Global Trimer Acid Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global trimer acid market is estimated to garner a revenue of ~USD 350 million by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 280 million in the year 2021. The primary growth factor for the expansion of the trimer acid market is the growth in the construction processes worldwide. In the year of 2020, it was estimated that the total spending in the U.S. construction sector was USD 1.36 trillion. Moreover, the U.S. construction industry accounted 4.3% of the total GDP in 2021.
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Bio-based adhesives and lubricants have become increasingly popular in recent years. The high utilization of trimer acid in these applications is further projected to offer various opportunities for growth to the global trimer acid market in the coming years. Additionally, the surge in the construction chemicals market is also expected to bring significant gains to the trimer acid market during the forecast period. Aggressive investment by various governments across the globe to develop their infrastructure and construction industry is another vital factor that is anticipated to augment the market in the coming time. The construction sector of the United States had 680,000 employers and approximately 7 million employees in 2020.
Global Trimer Acid Market: Growth Drivers and Challenges
Growth Drivers
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Boom in Manufacturing Industry – As of 2022, the manufacturing industry in the United States region generated a revenue of USD 8 trillion. Moreover, the number of manufacturing enterprises was calculated to be 740,850 in 2018.
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Growth in Paints & Adhesives Industry – As per recent estimates, in 2020, the global paints and adhesives industry was valued approximately USD 160 billion.
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Expansion of Construction Industry – In 2019, the construction industry in the U.S. generated a revenue of approximately USD 1.8 trillion. Further, by 2030, the expenditure in the global construction industry is expected to rise to USD 18 trillion.
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Development in Chemical Industry – The global chemical industry in the year 2021, generated a revenue of approximately USD 5 trillion.
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High Investment in Research and Development – The World Bank revealed the statistics of the expenditure made in research and development sector in 2020 was amounted to be 2.63% of the total GDP. This was a rise from 2.14% of the total GDP in 2016.
Challenges
- Frequent Changes in Regulatory Standards
- Additional External Expenses
- Stringent Government Rules
The trimer acid market is segmented and analyzed for demand and supply by application into coating, adhesives & sealants, elastomers, synthetic lubricants, and others. Out of these, the adhesives & sealants segment is expected to garner the highest revenue by 2031. The significant boost in the construction industry is expected to increase the demand for adhesives & sealants for the construction of buildings during the forecast period. As per the United States Census Bureau, till June 2021, there were 142,153,010 housing units in the U.S. Furthermore, the building permits in the same period were 1,736,982 units. Further, the growing population and urbanization in developing countries have played a critical role in driving demand for adhesives & sealants, thereby, propelling the trimer acid market in the forecast period. Besides, several applications of adhesives & sealants in the construction industry, such as tiling, wallpapers, and exterior insulation systems in commercial buildings, have made notable contributions to driving the global trimer acid market. In 2018, the Commercial Buildings Energy Consumption Survey (CBECS) stated that there were approximately 5.9 million U.S. commercial buildings in 2018.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Trimer Acid Market Regional Synopsis
Regionally, the global trimer acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, owing to the great investments made in the construction industry. As per recent estimates, in 2020, the construction industry value in China amounted to USD 1,060 billion. Further, the increasing construction activities is projected to expand the utilization of trimer acid for various processes. In fiscal year 2021, infrastructure activities in India accounted for a 13% share of the total FDI inflows of USD 82 billion.
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The global trimer acid market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global trimer acid market includes the following segments:
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Top Featured Companies Dominating the Global Trimer Acid Market
- Kraton Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Alfa Chemical Group
- Wilmar Group
- Oleon NV
- Croda International Plc
- Triveni Chemicals
- Riteks Inc.
- Fuzhou Zhongde Energy Co., Ltd.
- Univar Solutions Inc.
- Spectrum Laboratory Products, Inc.
- Exxon Mobil
