Albany, NY -- (SBWIRE) -- 12/12/2018 -- In a highly consolidated global isononyl acrylate market, a few large players such as BOC Sciences, OSAKA Organic Chemical Industry Ltd., and Angene International Limited hold a sway, observes Transparency Market Research in one of its recently published reports. The report finds that the companies together account for a considerable share in the market. Over the next few years, in order to stay on top of the game, these players are expected to bank upon contract research and manufacturing that would serve to bring down costs but still enable them to reap the benefits of product development.
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Our report predicts the global market for isononyl acrylate to rise at a steady 2.4% CAGR over the course of the forecast period starting from 2016 and ending in 2024. By the end of it, the market, which was valued at US$10 mn in 2015, would be US$12.3 mn by the end of 2024.
Isononyl acrylate finds application in adhesives and sealants and paints and coatings. Between the two, the segment of adhesives and sealants is predicted to account for a lion's share of 96.5% in the market by the end of the forecast period. Their increasing uptake would be on account of pressure-sensitive tapes. From a geographical standpoint, Asia Pacific currently dominates the market and going forward is set to increase its leading share to 85.0% by 2024-end. Mainly serving to stoke the market in the region is the pressure sensitive adhesive tables.
Alongside Adhesives and Sealants, Usage in Paints and Coatings Boosts Demand for Isononyl Acrylate Too
The global market for isononyl acrylate is being boosted big time by the adhesives and sealants, which has seen a drastic transformation and is growing at a rapid pace. Adds the lead analyst of the report, "The increasing complicacies of the different products produced by the adhesive industry will likely continue boosting the market. The adhesive industry on the whole would benefit from the growing demand for disposable packaging, hybrid joining techniques for lightweight structures, and medical products." Apart from the aforementioned, continued progress in the underlying technology for adhesives has a crucial role too in promoting the market.
Another factor creating an opportunity for the market for isononyl acrylate is the paints and coatings industry. The surging demand for paints and coatings in end-use industries, namely plastics, automotive, marine, and construction is playing a key role in catalyzing growth in the market. Specialty paints, which are suddenly seeing demand these days are also an important demand booster.
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Protracted Manufacturing Process Deal Blow to Market Growth
Posing a challenge to the market for isononyl acrylate, on the other hand, is their involved manufacturing process which takes about 16 to 18 weeks. In addition, straight-chain alcohols, which are a crucial raw material used in manufacturing, cost a lot and hence serve to drive up production costs. Such deterrents coupled with the low-cost substitutes have crimped market growth considerably.
This review is based on the findings of a TMR report, titled, "Isononyl Acrylate Market (Application - Adhesives and Sealants and Paints and Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024."