Ethylene Propylene Diene Monomer Market: Future Demand and Growth Analysis with forecast 2024
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However, a large number of local vendors are venturing in the global EPDM market, a trend which is expected to intensify the competition substantially in the market in the next few years. This trend is also expected to bring down the level of consolidation, leading to the development of sustainable growth prospects for new entrants as well. Mergers and acquisitions are likely to have a major impact on the overall dynamics of the market and companies are expected to increase their focus on emerging markets with promising growth opportunities.
Rising Demand for EPDM from Automotive Industry Key Driving Force
The automotive industry is the most prominent consumer of EPDM, accounting for a share of over 40% in the overall consumption of EPDM in the global market in 2015. The automotive industry has seen significant expansion in the past few years, especially across developing economies such as Asia Pacific and Latin America. Developed regions such as North America and Europe have also witnessed sustainable growth in the automotive industry post the economic downturn of 2008. In the next few years as well, the automotive industry will exhibit favorable growth in the global market and present vast growth opportunities for the EPDM market.
The sector of thermoplastic modification is also expected to present promising growth opportunities for the global EPDM market in the next few years. The vast rise in the global demand for thermoplastic olefins (TPO) and thermoplastic vulcanizates (TPV) across industries such as construction, packaging, medical devices, and consumer goods will help fortify the projected trend.
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Oversupply of EPDM Owing to Consistent Capacity Additions to Intensify Price Pressure
The global EPDM market has witnessed a prominent shift in its demand-supply dynamics in the past few years. In 2010, the global demand for EPDM outstripped the global supply. However, the situation has almost reversed in the past few years. Owing to substantial capacity additions by major vendors such as LANXESS, Mitsui Chemicals, Kumho Polychem, and ExxonMobil Chemical Company post the recent economic depression, the market presently struggles with the oversupply of EPDM.
This factor is expected to expedite the competition in the market, adding to the price pressures of existing manufacturers. As a result, the growth prospects of the market are expected to be hampered to a certain extent in the next few years.
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Emerging Economies to Present Most Promising Growth Prospects
The global EPDM market is expected to expand at a healthy pace of 5.4% over the period between 2016 and 2024. The market, which had a valuation of US$2.63 bn in 2015, is expected to rise to US$4.20 bn by 2024. From a geographical perspective, emerging economies such as Asia Pacific and Latin America are expected to lead to the most lucrative growth opportunities for the global EPDM market in the next few years. Asia Pacific, which accounted for the dominant share of over 40% in the overall global EPDM consumption in 2015, is expected to remain the dominant regional market over 2016 to 2024 as well.
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