Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Trimethylolpropane triacylate is a colorless or pale yellow transparent liquid. This chemical compound is trifunctional monomer used in the production of plastics, acrylic glue, adhesives, and ink. It is soluble in aromatic hydrocarbon organic solvents and low carbon alcohol. It has excellent property such as resistance against chemical, weather, water and abrasion.
Drivers and Restraints
Rising demand for trimethylolpropane triacrylate across the various end-user industry, owing to its excellent properties such as fast curing agents with good chemical resistance and hardness is projected to propel the growth of the market. Furthermore, rising demand for trimethylolpropane triacrylate from coatings and varnishes as it is cost-effective is also expected to fuel the growth of the trimethylolpropane triacrylate market. According to Coherent Market Insights (CMI), the global paints and coatings market was valued at US$ 137.25 billion and 46,686.09 kilo tons in 2016 and is expected to exhibit a CAGR of 5.6% in terms of revenue during the forecast period (2018 – 2025).
On the other hand, side-effects associated with the exposure to trimethylolpropane triacrylate such as irritation to eyes and skin is expected to hamper the market growth. Also, the classification of trimethylolpropane triacrylate is regulated by the European Union under Regulation (EC) No. 1272/2008, which is again expected to hamper the growth of the trimethylolpropane triacrylate market.
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Among applications, the paints and coatings segment is the fastest-growing segment, and this can be attributed to increasing government investments for the development of infrastructure. For instance, in 2015, the Indian Ministry of Road Transport, Highways and Shipping announced a target of US$ 376.53 billion investment in the infrastructure sector by 2018. This is expected to raise the demand for paints and coatings, as it has application in UV/radiation curable coatings, hence driving the growth of the trimethylolpropane triacrylate market,
The plastic segment is expected to exhibit significant growth over the forecast period and this can be attributed to rising demand for plastic in the automotive industry. According to Plastic Europe, 322 million tons of plastic were produced globally in 2015, which increased to 335 million tons in 2016.
North America accounted for a significant share in the global trimethylolpropane triacrylate market in terms of value in 2016 and is expected to retain its dominant position over the forecast period owing to the growing demand for paints and coating along with the technological advancements in the production of paints and coatings in North America. For instance, PPG's two electrocoat (e-coat) technologies, ENVIRO-PRIME EPIC automotive electrocoat (e-coat) featuring a patented organic catalyst and AEROCRON 2100 aerospace electrocoat primer.
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The Asia Pacific is projected to be the fastest-growing market in the global trimethylolpropane triacrylate market over the forecast period, owing to increasing plastic consumption in this region. Moreover, increasing income levels of people resulting in increased consumption of plastic products. According to the India Brand Equity Foundation (IBEF), the per capita consumption of plastics in India accounted for around 4 kilograms per year. China and the U.S. recorded an average per capita consumption of 17 kg and 120 kg, respectively.
Furthermore, the growing consumer preferences for packaged goods, expanding the retail industry especially in the Asia Pacific and Latin America is also projected to significantly boost demand for plastic packaging, in turn, propelling the growth of the trimethylolpropane triacrylate market. According to the Coherent Market Insights' analysis, the global plastic packaging market size was valued at US$ 300.86 billion (revenue) in 2016 and is expected to exhibit a CAGR of 5.3% in terms of revenue during 2018 – 2025. Furthermore, according to the Indian Brand Equity Foundation (IBEF), the retail industry in India is the fastest-growing market in the world owing to the growing economy. The retail industry in India is valued at US$ 672 billion in 2016 and is expected to reach US$ 1.3 trillion by 2020 and the online retail revenue is estimated to grow to US$ 70 billion by 2020 from US$ 60 billion in 2017.
Some of the leading players operating in the global trimethylolpropane triacrylate market are BASF S.E., J&K Scientific Ltd., Miwon Specialty Chemical Co., Ltd., and KPX Green Chemical Co. Ltd.
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Trimethylolpropane Triacrylate Market Taxonomy
Based on application, the trimethylolpropane triacrylate market is segmented into:
- Adhesives & Sealants
- Paints & Coatings
Based on the region, the trimethylolpropane triacrylate market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East
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