Isophorone Market - Growth, Trends, and Forecast (2019 - 2024)
The market for Isophorone is expected to grow at a CAGR of 6.45% during the forecast period of 2019 – 2024. Growing demand for the use of isophorone in UV-cured coatings is driving the Isophorone market. However, toxic effects of isophorone is expected to hinder the growth of the market studied.
Paints & Coatings segment dominated the market in 2018 and is expected to grow during the forecast period owing to its ability to enhance the fluidity of the coatings.
Synthesis of renewable high-density fuel with isophorone is likely to act as an opportunity in the future.
North America dominated the market across the globe with the largest consumption in 2018.
Key Market Trends
Increasing Demand for Adhesives Manufacturing
Isophorone is used as the hardening material in adhesive formulation. Adhesives are employed in various end-user applications, such as plastics, polyvinyl chloride, polystyrene, etc.
In the construction sector, adhesives are used in concrete, ceramic tiles, carpet laying, flooring underlayment, drywall lamination and joint cements, manufactured housing, pre-finished panels, resilient flooring, roofing, and wall covering.
Various types of adhesives are used depending on the purpose they serve. The growth in green building construction, coupled with the increasing concern over the quality of construction, are accelerating the demand for adhesives.
According to the United Nations (UN), around 50% of the world population resides in urban cities, which is projected to touch 60% by 2030. The pace of economic and demographic growth has to be in harmony with the demand for commercial, residential, and institutional construction activities.
By 2030, around 40% of the global population is expected to require housing at the rate of about 96,150 housing per day. Hence, due to the growth in the residential sector, the use of concrete bonding agents, tile adhesives, joint filler, and block adhesives is expected to increase.
Adhesives, owing to their physical properties, such as adhesion to a variety of substances, bonding of dissimilar materials, flexibility, high cohesive strength, resistance against thermal expansion, and environmental resistance from UV light, salt water, and rain and other weathering conditions, are widely used in paper bonding.
Asia-Pacific region is witnessing considerable growth, especially due to developing markets in China and India. Developing packaging industry is expected to increase the demand for adhesives & sealants, globally.
Adhesives market is quite extensive and includes many applications in the transportation industry, such as in aircraft and aerospace, railways, vehicle assembly, marine, interior vehicle trim, exterior vehicle trim, automotive module sealing, and electronic circuit board protection. Its automotive applications include structural metal bonding, structural fiber reinforced plastics bonding, exterior trim, glass bonding, and interior trim. In the aerospace industry, it is used to make lightweight designs for aircrafts.
The transportation industry is growing across almost all the countries, due to the increasing population, cross border movement of goods and people, and increased level of employment, which is expected to augment the demand for adhesives which is further increase the isophorone market during the forecast period.
North America to Dominate the Market
In North America, the isophorone market is mainly dominated by end-user industries, such as paints & coatings, composites, etc., and the demand for isophorone is expected to increase at a steady rate because of growth in the end-user industries. The composite market in the United States has witnessed rapid growth over the past few years. The United States is also the second largest producer of paints & coatings globally, after China. The growing construction activities are fueling the demand for paints & coatings in the country, which is expected to augment the demand for isophorone in recent years. The construction industry in the United States is expected to grow by more than 4.72% in 2019, which is higher than that of 2018. Thus the construction industry is expected to increase the use of binders, paints & coatings, adhesives, and composites; all of which are made using isophorone. The printing ink market is the largest in the United States and is expected to register a CAGR of 2.87% during the forecast period. Increasing usage of printing inks in the packaging and textile industry is also expected to drive the market during the forecast period.
The isophorone market is fragmented and is dominated by very few players. Some of these major players include Evonik Industries, Arkema Group, CHAIN FONG, Merck KGaA, and BASF SE.
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