Trimethylolpropane Triacrylate Market Analysis
Trimethylolpropane Triacrylate Market, by Application (Adhesives & Sealants, Plastic, Ink, Paints & Coatings, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Trimethylolpropane triacylate, also known as TMPTA, is a colorless or pale yellow transparent liquid, soluble in aromatic hydrocarbon organic solvents and low carbon alcohol. It is used to manufacture inks, adhesives, and coatings. TMPTA can be found in various products such as automobile headlamps, hardwood floors, compact discs, and UV-curable lithographic inks among others.
Drivers and Restraints
Increasing demand for trimethylolpropane triacrylate, owing to its advantageous properties as fast curing agent with good chemical resistance and hardness is expected to propel growth of the market. Furthermore, growing demand for trimethylolpropane triacrylate in coatings and varnishes as it is cost effective, is also fueling growth of the trimethylolpropane triacrylate market. According to Coherent Market Insights (CMI), the global paints and coatings market was valued at US$ 137.25 billion and 46,686.09 kilo tons in 2016, and is expected to exhibit a CAGR of 5.6% in terms of revenue during the forecast period (2018 – 2025).
However, exposure to trimethylolpropane triacrylate may cause irritation to eyes and skin and the classification of trimethylolpropane triacrylate is regulated by European Union under Regulation (EC) No. 1272/2008, is expected to hinder growth of the trimethylolpropane triacrylate market.
Among applications, the paints and coatings segment is the fastest-growing segment, owing to increasing government investments in corporate and commercial infrastructure. For instance, in 2015, the Indian Ministry of Road Transport, Highways and Shipping announced a target of US$ 376.53 billion investment in the infrastructure sector by 2018. This in, turn creates a highly conducive environment for growth of the global paints and coatings application segment, which in turn, is driving growth of the trimethylolpropane triacrylate market, owing to its application in UV/radiation curable coatings.
The plastic segment is expected to exhibit significant growth over the forecast period. This is attributed to increasing demand for plastic in the automotive industry. According to the Plastic Europe, 322 million tons of plastic was produced globally in 2015, which increased to 335 million tons in 2016.
North America accounted for a significant share in the global trimethylolpropane triacrylate market in terms of value in 2016 and is expected to retain its dominant position over the forecast period. This is attributed to increasing demand for paints and coatings, owing to technological advancements in the production of paints and coatings in North America. For instance, PPG’s two electrocoat (e-coat) technologies, ENVIRO-PRIME EPIC automotive electrocoat (e-coat) featuring a patented organic catalyst and AEROCRON 2100 aerospace electrocoat primer.
Asia Pacific is expected to be the fastest-growing region in the global trimethylolpropane triacrylate market over the forecast period, owing to increasing plastic consumption in this region. Increasing income levels leading to increasing consumption of plastic products. According to India Brand Equity Foundation (IBEF), the per capita consumption of plastics in India accounted for around 4 kilograms per year. China and the U.S. recorded an average per capita consumption of 17 kg and 120 kg, respectively.
The growing disposable income and consumer preferences for packaged goods, growing retail industry especially in Asia Pacific and Latin America is projected to significantly boost demand for plastic packaging, in turn, propelling growth of the trimethylolpropane triacrylate market. According to the Coherent market Insights’ analysis, the global plastic packaging market size was valued at US$ 300.86 billion (revenue) in 2016 and is expected to exhibit a CAGR of 5.3% in terms of revenue during 2018 – 2025. Furthermore, according to Indian Brand Equity Foundation (IBEF), the retail industry in India is the fastest growing market in the world owing to growing economy. The retail industry in India is valued at US$ 672 billion in 2016 and is expected to reach US$ 1.3 trillion by 2020 and the online retail revenue is estimated to grow to US$ 70 billion by 2020 from US$ 60 billion in 2017.
Some of the leading players operating in the global trimethylolpropane triacrylate market are BASF S.E., J&K Scientific Ltd., Miwon Specialty Chemical Co., Ltd., and KPX Green Chemical Co. Ltd.
Trimethylolpropane Triacrylate Market Taxonomy
On the basis of application, the trimethylolpropane triacrylate market is segmented into:
On the basis of region, the trimethylolpropane triacrylate market is segmented into: