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Dimethylolpropionic Acid Market Forecast to Reach USD$534 Million by 2027

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Dimethylolpropionic Acid Market Forecast to Reach USD$534 Million by 2027

May 05
20:17 2022
Dimethylolpropionic Acid Market Forecast to Reach USD$534 Million by 2027
Dimethylolpropionic Acid Market | IndustryARC
The growth of the Paints & Coatings Market, and similarly of the Automotive Industry, reinforces the growth of the Dimethylolpropionic Acid (DMPA) Market.

Dimethylolpropionic Acid (DMPA) Market size is estimated to grow at a CAGR of 8.6% during 2022-2027 and is expected to reach a value of USD$534 million by the year 2027. Dimethylolpropionic Acid (DMPA) is an organic compound with one carboxyl and two hydroxy groups. It is an odorless, non-toxic crystalline solid which is used in a variety of syntheses. DMPA is primarily used in the production of aqueous anionic polyurethane dispersions and is used in the field of powder coatings, epoxy ester coatings, urethane elastomers, adhesives, and so on. It is also used in the production of water-soluble resins and adds improved stability to it. In this report, we will take a look at the various segments of the Dimethylolpropionic Acid (DMPA) Market and analyze the market landscape, drivers, and challenges within the forecast period of 2022-2027.

COVID-19 Impact

During the COVID-19 Pandemic, many industries had suffered a decrease in demand, and it was no different for the Dimethylolpropionic Acid (DMPA) Market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed the lockdown protocols. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of passenger vehicles decreased by 16.9% from 2019 to 2020. Similarly, according to Textile Exchange, the total textile production volume decreased from 111 million metric tonnes in FY 2019 to 109 million metric tonnes in FY 2020. The decline in business in the automotive and textile sector negatively impacted the Dimethylolpropionic Acid (DMPA) Market as dimethylolpropionic acid is used in the production of coatings used in these industries. However, the situation has vastly improved in recent times and Dimethylolpropionic Acid (DMPA) Market is predicted to grow significantly during the forecast period of 2022-2027.

Dimethylolpropionic Acid (DMPA) Market Analysis – By Application

Polyurethane dispersion held the largest share of 37% in 2021. Dimethylolpropionic acid is primarily used in the production and synthesis of polyurethane dispersions which are essentially polyurethane polymer resins dispersed in water rather than a solvent. Polyurethane dispersions are extremely desirable for their environment-friendly properties and their ease of use. According to Trademap (ITC), the estimated global export value of Polyurethane is USD $ 6,484 million in the year 2020. Dimethylolpropionic acid is also used in the production of water-soluble alkyd and polyester resins, various types of coatings like industrial and automotive coatings, and so on.

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Dimethylolpropionic Acid (DMPA) Market Analysis – By End-Use Industry

Paints & Coatings held the largest share of 39% in the Dimethylolpropionic Acid (DMPA) Market by end-use industry in 2021. Dimethylolpropionic acid is primarily used in the production of various types of coatings which are used in various industries like the automotive industry, building & construction, textile & leather, and so on. According to the American Coatings Association, the U.S. Paints & Coatings Industry alone is worth USD $26 billion, with California alone accounting for USD $2.4 billion. They have also stated that the Paints & Coatings Industry has seen a growth from the previous year as well. One of the most common applications of coatings is in the Automotive Industry. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), a total of 57.2 million passenger vehicles were manufactured from January to September 2021. The growth of the Paints & Coatings Market, and similarly of the Automotive Industry, reinforces the growth of the Dimethylolpropionic Acid (DMPA) Market.

Dimethylolpropionic Acid (DMPA) Market Analysis – By Geography

Asia-Pacific region holds the largest share in the geography segment by 42% in the Dimethylolpropionic Market in 2021. This is because countries like China, India, South Korea, and Japan have seen a tremendous increase in demand in various industries like the automotive industry, the textile & leather industry, the furniture, and upholstery industry, and so on. This can primarily be attributed to their growing economy and the increase in quality of life. According to the Trade Promotion Council of India, the Indian domestic furniture market is expected to grow at a CAGR of 12.91% while China is the leading exporter of furniture products with a global share of 37.5%. A total of 29.8 million passenger vehicles were produced in these countries which accounts for 53.4% of total passenger vehicles produced globally, as stated by Organisation Internationale des Constructeurs d’Automobiles (OICA). Dimethylolpropionic acid is used in a variety of coating and adhesive solutions in these industries and as such, the demand for the Dimethylolpropionic Acid (DMPA) Market has significantly grown in the Asia-Pacific region.

Dimethylolpropionic Acid (DMPA) Market Drivers

Significant growth of the automotive industry & textile industry :

The demand for the automotive industry and textile industry has observed a significant hike in 2021 and is forecasted to grow significantly larger within the forecast period of 2022-2027. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the global total production of cars, LCVs, HCVs, and heavy buses in 2021 is 40,338,536 as opposed to 31,223,533 in 2020. According to India Brand Equity Foundation (IBEF), India’s home textile exports grew by 9% in FY 2021 despite the Pandemic. The Dimethylolpropionic Acid (DMPA) Market is an essential provider to the automotive industry as well as the textile industry. As such, the demand for the Dimethylolpropionic Acid (DMPA) Market is also expected to grow within the forecast period.

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Dimethylolpropionic Acid (DMPA) Market Challenges

Availability of substitutes :

Dimethylpropionic acid has a wide variety of substitutes that are used to produce and add various effects to coatings and adhesives. Some common examples are trimethylolethane (TME), trimethylolpropane (TMP), 2,4-dimethoxylbenzaldehyde (DMBA), and so on. TME and TMP are both used in the production of polyester & alkyd resins and are used in the synthesis of coatings. They are also used for stabilizing plastics and are known for their resistance to alkali and heat. These products pose a threat to the Dimethylolpropionic Acid (DMPA) Market and hence prove to be a challenge to the growth of the market.

Dimethylolpropionic Acid (DMPA) Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Dimethylolpropionic Acid (DMPA) Market. The key companies in the Dimethylolpropionic Acid (DMPA) Market are :

GEO Specialty Chemicals, Inc.

Perstorp Specialty Chemicals AB

Henan Tianfu Chemical Co. Ltd.

Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd.

Shenzhen Vtolo Chemicals Co., Ltd.

CD Bioparticles

MerckYigyooly Enterprise Limited

Jiangxi Selon Industrial Co.,Ltd.

Biosynth Carbosynth

Recent Developments

In September 2019, CPS Performance Materials, a diversified specialty chemicals group, acquired GEO Specialty Chemicals, a supplier of specialty chemicals and materials to the coatings, adhesives, medical, water treatment & construction market.

In April 2021, Perstorp Specialty Chemicals AB increased the price of their Dimethylolpropionic Acid offering, Bis-MPA, to counteract inflation in global supply-chain costs.

Key Takeaways

Asia-Pacific holds the largest share by region in the Dimethylolpropionic Acid (DMPA) Market due to the growing demand of various industries like the automotive, furniture & upholstery, and the textile industry.

Dimethylolpropionic Acid is primarily used in the production of polyurethane dispersions which are polyurethane resins dispersed in water.

The increase in demand for the automotive and textile industry proves to be an excellent driver for the Dimethylolpropionic Acid (DMPA) market.

The presence of a variety of substitutes like trimethylolethane and trimethylolpropane is a threat to the growth of the Dimethylolpropionic Acid (DMPA) market.

Relevant Reports

Polyurethanes Market

https://www.industryarc.com/Report/11682/polyurethanes-market-analysis.html

For more Chemicals and Materials related reports, Please Click Here

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