 2036. The market is growing due to increased optimism in sectors where there is a significant demand for chemical goods. In 2024, the value added in the chemicals industry is expected to reach USD 0.43 trillion.
The United States, which is this region's largest epichlorohydrin user, has chosen a cautious strategy for economic expansion. The volume of the North American market increased to 304.55 in 2019, indicating a 3.0% gain.
The epichlorohydrin market is highly concentrated, with a few number of dominant players worldwide. Hexion Inc., Kanzler Verfahrenstechnik, Boruta-Zachem SA, and LOTTE Fine Chemical are a few of the significant businesses.
Author Credits: Rajrani Baghel
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