Sellbyville, DE -- (SBWire) -- 11/05/2018 --According to a new research report by Global Market Insights, Inc. Ethylene Propylene Diene Monomer (EPDM) Market size is expected to reach USD 4.28 billion by 2024.

The overall EPDM market is likely to be driven by the demand from the end-use industries including construction, automotive, electrical & electronics, lubricant additives, and plastics, in the forecast period.

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The automotive segment held the highest market share in 2015 in the EPDM market and is likely to follow the same trend by 2024. The growth is attributed to its usage in the manufacturing of automobile components including door seals, braking systems and bumpers. The product market will be significantly driven by the thriving construction industry as well. Increasing construction expenditure in BRIC nations will foster the EPDM industry growth by 2024. The construction applications segment for the product market is estimated to grow over 6% CAGR in terms of revenue in the forecast period.

The plastics industry will drive the EPDM market growth to a significant extent in the forecast timespan, for the product being an important raw material used in plastic modification in thermoplastic vulcanizates (TPV) and in thermoplastic olefins (TPO). The TPO market was d over 950 kilo tons globally in 2015 and is probable to exceed 1500 kilo tons in the forecast period.

The EPDM market price trends are probable to witness certain growth restraints in the near future. Substantial capacity addition by foremost market players has given rise to the product oversupply compared to the product demand aspects. Similarly, the synthetic rubber market has been experiencing variations in demand-supply dynamics. These factors are likely to leave a negative impact on the EPDM market by 2024. The use of petroleum products, for generating a non-biodegradable outcome will make the market witness instability of crude oil prices. However, the emergence of bio-based EPDM market products involving sugarcane and other bio based raw materials will encourage the industry growth in the forecast period.

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In 2015, automotive application segment accounted for more than 40% of the total product market share. The EPDM market growth in the coming years is subjected to the robust automotive sales, growing consumer disposable income along with the drifting focus among the populace towards functional and luxurious cars.

Superior mechanical and thermal characteristics make the product preferable in the electronics & electrical applications. This application segment generated revenue above USD 140 million in 2015, and features broad demand aspects for the product by 2024. The lubricant additive applications will also drive the product demand with estimated gains over 4% CAGR in the forecast timeframe.

EPDM market in the U.S. will observe revenue up to USD 940 million in 2024. The regional market growth is attributed to higher customer expenditure on luxury vehicles. The U.S. product market was valued above USD 60 million for the plastics applications segment in 2015 and will likely have gains up to 4% CAGR by 2024.

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Key industry players include SK Global Chemical Co., Exxonmobil Chemical Company, Petrochina Co. Ltd., Lanxess AG, Versalis, Mitsui Chemicals Inc., John Manville Inc., Carlisle Companies Inc., JSR Corporation, DOW Elastomers, Lion Copolymer LLC, Kumho Polychem Co. Ltd., Sumitomo Chemical Co. Ltd. and OAO Nizhnekamskneftekhim.