The global trimer acid market is expected to secure US$ 288.4 Million in 2021, and is expected to reach US$ 299.29 Million in 2022. The market is projected to reach US$ 442 Million by 2032 while recording a CAGR of 4% during the forecast period from 2022 to 2032. Growth of the market is attributed to the increasing demand of adhesives & sealants and synthetic lubricants.
In addition, spurring demand for trimer acid for the manufacturing of paints & protective coatings in the building and construction sector has been identified as remunerative factor, bolstering the industry notably. However, a low supply of feedstock for the synthesis of trimer acid is projected to hamper the market growth in the forecast period.
Based on application, the reactive polyamides resin segment is anticipated to gain maximum traction in the assessment period. The rise of the segment can be attributed to the expansion of residential and non-residential construction projects across the globe, principally in developing countries.
In addition, the growing application of reactive polyamide resin in the automotive sector, rising paper industry, and replacement of traditional resins by polyamide resins have spiked the segmental growth notably.
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How does the Increasing Demand for Adhesives & Sealants Propel the Market?
The increasing demand for adhesives & sealants from the building and construction industry is expected to provide a significant boost to the market during the forecast period. The growing population and urbanization in developing countries such as; India, China, Indonesia, Brazil, and Mexico 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 have made notable contributions in driving the global trimer acid market.
Also, the growing demand for high-performance adhesives is offering new avenues of opportunities for market expansion. For instance, in March 2022, Conagen, a renowned biotechnology innovator, announced the development of highly sought-after debondable hot melt adhesives.
It was made of high-performance materials from sustainable and natural bio-molecules. The benefit of high-strength deobondable adhesives benefits various industries. Smartphones and electronics can be repaired easily, and anatomized at the end of their life span without damaging components for recovery.
How are Frequent Regulations regarding Usage Hampering Market Growth?
The trimer acid market is undergoing various changes in terms of rules and standards. For instance, in the EU, The Construction Products Regulation (CPR) implemented new regulations like regulation (EU) No 305/2011 for the marketing of construction products.
With the announcement of new regulations, manufacturers have to endure the extra expenses for labeling and paperwork. Moreover, additional external test costs to demonstrate compliance will also have to be paid by the players.
Substance alerts focusing on biocides and waste packaging take place on a daily basis, as a consequence, there are frequent changes in regulatory standards. The trimer acid players, adhesives & sealants manufacturers have to observe the changing rules, which poses a major challenge to the players of the market.
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What are the Growth Prospects for Trimer Acid in the U.S?
As per the analysis, the market in the U.S is expected to witness a CAGR of 2% during the review period. The food and beverage sector is the most common end-user of printing inks for labeling and goods packaging, thereby increasing demand for trimer acid.
On the contrary, increasing demand for digital advertisements and e-books, and stringent regulations regarding disposal are anticipated to hamper the market growth in the forecast period. However, players are taking initiatives to develop the ink market, consequently, boosting the trimer acid market in the US. For instance, in May 2021, Epple Druckfarben AG and Zeller+Gmelin GmbH & Co. KG are working together in UV ink technology. Epple will market the brand under the “LightStar” name.
Market Competition
Key players of the global trimer acid market include Kraton Corporation, Liancheng baixin science and technology Co., Ltd, Alfa Chemical Corporation, Soofi Enterprises, Spectrum Chemical Mfg. Corp, Riteks, Croda lubricants, Fujian Zhongde Energy Co., Ltd., Univar USA, Inc., among others.
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