Isophorone Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by End-user Industry (Paints and Coatings, Printing Inks, Artificial Leather, Adhesives, Agrochemicals, Composites, and Other End-user Industries) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
Fastest Growing Market:
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The market for isophorone is expected to register a CAGR of more tha 6%, during the forecast period. Rising demand for the use of isophorone in UV-cured coatings is driving the isophorone market. However, toxic effects of isophorone are expected to hinder the growth of the market studied.
Paints and coatings segment dominated the market, and is expected to grow during the forecast period, owing to its ability to enhance the fluidity of coatings.
Synthesis of renewable high-density fuel with isophorone is likely to act as an opportunity in the future.
North America dominated the market across the world, with the largest consumption.
Scope of the Report
The isophorone market report includes:
Paints and Coatings
Other End-user Industries
Rest of Asia-Pacific
Rest of Europe
Rest of South America
Middle-East and Africa
Rest of Middle-East and Africa
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Key Market Trends
Increasing Demand for Adhesives Manufacturing
Isophorone is used as the hardening material in adhesive formulation. Adhesives are employed in various end-user applications, such as plastics, polyvinyl chloride, polystyrene, etc.
In the construction sector, adhesives are used for several applications such as in concrete, ceramic tiles, carpet laying, flooring underlayment, drywall lamination and joint cements, manufactured housing, pre-finished panels, resilient flooring, roofing, and wall covering.
Various types of adhesives are used depending on their purpose. The growth in green building construction, coupled with increasing concern over the quality of construction materials, is accelerating the demand for adhesives.
According to the United Nations (UN), around 50% of the world's population resides in urban cities, which is projected to touch 60% by 2030. The pace of economic and demographic growth has to be in harmony with the demand for commercial, residential, and institutional construction activities.
By 2030, around 40% of the global population is expected to require housing at the rate of about 96,150 housing per day. Hence, due to the growth in the residential sector, the use of concrete bonding agents, tile adhesives, joint filler, and block adhesives is expected to increase.
Adhesives, owing to their physical properties, such as adhesion to a variety of substances, bonding of dissimilar materials, flexibility, high cohesive strength, resistance against thermal expansion, and environmental resistance from UV light, salt water, rain and other weathering conditions, are widely used in paper bonding.
The Asia-Pacific region is witnessing considerable growth, especially due to the developing markets in China and India. The developing packaging industry is expected to increase the demand for adhesives and sealants, globally.
The adhesives market is quite extensive and includes many applications in the transportation industry, such as in aerospace, railways, vehicle assembly, marine, interior vehicle trim, exterior vehicle trim, automotive module sealing, and electronic circuit board protection. Its automotive applications include structural metal bonding, structural fiber-reinforced plastics bonding, exterior trim, glass bonding, and interior trim. In the aerospace industry, it is used to make lightweight designs for aircrafts.
The transportation industry is growing across almost all the countries, due to the increasing population, cross border movement of goods and people, and increased level of employment, which is expected to augment the demand for adhesives, thus boosting the isophorone market, during the forecast period.
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North America to Dominate the Market
In North America, the isophorone market is mainly dominated by various end-user industries, such as paints and coatings, composites, etc.
The demand for isophorone is expected to increase at a steady rate, due to the growth in the aforementioned end-user industries.
The composite market in the United States had witnessed rapid growth, over the past few years. The United States is also the second-largest producer of paints and coatings, globally, after China.
The growing construction activities are fueling the demand for paints and coatings in the country, which is expected to augment the demand for isophorone in the future.
The construction industry in the United States is anticipated to grow by more than 4.72%, which is higher from the past few years.
Thus, the construction industry is expected to increase the use of binders, paints and coatings, adhesives, and composites, all of which are made using isophorone.
Increasing usage of printing inks in the packaging and textile industry is also expected to drive the market, during the forecast period.
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The isophorone market is partially fragmented and dominated by very few players. Some of the major players include Evonik Industries AG, Arkema Group, CHAIN FONG, Merck KGaA, and BASF SE, among others.