The latest report published by Market Research Future (MRFR) reveals that global ethylene dichloride (EDC) market will show steady growth during the projection period (2016-2023). Most of the ethylene dichloride (EDC) produced is used for the manufacturing of vinyl chloride monomer (VCM), major part of which goes into polyvinyl chloride (PVC). The PVC market is driven by the flourishing construction sector. Therefore, the demand for ethylene dichloride will be escalated.
EDC is also used to produce ethylene amines which can be used in bleach activators, pharmaceuticals, epoxy curing agents, asphalt additives, drainage aids, plastic lubricants, lube oil and fuel additives, hydrocarbon purification, corrosion inhibitors, fabric softeners, fungicides, etc. The factors such as rising consumer awareness regarding the maintenance of vehicles, increasing demand for lightweight passenger vehicles and commercial vehicles, etc. will boost the automotive sector and that will thrust the growth of EDC market. Other factors responsible for the growth of the market globally are rapid urbanization, increase in disposable income, expansion of packaging industry, widening scale of EDC application, etc.
Global Ethylene Dichloride Market Segmentation:
By Application, the market is segmented into vinyl chloride monomer, ethylene amines, and, others. Most of the ethylene dichloride is used in manufacturing vinyl chloride monomer which is again used in the production of polyvinyl chloride (PVC).
By End-Use Industry, the market has been segmented into construction, automotive, packaging, furniture, medical, and, others. The demand for EDC will grow in the segments, especially construction and automotive industries, owing to increasing industrialization and urbanization.
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By Region, the market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. The Asia Pacific segment will exhibit highest CAGR during the forecast period owing to rapid urbanization and industrialization being witnessed in this region. The growing population and increasing urbanization have led to a burgeoning construction sector which is propelling the demand for ethylene dichloride in the region. The factors responsible for the boom in the automotive sector in the Asia Pacific segment such as rising number of lightweight and heavy-duty commercial vehicles on road, advanced technology, demand for passenger cars and heavy-duty vehicles, etc. have also pushed the growth of ethylene dichloride in the process. The countries that will demonstrate an upward trend in demand graph in this segment are Bangladesh, China, India, Vietnam, Thailand, Malaysia, South Korea, and Japan.
The Asia Pacific segment is trailed by Europe and North America segments. In Europe, the major contributing countries will be Poland, the Netherlands, Italy, Germany, Spain, the U.K., France, and, Russia on account of increased investment in innovation and growing purchasing power of consumers. Germany and the UK will emerge as significant consumer markets due to the increase in production and sales of automobiles along with enormous investments in research & development activities. Other factors responsible for the growth of the market in this region are expanding economies, increasing construction activities, etc. The factors that will positively affect the growth of the market in North America segment are high consumption potential, rising production capacities, and, increasing economic growth rate. The U.S. will be the primary contributor in this segment trailed by Canada. The U.S. is expected to show continuous growth owing to growing demand from packaging and pharmaceutical sectors. The Latin America segment will witness significant contributions from countries such as Argentina, Peru, Colombia, and Brazil owing to rising consumer spending on passenger cars. With the expansion of construction sector, the Middle East & Africa segment is estimated to witness significant growth over the forecast period.
The top-notch market players profiled in the report are Formosa Plastics Corporation (U.S.), Axiall Corporation (U.S.), PPG Industries (U.S.), PT Asahimas Chemical (Indonesia), Horizon Chemical Industry Co. Ltd (China), Olin Corporation (U.S.), Westlake Chemical Corporation (U.S.), Occidental Petroleum Corporation (U.S.), The Dow Chemical Company (U.S.), and, Punjab Chemicals & Crop Protection Limited (India). The players in the market are endeavoring incessantly to strengthen their footholds in the market by undertaking initiatives such as mergers & acquisitions, expansion, joint-ventures, innovative collaborations, etc.
Deprince Race & Zollo Inc. bought 61,453 additional shares of Olin Corporation and raised its position by 3.3%. Presently, the valuation of the shares of Deprince Race & Zollo Inc. in Olin Corporation is $39,170,000. Other industrial investors who have invested in the organization are Creative Planning, who boosted its share by 22.1% and Nomura Holdings Inc., who purchased a new position in shares of Olin Corporation valued at about $250,000.
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