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Epichlorohydrin Market Forecasts Higher Demand in 2023

As per the report published by The Brainy Insights, the global epichlorohydrin market is projected to grow from USD 2.51 billion in 2021 to USD 4.06 billion by 2030, at a CAGR of 5.5% during the forecast period. Asia Pacific region emerged as the largest market for the global epichlorohydrin market, with a 34.5% market revenue share in 2021. The Asia Pacific currently dominates the epichlorohydrin market due to the vast need for synthetic glycerine and epoxy resins from nations such as India, South Korea, Taiwan, and China. Further, the development of the construction industry and the automotive sector is overstating the use of epichlorohydrin in their manufacturing procedures, additionally supporting the growth of the epichlorohydrin market in this region at a substantial rate. However, the epichlorohydrin market in North America was the second-largest revenue contributor due to the imposition of strict guidelines about using epichlorohydrin. The growing need for epichlorohydrin from industries such as industrial, pharmaceutical, textile, electronics, and automotive in the region is also expected to push the growth of the epichlorohydrin market.

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Epichlorohydrin Market Size by Application (Epichlorohydrin Elastomers, Synthetic Glycerin, Water Treatment Chemicals, Specialty, Epoxy Resin, and Others), Type (Bio-based & Petro-based), End-User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Technipfmc Plc, Spolchemie As, Shandong Haili Chemical Industry Co. Ltd., Olin Corporation, Nama Chemicals, Lotte Fine Chemical Co. Ltd., Kashima Chemical Co. Ltd., Hanwha Chemical Corporation, Formosa Plastic Corporation, Aditya Birla Chemicals, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The application segment of the epichlorohydrin market is divided into epichlorohydrin elastomers, synthetic glycerin, water treatment chemicals, specialty epoxy resin, and others. The epoxy resin segment dominated the market, with a market share of around 18% in 2021. The type segment of the epichlorohydrin market is divided into bio-based & petro-based. The petro-based segment dominated the market, with a market share of about 55% in 2021. The end-user segment of the epichlorohydrin market is divided into paints & coatings, wind turbines, electrical & electronics, composites, construction, textile, and others. The construction segment dominated the market, with a market share of around 16% in 2021.

The covid-19 outbreak has positively impacted the global economy, and small to large-scale businesses are mostly affected due to Covid. The government has set a lockdown in multiple countries to fight against the virus, and the country has also arranged social distancing to control the fast spreading of the virus. Numerous countries are shutting down, and the production of products is at a standstill. The need for epichlorohydrin has declined due to lower production in many industries. The essential players are trying their best to increase the market need, but the market is predicted to grow after the post-covid-19 situation.

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