Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Dimethylolpropionic acid is a free-flowing crystalline that is beneficial for the manufacturing and processing of water-soluble resins. It is widely used in the aqueous urethane dispersions for proving high gloss waterborne coatings with excellent flexibility and toughness. It is also used in the powder coatings as a modifier in epoxy polyester for enhancing gloss, flow property, and impact resistance. Furthermore, it is also used in urethane elastomers for improving adhesion to glass, steel, and plastic.
The global dimethylolpropionic acid market is projected to surpass US$ 530.0 million by the end of 2027, in terms of revenue, growing at CAGR of 8.0% during the forecast period (2020 to 2027).
The growing production of polyurethane dispersion is expected to drive the market growth of dimethylolpropionic acid. This is attributed to the rising demand for polyurethane dispersion from various end-use applications such as leather, adhesives &sealants, fiberglass, furniture, etc. Thus rising demand for polyurethane dispersions is projected to favor the market growth over the forecast period.
Rising demand for electro-deposition coatings across the metal industry is projected to stimulate market growth. Electro-deposition is low-cost coatings that offer high performance and improve functional properties of the materials. It is widely used in appliances such as HVAC system. Thus growing demand for electro-deposition coatings across the various end-use application is expected to augment the market growth of dimethylolbutanoic acid over the forecast period.
Regionally, Asia-pacific dominated the global dimethylolpropionic acid market in 2019, reporting 41% market share in terms of revenue, followed by Europe and North America, respectively.
Figure 1. Global Dimethylolpropionic Acid Market, Revenue Share (%), By Region, 2019
The hazardous environmental effect of polyurethane dispersion is projected to restrict the use of dimethylolbutanoic acid over the forecast period.
The fluctuating price of raw materials used for the manufacturing of DMPA is expected to hamper the market growth of dimethylolbutanoic acid. Formaldehyde and propionaldehyde are widely used in the manufacturing of dimethylolpropionic acid over the forecast period.
The growing demand for powder coating from the automobile industry is expected to offer potential growth opportunity to the market of the dimethylolbutanoic acid. The automobile industry is emerging as the fastest-growing application of powder coating for enhancing the gloss and impact resistance on the component of the automobile. This is expected to accelerate market growth of dimethylolbutanoic acid over the forecast period.
Growth in the construction industry is propelling the demand for polyester resin which is further accelerating the market growth of the dimethylolbutanoic acid. Increasing development of infrastructure coupled with the rising adoption of advanced construction materials is further projected to fuel the market growth of dimethylolbutanoic acid over the forecast period.
Figure 2. Global Dimethylolpropionic Acid Market – Opportunity Analysis
Growing investment in the chemical and petrochemical industry is expected to fuel the market growth of the dimethylolbutanoic acid over the forecast period. An increase in the production, as well as consumption of petrochemical products around the globe, is anticipated to foster market growth of dimethylolbutanoic acid over the forecast period.
Rising demand for eco-friendly due to growing environmental concerns among manufacturer is expected to fuel the market growth of the dimethylolbutanoic acid. Moreover, growing demand for protective coating from the agricultural equipment industry is also projected to foster the market growth of the dimethylolbutanoic acid over the forecast period.
Figure 3. Global Dimethylolpropionic Acid Market, Revenue Share (%), By Application, In 2019
On the basis of application, polyurethane dispersions dominated the global dimethylolpropionic acid market in 2019 with around 80% of market share in terms of revenue, followed by resin coatings and others, respectively
Key players are operating in the global dimethylolpropionic acid market are Geo Specialty Chemicals, Inc., Perstorp Specialty Chemicals AB, Henan Tianfu Chemical Co. Ltd., Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd., and Shenzhen Vtolo Chemicals Co., Ltd.
Few Recent Developments
- In November 2019, Perstorp, a global leader in the specialty chemicals market, has announced the extension of its Ymer nonionic dispersing monomer product range for Polyurethane Dispersion (PUD). PUDs are used in many applications such as adhesives and coatings for leather, textiles, wood and automotive.