Companies such as OSAKA Organic Chemical Industry Ltd., Angene International Limited, and BOC Sciences are leading the global isononyl acrylate market, states Transparency Market Research (TMR) in its latest research report. These companies are making big investments in research and development of newer and better products to remain dominant during the forecast period of 2016 and 2024. “Widening the scope of applications of isononyl acrylate by developing high-performing products will be the focus area of manufacturers,” states the lead author of this research report.
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According to the research report, the global isononyl acrylate market is likely to reach a valuation of US$12.3 mn by the end of 2024 as compared to US$10 mn in 2015. The growing demand for adhesives and sealants in various industrial verticals is expected to help the market register a CAGR of 2.4% between 2016 and 2024.
Emerging Economies of Asia Pacific Push it to Lead Global Market
On the basis of application, the global isononyl acrylate market is segmented into paints and coatings and adhesives and sealants. Over the years, the adhesives and sealants segment has shown an unwavering dominance and is estimated to continue its stance in the coming years. In line with this trend, the segment is estimated to hold a 96.5% share in the global market by 2024. Geographically, Asia Pacific is likely to lead the global market as several emerging economies in the region are witnessing infrastructural overhauls. The region will hold about 80% of the total market by the end of 2024 due to soaring demand for pressure-sensitive adhesive tapes.
Product Innovation to Determine Scope of Isononyl Acrylate Application in Future
The global isononyl acrylate market is divided into demand for adhesives and sealants and demand for paints and coatings. The revolutionary transformation in the development of adhesives and sealants has truly improved their adoption in a several products and industries. This segment of the market is undoubtedly being favored by the surging need for hybrid joining techniques for lightweight structures, various medical products, and disposable packaging.
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Analysts anticipate that the adoption of raw materials such as butyl-acrylates, 2EHA, and isononyl acrylates for making new-age adhesives and sealants are likely to augment the demand for global market in the near future. Increasing investments for innovating adhesives by developing improved molecular combinations are also projected to propel the overall market.
On the other hand, the uptake of isononyl acrylate for the production of paints and coatings has also been prophesized to boost the market’s growth. The growing demand for high-performance paint and coatings in various industries such as automotive, construction, plastics, aerospace, and marine among others is estimated to be the key driver for this segment of the global market. Thus, the development and the rise of these industries will be directly proportional to the soaring revenue of the paints and coatings segment, which is an integral part of the global isononyl market. Initiatives taken by manufacturers and researchers to develop pain that offers better elasticity by using acrylate monomer to reduce the lower glass transition temperature is expected to benefit the global market in the coming years.
Longer Production Period Spell Impediment for Market Growth
On the flip side, the market is caught up in a few restraints that are creating a negative atmosphere for the growth of the global isononyl acrylate market. The biggest challenge for the manufacturers is the long production period of isononyl acrylate, which is about 16-18 weeks. Additionally, the high price of straight-chain alcohols that are used for making isononyl acrylate has also accentuated the problem of making the products affordable for the players. Thus, currently, competitors are fighting the influx of low-cost alternatives that are making a swift entry in the market.
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This review is based on Transparency Market Research’s report, titled “Isononyl Acrylate Market (Application - Adhesives and Sealants and Paints and Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The Global Isononyl Acrylate Market has been segmented as Follows:
Isononyl Acrylate Market: Application Analysis
- Adhesives & Sealants
- Paints & Coatings
Isononyl Acrylate Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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