Isononyl Acrylate Market Future Demand, Growth, Share and Analysis with forecast 2024
Transparency
Market Research reports that the competitive landscape in the global
isononyl acrylate market is highly consolidated. The report indicates
that only a few players hold significant share in the overall market.
Presently, the market is being dominated by leading players such as
OSAKA Organic Chemical Industry Ltd., BOC Sciences, and Angene
International Limited. These companies are expected to focus on
contract research and contract manufacturing to remain dominant in
the coming years
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According
to the research report, the global isononyl acrylate market is
expected to be worth US$12.3 mn by the end of 2024 from US$10 mn in
2015. Between the forecast years of 2016 and 2024, the global market
is expected to rise at a CAGR of 2.4%.
On
the basis of application, the global isononyl acrylate is segmented
into adhesives and sealants and paints and coatings. Out of the two,
the adhesives and sealants segment is estimated to show phenomenal
progress as this application segment is projected to acquire a share
of 96.5% in the global market by the end of 2024. The increasing
uptake of pressure-sensitive tapes is expected to drive the progress
of this segment in the coming years.
In
terms of geography, the global market is divided into North America,
Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Out of all the regions, Asia Pacific is expected to dominate the
global market as the regional market is slated to acquire a share of
85.0% by the end of 2024.The rising development of pressure-sensitive
adhesive tables in the region are expected to drive this regional
market in the coming years.
The
radical transformation of the global adhesives and sealants industry
that has boosted its performance has had an unwavering impact on the
overall isononyl acrylate market. Thus, as the global adhesives and
sealants industry grow at a rapid pace, it is expected to propel the
global adhesive tapes industry, thereby augmenting the demand for
isononyl acrylate. The report states that the rising complexity of
various products manufactured by the adhesives industry is also
expected to boost the global market. The overall adhesives industry
is estimated to benefit from the increasing need for disposable
packaging, demand for medical products, and hybrid joining techniques
for lightweight structures. The technological advancements in the
adhesives technology is also expected to offer lucrative
opportunities to the uptake of isononyl acrylate in the near future.
The
changing market dynamics of paints and coatings industry is also
expected to make a significant difference to the rising revenue of
the global isononyl acrylate market. The growing demand for enhanced
paints and coatings in end-use industries such as automotive,
construction, marine, and plastics is expected to play a key role in
determining the rising usage of isononyl acrylate. “The rise in the
demand for specialty paints is also held responsible for the rising
consumption of isononyl acrylate,” states the lead author of this
research report.
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The
complex process of manufacturing isononyl acrylate takes about 16-18
weeks. Furthermore, the straight-chain alcohols required for making
isononyl acrylate are extremely expensive. Collectively, these
factors have resulted in the high cost of production and long lead
time, thereby hampering the growth of the overall market. The
availability of low-cost substitutes is also expected to restrain the
rise of the market in the near future.
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