Northbrook, IL -- (SBWIRE) -- 04/12/2021 -- The report "EPDM Market by application (Automotive, Building & Construction, Plastic Modification, Tires & Tubes, Wires & Cables and Lubricant Additives) Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) – Global Forecast to 2026" The global EPDM market size is estimated to be USD 856 million in 2021 and is projected to reach USD 1,214 million by 2026, at a CAGR of 7.2% between 2021 and 2026

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Automotive is the major application segment for EPDM. The recovery of automotive sector in the APAC region is driving the EPDM market during the forecast period. Moreover, the development of eco-friendly technologies for production of EPDM and growing demand for electric & hybrid vehicles are new opportunities in EPDM market.

Automotive application holds the largest share in the EPDM market
EPDM rubber account for significant portion of rubber parts that are utilized in automotive vehicle. In the automotive industry, EPDM is used in hoses, gaskets, body sealing, weather stripping, brake parts, windshield wipers, and other under-hood applications. The automobile production is in decline phase since 2018. The production further dipped in 2020 due to COVID-19 pandemic. However, the market is expected to grow in the near future with the rise in the living standard of people and the development of new technologies.

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APAC accounted for the largest share in the global EPDM market
APAC accounted for the largest share of the EPDM market in 2020, followed by North America and Europe. The market in this region is driven by the recovery of the automotive sector in China, India, and Southeast Asian countries. Global automobile manufacturers are investing in APAC countries in establish their production plants to enhance their market presence in the region. China is the significant market for automobile and the largest importer of EPDM in the world. The focus towards the development of New Energy Vehicles (NEVs) to reduce carbon footprint will drive the automotive industry in China which will further enhance the demand of EPDM during the forecast period.

The leading players in the EPDM market are ARLANXEO (Netherlands), DOW Inc. (US), Exxon Mobil Corporation (US), JSR Corporation (Kumho Polychem Co. Ltd.) (South Korea), PetroChina Company Limited (China), Versalis S.p. A.(Italy), SK Global Chemical Co., Ltd. (South Korea), Sumitomo Chemical Co., Ltd. (Japan), and Mitsui Chemicals, Inc. (Japan).

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COVID-19 impact on the global EPDM market
In 2020, the EPDM market declined by 12.9% in terms of volume, compared to 2019, due to COVID-19 pandemic. The supply chain disruption and decline in end-use industries impacted the EPDM market in 2020, amid pandemic. The raw material required for EPDM (ethylene and propylene) declined due reduction in crude oil exploration and production activity, amid pandemic. The end-use industries like automotive also showed reduction in production by 26% for first three quarters of 2020 compared to similar period in 2019. The decline in demand from end-use industries further impacted EPDM production.
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