Trimer Acid Market Analysis by Type (Standard, Distilled, and Hydrogenated); by Function (Rheology Modifier, Polymer Building Block, Viscosity Modifier, Corrosion Inhibitors, and Asphalt Binder); and by Application (Coating, Adhesives & Sealants, Elastomers, Synthetic Lubricants, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
Buy Now Report ID: 4232 | Published Date: Feb 14, 2023
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.
Growth Drivers
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.
Growth in Paints & Adhesives Industry – As per recent estimates, in 2020, the global paints and adhesives industry was valued approximately USD 160 billion.
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.
Development in Chemical Industry – The global chemical industry in the year 2021, generated a revenue of approximately USD 5 trillion.
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
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.
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:
Our in-depth analysis of the global trimer acid market includes the following segments:
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Kraton Corporation has finally agreed to merge with DL Chemical Co., Ltd. The merger is projected to strengthen the global presence of the company and further allow it to invest in industry-leading sustainable innovation.
Exxon Mobil along with Sealed Air and Ahold Delhaize USA has decided to collaborate on an advanced recycling initiative, the first of its kind in the U.S.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The extensive usage of trimer acid in the end user industries such as adhesives & sealants, construction and manufacturing is expected to expand the trimer acid market in the forecast period.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
Ans: The fluctuation in regulatory standards coupled with additional external expenses and stringent government rules are some of the major factors that are projected to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Kraton Corporation, 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. and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, function, application, and by region.
Ans: The adhesives & sealants segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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