Construction domain to spur EPDM market over 2016-2024, APAC to emerge as a key revenue pocket
A recent instance validating the aforementioned fact is Lanxess’s initiative for the construction of an EPDM rubber producing factory in China. Reportedly, this facility is the world’s largest ecofriendly plant and will substantially contribute toward increasing rubber production for the company, which would have a sizable impact on EPDM industry share.
The EPDM market has been witnessing a plethora of product innovations of late, with companies vying with one another to strengthen their product portfolio and consolidate their positions in the business. Trostel Limited for example, has recently created an antifungal EPDM rubber compound, a durable injection-moldable rubber, that can be used as a seal in extremely humid and hot conditions. This product apparently helps to prevent the creation of mold or mildew on rubber door seals across the loading front of washing machines.
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The favorable features of this durable synthetic rubber have helped augment its popularity across the automotive, construction, plastics, lubricant additives, and electrical & electronics industries. With the prominent use of EPDM rubber witnessed in gaskets and window seals of the vehicles, EPDM Market across the automotive sector is predicted to experience a noteworthy expansion in the ensuing years. In fact, EPDM market share from automotive applications was worth more than USD 1.07 billion in 2015.
EPDM is also excessively used across the construction sector, especially in roofing and electric insulation materials, which would suitably impel EPDM Market size from construction applications. As per estimates, the overall market will record a CAGR of more than 5% over the coming seven years.
Given that EPDM is primarily used in the construction and automotive sectors, APAC EPDM market is predicted to register lucrative gains over the forthcoming seven years. If estimates are to be believed, APAC EPDM industry is slated to grow at a rate of 6% over 2016-2024. U.S. market size, on the other hand, is forecast to be pegged over USD 940 million by 2024, subject to rising use of luxury cars across the region.
Browse Complete Summary Of This Report Titled "Ethylene Propylene Diene Monomer (EPDM) Market Size By Application (Construction, Electrical & Electronics, Plastics, Automotive, Lubricant Additives), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Bio-Based Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024"
The competitive landscape of EPDM industry is inclusive of major biggies such as Lanxess AG, JSR Corporation, ExxonMobil Chemical Company, and Lion Copolymer LLC. These companies, through the manufacture of eco-friendly products and innovative product launches, are likely to significantly impact the overall business landscape. The developments underlining ethylene propylene diene monomer market indeed stand to testify the massive growth potential of this business space, which is forecast to record a CAGR of 5% over 2016-2024.
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