WELLESLEY, Mass., Aug. 16, 2018 (GLOBE NEWSWIRE) -- Due to mounting pressure to implement sustainable eco-friendly building practices and to improve the quality of EPDM products, the global market for ethylene propylene manufacturing is expected to see sustained growth, according to a new report from BCC Research.
In 2018, the global market for ethylene propylene manufacturing was worth $4.5 billion. BCC Research estimates that it will be valued at $5.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 3.7%, according to the report Ethylene Propylene (EDPM) Manufacturing: Global Markets to 2023.
The market is challenged by restraints such as rising trade protectionism and the rise in oil prices.
Research Highlights
- The Asia-Pacific region dominates the market by having an impressive 39.9% share. However, South America is expected to have the fastest growth moving forward with a CAGR of 7.7%.
- Major companies that are influencing the market include Carlisle Companies Inc., DowDuPont Inc., Exxon Mobil Corp., Lanxess Aktiengesellschaft and Mitsui Chemicals Inc.
- The largest segment within the market is automotives, which had a value of $1.9 billion during 2017.
“Government support for chemical manufacturing companies including EPDM in the form of tax waivers and subsidies, increasing investments in affordable housing programs by national and state governments has led to an increase in the demand of EDPM products for construction and polymers,” the report notes. “Global industry leaders and large organizations see an expanded role for automation and robotics in the EDPM products industry.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.