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Isobornyl Acrylate Market size is expected to witness commendable growth over 2023-2032, considering the mounting investment in construction projects. Due to high thermal stability and flexibility, isobornyl acrylate is suitable for developing paint adhesives and solvents for building and construction applications.
Based on the NAHB analysis of the Census Construction Spending data, in March 2022, total private residential construction spending witnessed an 18.4% hike from a year earlier. This rise in construction spending will boost the requirement for paint and coatings and consequently bolster the demand for isobornyl acrylate adhesives over the estimated timeline.
Isobornyl acrylate adhesives refer to a monofunctional reactive diluent that polymerizes when exposed to free radical sources. The product is recommended for coatings that require flexibility, hardness, and thermal resistance to maintain high elongation in urethane acrylates. Additionally, it is utilized in screen inks and coatings that require enhanced adhesion to polyolefins.
A prominent factor influencing isobornyl acrylate market trends is the rising emphasis on expanding chemical facilities. Citing an instance, in July 2022, BASF invested USD 780 million in the final phase of its methylene diphenyl diisocyanate facility expansion project. This initiative was intended to double the production capacity at its Ascension Parish chemical manufacturing complex. Such initiatives will stimulate the adoption of isobornyl acrylate to act as an intermediate product for polymer synthesis across the chemical sector.
Despite the favorable business landscape, the increasing awareness about isobornyl acrylate toxicity may create a hindrance to industry growth in the upcoming years. The incidence of allergic contact dermatitis and eye irritation due to exposure to this chemical substance has risen, limiting market demand to some extent.
Isobornyl acrylate market from methacrylate segment is projected to garner considerable profits by 2032, owing to the strong demand for new vehicles. As per statistics from the European Automobile Manufacturers Association, in October 2022, new car registrations rose by 14% to reach 910,753 in the UK, EU, and EFTA. This factor will drive the adoption of isobornyl methacrylate in modified powder coatings and other automotive applications. High boiling point, low toxicity, and compatibility with synthetic resins, natural oils, and modified products, among other unique characteristics, will also amplify compound development over the foreseeable future.
Isobornyl acrylate market size from the paints and coatings application segment is poised to depict a sizable growth rate over the forecast period, due to the rise in single-family constructions. As per statistics from the U.S. Census Bureau, in November 2022, single?family housing completions were at a seasonally adjusted annual rate of 1,047,000, a 9.5% hike from the revised October rate. The compound can enhance the flexibility, resiliency, and hardness of paints, coatings, and inks. The growing construction projects will therefore propel the demand for paints and coatings for corrosion prevention and in turn, amplify compound usage worldwide.
From a regional standpoint, North America is set to emerge as a prominent revenue hub for the isobornyl acrylate industry between 2023 and 2032, as a result of the proliferation of adhesive manufacturing. For example, in March 2022, Scott Bader Co. Ltd. expanded the production of its Crestabond MMA structural adhesive, suitable for bonding composites, metals, thermoplastics, and other substrates, in Canada. Home renovation has also witnessed a major upsurge, asserting a positive influence on isobornyl acrylate copolymer market players across the region.
IGM Resins, Osaka Organica Chemical Industry Ltd., Solvay, Green Pine Industries, Nippon Shokubai, Evonik (RAG-Stiftung), AkzoNobel, and Mitsubishi are some of the key players in the global isobornyl acrylate market. These firms are incorporating strategies such as new product launches, collaborations, and business developments to expand their consumer base and footprint across the global industry.