07-Nov-2022 | Zion Market Research
The global dimethylolpropionic acid market size is expected to grow at a compound annual growth rate of about 5% from the year 2022 to 2028. The market was valued at about USD 578 million and is expected to reach USD 857 million by the year 2028.
Dimethylol propionic acid is a crystalline compound that is used largely in aqueous urethane dispersions. These products are extremely useful for waterborne coatings that have a high gloss and provide superior flexibility. The demand for dimethyl propionic acid is expected to grow in the coming years as it has many applications for the coatings which are used in heavy-duty materials as these coatings are extremely durable.
The use of dimethyl propionic acid in the various appliances which are used for heating, ventilation, and air conditioning systems will also provide good opportunities for the growth of the global dimethylol propionic acid market during the forecast period. The adoption of polyurethane dispersion quality products has increased the manufacturing of various adhesives due to which the market is expected to grow well. In the metal and coatings industry, the necessity for electrodeposition techniques has grown, which will boost the growth of the market. When it comes to the automotive industry, powder coating has increased which will also help in the growth of the dimethyl propionic acid market to a great extent.
Easily available substitutes for dimethylol propionic acid and the availability of these alternate products at a lower cost will prove to be a major challenge that will hamper the growth of the market in the coming years. DMBA is extremely similar to dimethyl propionic acid and exhibits similar chemical characteristics due to which the use of this product will also increase and prove to be a challenge in the growth of the market in the coming years.
After the outbreak of the COVID-19 pandemic, a report was generated by the World Bank and according to the report, the market growth had declined by about 4%. Lockdown regulations which were implemented by various governments of different nations led to a standstill in the production facilities and the major factories were also affected to a great extent. Disrupted supply chains of various businesses also led to a loss in the business.
By the year 2021, the market has shown recovery and many investments were made in construction projects and infrastructure projects which led to the growth of the market to that extent. The use of this product is expected to grow as the manufacturing activities in different sectors will increase, like the furniture sector, automotive sector, oil & gas sector, and chemical sector. Growing demand for the upgradation of equipment will also lead to an increase in the use of dimethylol propionic acid in the coming years.
The global dimethyl propionic acid market is expected to grow primarily due to an increase in the manufacturing of polyurethane dispersions and these dispersions are used to produce other end-user products. The textile industry and the automotive industry are also booming in many nations, especially the developing countries of the world due to which the demand for these nations increases and this provides opportunities for the growth of the market. Increased investments in the upholstery industry, furniture, and the automotive industry are growing in various nations across the globe.
The growing need for associated coatings will also increase during the forecast period. As the specialty chemicals industry is also growing, the market will show significant growth. Some of the best opportunities for the global market will be provided by the growing demand for non-toxic and advanced coating solutions, especially in nations like the United States. The growing demand for polyester resin in the fashion industry will also lead to an increase in the demand for the product. This happens to be a key driving factor for the dimethyl propionic acid market. The demand for the technique of electrodeposition is also growing especially in the metal industry and the coatings industry. To produce the adhesives, polyurethan dispersion products are used.
Major challenges will be faced in production as well as distribution. Other easily available alternatives which are offering products at a lower cost will prove to be a major challenge for the growth of this market. The rate at which these products are adopted in the market is much higher as compared to the adoption of dimethyl propionic acid. Strategic pricing will play a significant role in the growth of this market in the long run.
The global Dimethylol propionic acid market is segmented based on product type, application, and region. Depending upon the product type, the market is segmented into Polyurethane dispersion, Resins, Powder Coating and Electrodeposition Coatings. The polyurethane dispersion segment will have a larger market share which is estimated to be about 80% in the coming years. It is used in the manufacturing of glass fiber sizing, wood finishing, adhesives as well as automotive topcoats. This product is also used in the manufacturing of Resin coatings.
Based on application the market is segmented into adhesive, glass fiber sizing, automotive topcoat, wood finishing, and others. Based on application, the automobile industry will generate maximum revenue during the forecast. As the automobile industry is growing at a faster pace in many nations across the globe, especially in the developing nations of the world. Powder coatings will have a greater demand due to a growth in the automobile industry and it is estimated that there shall be a 6% compound annual growth rate in the coming years period number of initiatives taken for the organization of various nations will also play a significant role. Many investments are made for enhancing lifestyle and the construction industry is also growing due to which this industry growth will provide supporting the growth of the market.
North American region will have the maximum use of this product in the coatings and chemicals sector. in the global dimethylol propionic acid market, the maximum revenue will be generated through the North American nations during the forecast period. As the need for coatings and chemicals has increased significantly and the innovations in the field have grown, the market will show significant growth during the forecast period. When it comes to the research and the development of new products The United States plays an extremely significant role and it happens to be a global leader. As the potential applications of dimethylol propionic acid have increased in the North American region there will be strong growth in the market.
The global dimethylol propionic acid market is dominated by players like Geo Specialty Chemicals, Inc., Perstorp Specialty Chemicals AB, Henan Tianfu Chemical Co. Ltd., Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd., Shenzhen Vtolo Chemicals Co., Ltd.
This review is based on a report by Zion Market Research, titled “Dimethylol Propionic Acid Market By Product Type (Adhesive, Glass Fiber Sizing, Automotive Topcoat, Wood Finishing And Others), By Application (Polyurethane Dispersion, Resins, Powder Coating And Electrodeposition Coatings), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/dimethylolpropionic-acid-market
The global dimethylol propionic acid market is segmented as follows:
By Product type
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