According to the latest research study published by Future Market Insights, Crotonic Acid Market is projected to witness stable growth during the forecast period 2021-2031. Demand for the acid will witness steady recovery in short-term, with optimistic growth outlook in the long-run.
Although demand from Paints & Coatings sector suffered to some extent in the near term, however a quick sales recovery is likely in the industrial sector, particularly from coatings application.
What is Driving Demand for Crotonic Acid?
On the basis of application, the Paints & Coatings sector dominated demand share across regional markets. This is because crotonic acid is used to formulate Paints & Coatings, because of its ability to create copolymers when combined with other chemical compounds.
The acid monomer, when copolymerized with the other compound helps in the formation of specialty thickeners that are used in the production of glossy emulsion paints. These paints provide glowing effect that is useful in health & safety applications and also provide protective coating to the substrate. Thus, the growing sales of emulsion paints continues to drive the market.
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The use of acid-based binders to bind pigments as well as form a coating sheet is increasing in the industry. The rising demand of paints and coatings from the construction, automotive, and packaging industries will boost the demand of this market.
Adhesive Resins to Augment Sales of Crotonic Acid
Adhesive resins segment has a prominent share in terms of application and is projected to grow at the fastest pace in the forecast period. Crotonic acid is used in the manufacture of copolymer dispersions for adhesive resins to improve their adhesion properties.
The increasing demand for acid-based adhesive formulations in the textile, packaging, automobile, as well as in electronics industries has boosted market growth in this sector. Manufacturers are striving to serve the ever increasing need of such industries to source application specific products to suit their exact needs, so as to produce specialty adhesive products.
U.S. and Canada Market Outlook
U.S. is one of the most important markets for Crotonic Acid market, accounting for a sizeable share of the global sales. The presence of key market participants in U.S. ensures a steady domestic supply for the end use industries and close cooperation between the key players and their customers.
Demand for decorative as well as protective coatings in the U.S. has been increasingly consistently over the past many years. Increasing demand from the building & construction, automotive, aviation and oil & gas industries for protective coatings is projected to augment the market for crotonic acid in the U.S.
Sales in the U.S however may be impacted by regulations pertaining to the hazardous Properties of this acid.
Europe Demand Outlook for Crotonic Acids
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as commercial spaces are growing in the country, demand for paints & coatings from the building & construction sector is increasing.
After prolonged spells of economic slowdown owing to the pandemic restrictions, many of the countries are gradually opening up their industrial and commercial sectors again, which is projected to stimulate demand recovery.
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Despite the COVID-19 challenges, demand from European countries has played an important role in shaping the market. Manufacturers in the European acid industry are investing heavily in development new product and research in order to maintain quality and compete in the post-COVID economy. In a fragmented and competitive market, industry players are entering long-term contracts with suppliers to provide a cost advantage.
Who are the Key Manufacturers and Suppliers of Crotonic Acids?
Some of the leading manufacturers and suppliers include
- Tianjin Jinhui Pharmaceutical Group Co. Ltd.
- Kono chem co. Ltd.
- WeylChem International GmbH
- Zhengzhou Tuozhixiang Trading Co. Ltd.
- EUCLID
- Central Drug House (P) Ltd.
- Henan Tianfu Chemical Co. Ltd.
- ALB Technology Limited
- Penta Manufacturing Company
- Spectrum Chemical Manufacturing Corporation.
Most of the key manufacturers are focusing on innovative product developments, and catering to various end-use requirements as per the specific need & choice of formulations required by their applications. A key trend in the paints and coatings sector pertains to the shift towards less toxic and more sustainable materials, and manufacturers of crotonic acid can focus on these aspects to tap new opportunities.The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.The report also maps the qualitative impact of various market factors on market segments and geographies.Key Segments of Crotonic Acid Market
By Application:
- Adhesive resins
- Coatings
- Plasticizers
- Fungicides
- intermediates
By End-use Sector:
- Chemical
- Pharmaceutical
- Paints & Coatings
- Automobile
- Packaging
- Textile
- Electronics
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