Global Epichlorohydrin Market to Hit 2,262.8 kilo tons: Growth Analysis
Deerfield Beach, FL -- (SBWIRE) -- 09/13/2017 -- Zion Market Research has published a new report titled "Epichlorohydrin (ECH) (Propylene and Glycerin) Market for Electronics & Electrical; Paints & Coatings; Adhesives; Water Treatment Pulp & Paper; Textiles; and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020." According to the report, the global epichlorohydrin market accounted for approximately 1,512.0 kilo tons in 2014 and is expected to reach approximately 2,262.8 kilo tons by 2020, growing at a CAGR of around 4.3% between 2015 and 2020.
Epichlorohydrin is a colorless liquid produced using chlorine, propylene, and milk of lime. It is majorly used in the production of epoxy resins. Epichlorohydrin is a versatile precursor in the synthesis of many organic compounds. For instance, it can be converted to glycidyl nitrate which is an energetic binder used in explosive and propellant compositions. Moreover, it is used as a solvent for cellulose, resins, and paints, and it has found use as an insect fumigants.
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Burgeoning demand for epoxy resins from paints & coatings industry is expected to drive the demand for the epichlorohydrin over the next few years. Moreover, rising demand for synthetic glycerin in various applications may fuel the demand for epichlorohydrin further. Epichlorohydrin harms health and environment tremendously. Thus, there are stringent mandates on the usage of epichlorohydrin in high dosages which in turn is expected to hamper the market growth in the near future. Nonetheless, increase in the production of bio-based epichlorohydrin is expected to open growth avenues for the epichlorohydrin market.
Traditionally, epichlorohydrin is majorly produced via petro-based feedstock propylene. However, companies have started focusing on using glycerin which in turn is slowing replacing propylene. Glycerin is expected to be the fastest growing raw material segment of the market within the forecast period as it used in the production of bio-based epichlorohydrin.
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Paints & coatings dominated the epichlorohydrin market in 2014 owing to the growing demand for epichlorohydrin based anti corrosion coatings in the automobile industry. Electronics & electrical application segment witnessed tremendous growth in the market in 2014 and accounted for more than 18% share in the market. This trend is expected continue in the near future. Moreover, applications such as textiles, adhesives etc are expected to witness modest growth within the forecast period owing to its extensive usage in chemical synthesis.
Asia Pacific is expected to be the fastest growing regional segment for epichlorohydrin market owing to the increasing demand for epichlorohydrin in electronics & electrical sector South Korea and Taiwan. Asia Pacific dominated the epichlorohydrin market in 2014 in terms of demand owing to its high demand in China automobile sector. Europe followed Asia Pacific in terms of epichlorohydrin demand in 2014. The demand for epichlorohydrin in Europe is ascribed to its increasing demand in paints & coating applications in Germany and France.
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Some of the key participants in the epichlorohydrin market are Sumitomo Chemical Co., Ltd., Solvay, Aditya Birla Chemicals, Osaka Soda, Spolchemie A.S., Shandong Haili Chemical Industry Co. Ltd, Samsung Fine Chemicals Co. Ltd, The Dow Chemical Company, Jiangsu Yangnong Chemical Group Co., and Hexion Inc.The epichlorohydrin market is consolidated in nature.
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