Ethylene Propylene Diene Monomer Market is segmented by Product Type (Hoses, Seals, O-Rings); by Application (Building & Construction, Tires & Tubes, Automotive); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Ethylene Propylene Diene Monomer Market Overview
The global ethylene propylene diene monomer market was valued at USD 4.8 billion in 2023. The market is expected to expand at a CAGR of 5.8% from 2023-2032, and is expected to cross value of USD 7.8 billion by the end of 2032.
Ethylene propylene diene monomer (EPDM) is a synthetically produced rubber that finds massive utilization across a range of end-use industries. The M-Class rubber under ASTM standard D-1418 has a lower density, tensile strength, and tensile modulus, and is harder than thermoplastic polyurethane (TPU). The numerous benefits associated with the synthetic rubber compound, for which, it finds massive utilization across end-use industries, is one of the major factors predicted to drive the growth of the ethylene propylene diene monomer (EPDM) market during the forecast period. ARLANXEO, DOW Inc., and Exxon Mobil Corporation are some of the significant parties in the market for ethylene propylene diene monomer.
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Ethylene Propylene Diene Monomer Market Drivers
Some key drivers for the ethylene propylene diene monomer market are:
- Several Industrial Applications of EPDM: The market growth opportunity associated with ethylene propylene diene monomer (EPDM) is skyrocketing continuously with the evolving end-user industries, such as electrical & electronics, automotive, industrial, construction, manufacturing, and healthcare among others. Owing to its several industrial applications across these end-user industries, the demand for the product amongst these end-users is also expected to increase, thereby contributing to the market growth.
- Surge in Demand for EPDM in the Automotive Industry: ethylene propylene diene monomer (EPDM) is used in the automotive industry to manufacture aesthetically enhanced auto parts. Also, EPDM is blended with butyl rubber for manufacturing the inner tubes of tires. Hence, with the increasing demand for automobiles globally, the demand for EPDM in the automotive industry is also expected to increase, thereby contributing to the market growth.
- Rapid Demand for Aerospace Components: EPDM is widely used to manufacture seals that are used in the aerospace industry. The seals manufactured using EPDM has demonstrated superior low-temperature sealing behaviour at extreme temperature and pressure. The rubber compound can also help seal manufacturing companies to develop new products that would help them cater to the aerospace industry. Hence, with the expanding aerospace industry and the rise in demand for aerospace components, the need for ethylene propylene diene monomer is expected to increase.
- Increasing Investment on R&D: The manufacturers of different industries are increasingly raising their investments for the research and development of products made by blending EPDM. This creates an opportunity for the development of new products that would cater to different end-industries for critical applications.
Ethylene Propylene Diene Monomer Market Challenges
Some challenges facing the ethylene propylene diene monomer market are:
- Fluctuating Price of Raw Materials: The price of raw materials that are used for the production of EPDM fluctuates most often, as a result of which, the final price of the product is increased.
- Huge Initial Investment: The manufacturing of ethylene propylene diene monomer (EPDM) requires a huge initial investment, and hence, it is challenging for the small-sized players to add in their investments to initiate the business.
- Environmental Concerns Associated with the Production of EPDM: The production process of EPDM is known to emit VOCs, which is harmful for the environment. Increasing stringent regulations aimed at lowering GHG emissions from industries is expected to hamper the production process of EPDM, and in turn, lower the expansion of the market.
Ethylene Propylene Diene Monomer Market Segmentation
Segmentation of ethylene propylene diene monomer market are:
- By Product Type
- Hoses
- Seals
- O-Rings
- By Application
- Building & Construction
- Tires & Tubes
- Automotive
- By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
Ethylene Propylene Diene Monomer Market: Report Scope |
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|
Base Year |
2023 |
|
Base Year Market Size |
USD 4.8 Billion |
|
Forecast Year |
2023-2032 |
|
Forecast Year Market Size |
USD 7.8 Billion |
|
CAGR Value |
5.8% |
|
Segmentation |
|
|
Challenges |
|
|
Growth Drivers |
|
Timeline considered for all these studies will be:
2023 – Base Year
2023 – Estimated Year
2023-2032 – Forecast Period
Ethylene Propylene Diene Monomer Market Regional Synopsis
The Asia Pacific ethylene propylene diene monomer market is expected to garner the largest market share by 2032. The presence of a strong automotive industry in the region, followed by the increasing investments for infrastructure and the growing construction industry are some of the major factors expected to boost the market growth in the region.
Further, the North America ethylene propylene diene monomer (EPDM) market is projected to grow with a remarkable CAGR over the forecast period, backed by the growing rubber industry and increasing research and development for developing new rubber products. Besides this, the growing demand for lubricant additives is also expected to contribute to the market growth in the region
Ethylene Propylene Diene Monomer Market Key Players
Some key players in the ethylene propylene diene monomer market are:
- ARLANXEO
- DOW Inc.
- Exxon Mobil Corporation
- JSR Corporation (Kumho Polychem Co. Ltd.)
- PetroChina Company Limited
- Versalis S.p.A.
- SK Global Chemical Co., Ltd.
- Sumitomo Chemical Co., Ltd.
- Mitsui Chemicals, Inc.
- Lion Elastomers LLC
- PJSC Nizhnekamskneftekhim
- SABIC
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- Publication date: 24th February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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