Crotonic Acid Market size is poised to reach USD 2 Billion by the end of 2036, growing at a CAGR of 11% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of crotonic acid was USD 660 Million. The reason behind the growth is due to the rising prevalence of cancer around the world. It is claimed that isoxazole and crotonic acid compounds of formulas (I) and (II), can be used to cure cancer since it enhances glycolytic activity and the proliferation of cancer cells. By 2040, it's estimated that there will be over 27 million new instances of cancer annually worldwide.
The growing collaborations between major players are believed to fuel the market growth. Major companies are forming strategic alliances and working together to improve their product lines, broaden their geographic reach, launch new products, and accomplish other goals for the investigation of novel uses for crotonic acid in developing markets.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~11% |
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Base Year Market Size (2023) |
~ USD 660 Million |
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Forecast Year Market Size (2036) |
~ USD 2 Billion |
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Regional Scope |
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End-Use (Paint & Coatings, Pharmaceutical, Chemical, Automobile, Electronics, Packaging, Textile)
The paint & coatings segment in the crotonic acid market is estimated to gain a robust revenue share of 30% in the coming years owing to the rising demand for emulsion paints. Emulsion paint is a water-based paint consisting of tiny polymer particles created by combining water, pigments, additives, and synthetic resins which are well-liked for their affordability, simple maintenance, and versatility to be applied to both exterior and interior walls.
Emulsion paints performance and quality are mostly determined by the ingredients they contain, including additives, pigment solvents, and binders that often utilize water-dispersed binders such as polyvinyl acetate (PVAc) and styrene acrylic crotonic acid monomer in their formulations. Moreover, the copolymerization of crotonic acid monomer with other compounds yields a thickener that is utilized in the manufacturing of glossy emulsion paints. One of the essential components needed in the creation of emulsion paints that give buildings' exteriors and interiors additional luminous effects and protective coatings.
Application (Adhesive Resins, Coatings, Plasticizers, Fungicides, Intermediates)
Crotonic acid market from the adhesive resins segment is set to garner a notable share shortly. Adhesive resin is a type of precursor plastic compound made of carboxylic acids that are mostly liquid and consists of linear or branched oligomeric and polymeric molecules which are used to make plastics and adhesives for a variety of applications, including dental work, pressed construction board compounds, and regular commercial glues and are frequently employed in thermoformed sheets, multilayer films, and other applications as tie layers to join disparate components.
Crotonic acid is used in the production of adhesive resins, which are known for their versatility, making them suitable for use in packaging, construction, and automotive industries where reliable and strong bonding properties are essential.
Our in-depth analysis of the global crotonic acid market includes the following segments:
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Product Type |
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Application |
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End-Use |
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APAC Market Forecast
Crotonic acid market in Asia Pacific is predicted to account for the largest share of 40% by 2036 propelled by the rising urbanization. Moreover, better job prospects, the presence of well-established institutions for higher learning, and an urban standard of living are the reasons why more people in countries such as India and China are choosing to relocate from rural to urban areas.
The construction sector has been significantly impacted by the rise in urbanization in the region which has led to an increase in the need for building supplies, including bricks, crushed rock, cement, steel, sand, and paint and coatings that are widely utilized on buildings for both decorative and protective functions. These factors may drive the demand for crotonic acid in the region. In India, more than 460 million people live in urban areas and the figure is increasing annually by over 2%.
North American Market Statistics
The North America crotonic acid market is estimated to be the second largest, during the forecast timeframe led by the rising spending in healthcare sector. Moreover, the pharmaceutical sector in the United States creates several new medications each year that have significant medical benefits, which also makes the country the global leader in prescription drug spending per capita. As a result, there may be an increasing demand for crotonic acid in the region since it can be utilized in the manufacture of medicines. According to estimates, the amount spent on health care in the United States increased by over 2% in 2021 to around USD 12,910 per person.
Author Credits: Smruti Ranjan, Rajrani Baghel
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