Rising demand for environment-friendly petrochemicals and need for protective coated agricultural equipment are driving dimethylolpropionic acid market growth.
The global dimethylolpropionic acid [DMPA] market is forecast to expand at 8% CAGR for the forecast period of 2021-2031. Need for durable coatings for heavy duty applications drives the market growth. Rising employment of DMPA in electric appliances and HVAC systems paved way for exponential growth of dimethylolpropionic acid market. High quality and durable coating produced using electro-deposition is one of the major factors driving the market growth, evaluated ESOMAR-certified consulting firm Future Market Insights.
According to the study, COVID-19 pandemic negatively impacted the market in short term basis. Pandemic led to closure of manufacturing facilities leading to slump in dimethylolpropionic acid market demands. The situation is expected to improve by the end of 2021 with relaxation in lockdown and restoration of supply chain.
“Surging application of polyester resin in lifestyle and fashion industry along with boom in construction industry will become a key factor for dimethylolpropionic acid market growth,” remarks the FMI analyst.
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- Rising demand of advanced nontoxic coating in the U.S. consumer industry will intensify the market demand.
- Surge in production of polyurethane dispersion products will propel growth in Germany.
- Growing need of dimethylolpropionic acid in paint and coating industry in China will provide ideal environment for market growth.
- Development in the field of automobile and metal industry in India will propel the market growth.
- Automotive application of dimethylolpropionic acid is expected to grow at 6% CAGR during the forecast period.
- Increased focus on application of powder coating in automotive industry is expected to aid the dimethylolpropionic acid market growth.
- Growing necessity of electro-deposition technique in coating and metal industry is expected to boost the market demand.
- Rising adoption of polyurethane dispersion products in manufacturing of adhesives will enhance the market growth.
- Availability of cheaper alternatives to dimethylolpropionic acid is a major threat to market growth.
- Surging use of dimethylolbutanoic acid in polyurethane dispersion restrict the market demand.
- Variation in price of raw material for dimethylolpropionic acid manufacturing negatively affects the market demand.
Discover more about the dimethylolpropionic acid market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/dimethylolpropionic-acid-market
Leading players profiled by FMI operating in dimethylolpropionic acid market include Henan Tianfu Chemical Co. Ltd., GEO Specialty Chemicals, Inc., Shenzhen Vtolo Chemicals Co., Ltd, Perstorp Specialty Chemicals AB and Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd. among others. According to FMI, Leading players are focusing to research and development to grow their product portfolio and are also participating in strategic collaborations and acquisitions to strengthen their global position.
One such occurrence is the acquisition of GEO specialty chemicals by CPS performance materials in September 2019. This acquisition allowed to company to penetrate the personal care and nutrition market.
More Insights on FMI’s Dimethylolpropionic Acid Market
The latest market study on global dimethylolpropionic acid market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (Resins, Powder coatings, electro deposition coating), Application (Adhesive, Glass fiber sizing, automotive topcoat, wood finishing), end-use (hospitals, diagnostics centers, ambulatory surgical centers), and across major regions (North America, Latin America, Eastern Europe, Western Europe, Japan, Middle East & Africa, Asia Pacific excluding Japan).
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