The epichlorohydrin (ECH) market has been growing steadily owing to increasing use of epoxy resins in end-use industries like construction, paints and coatings, wind energy, composites and adhesives. Epichlorohydrin is a chlorinated organic compound that is manufactured by chlorination of allyl chloride. It is one of the key raw materials used in the production of epoxy resins and glycerol. Epoxy resins find major applications as protective coatings, adhesives and composites due to their high strength and excellent adhesive properties. On the other hand, glycerol made from ECH serves as an important precursor for various personal care products and pharmaceuticals.
The Global Epichlorohydrin (ECH) Market is estimated to be valued at US$ 2.95 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the epichlorohydrin (ECH) market are Momentive Performance Materials Inc., Solvay S.A., Hexion Inc., DOW Chemical Company, Mitsubishi Chemical Corporation, Aditya Birla Chemicals, Hubei Greenhome Chemical Co., Ltd., NAMA Chemicals, Jiangshan Chemical Co., Ltd., Olin Corporation, Zhejiang Jianye Chemical Co., Ltd., Arkema S.A., Hanwha Solutions Corporation, BASF SE, and Koppers Inc.
Epichlorohydrin (ECH) Market Demand investments in wind energy sector along with rising penetration of solvent-based polycarbonate resins will open up new avenues for ECH manufacturers over the coming years. Asia Pacific led by China accounted for over 50% of global ECH demand in 2020 due to expanding end-use industries in the region. Other regions such as North America and Europe are also anticipated to witness decent growth rates during the forecast period.
Market Drivers
Growing use of epoxy resins in wind blades is a key factor propelling the demand for epichlorohydrin as epoxy resins offer high strength to weight ratio and excellent bonding properties to composites. According to Global Wind Energy Council, global wind power capacity addition averaged around 60 GW per year over the last 5 years. Moreover, increasing use of solvent-borne polycarbonate resin technology will further augment the market for ECH during the forecast timeframe.
PEST Analysis
Political: Epichlorohydrin market is regulated by government organizations to control emissions and ensure worker safety standards in production facilities are met.
Economic: Global GDP growth influences demand for Epichlorohydrin which finds application in industries like construction and automotive. A stable economy leads to higher demand. Social: Safety of workers involved in the production process is a concern for companies due to hazardous nature of Epichlorohydrin. Proper training and protective equipment needs to be provided.
Technological: New production technologies help increase capacity while reducing costs and improving efficiency of Epichlorohydrin manufacturing facilities. Adoption of advanced process control systems minimizes emissions and accidental releases.
The geographical regions where the Epichlorohydrin market is concentrated in terms of value are Asia Pacific and North America. The Asia Pacific region accounts for the largest share mainly due to presence of manufacturing facilities and growing demand from end use industries in China, India, Japan and other Asian markets. Consumption is high across countries for applications such as resin production. The fastest growing region for the Epichlorohydrin market is expected to be Asia Pacific. Expanding construction and automotive sectors coupled with increasing industrial and manufacturing capabilities will drive growth in the region above global averages. Countries like China and India are projected to witness strongest demand rise on back of rising incomes, infrastructure development and growing chemical industry.
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