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Global Isononyl Acrylate Market size is expected to register a moderate CAGR close to 2.5% in the forecast period.
Isononyl acrylate is a special type of acrylate obtained by the reaction of isononyl alcohol and acrylic acid. Amongst all available acrylates commercially, the product has least glass transition temperature which makes it suitable across various applications such as paints & coatings adhesives & sealants, etc.
Isononyl acrylate market share is projected to increase in the coming years considering the growth of the global pressure sensitive adhesives business. The increase in uptake of pressure sensitive tapes, used as packaging tapes, masking & paper tapes, electrical tapes, cloth & duct tapes and double-sided tapes, in various industries is likely to drive the overall isononyl acrylate market size over the estimated timespan. Pressure sensitive adhesive labels are used in almost every industry from food & beverage to health & beauty industry for labelling the packaged goods.
Another important isononyl acrylate market growth driver is the rising global demand for rigid packaging adhesives. These adhesives are widely used in packaging applications in food & beverage and consumer goods industry. Although the packaged food and goods industry is well recognized in the developed economic regions including Europe and North America, the change towards supermarket shopping and packaged food is still growing in the Asia Pacific Latin America Middle East & Africa. These regions are gradually adapting the modern western style of consuming food and other products, the demand for packaging rises significantly, leading to accelerated demand for rigid packaging adhesives and ultimately stimulating the product demand.
The automobile industry in countries including China, India, Brazil and Japan is witnessing a huge demand, which in turn, drives the paints & coatings demand and thus propelling the product demand on a larger scale. Increasing automotive manufacturing will subsequently boost the product demand for paint & coatings applications. In addition, about 45% of coatings produced globally, are used to protect and decorate new structures and existing buildings including residential homes and apartments, public buildings and manufacturing plants & factories. India, China and Brazil are focusing mainly on improving their infrastructure and promoting their manufacturing industry, which is going to increase the coatings demand and eventually driving the isononyl acrylate market size by 2024. Furthermore, special purpose coatings are used for various miscellaneous applications such as vehicle refinishing, traffic paints, protection of marine structures & vessels and coatings for industrial equipment & plants, thus widening the product demand in the near future.
The product manufacturing process is highly complex and takes almost 16-18 weeks. Moreover, the straight chain alcohols required for the product synthesis are very expensive. Together, these factors result in long lead time and high production cost, thereby challenging the isononyl acrylate market size. In addition, prevalence of cost competitive substitutes such as butyl acrylate, ethyl acrylate, 2EHA and methyl acrylate in the industry may pose a definitive threat to isononyl acrylate market growth.
Based on application, the isononyl acrylate market is segment into two major applications, that is, adhesives & sealants and paints & coatings. The product demand is growing in the manufacturing of pressure sensitive adhesive tapes and labels, which are primarily used in packaging industry. increasing anti-corrosion paints demand for marine structure & vessels protection, will positively impact on the isononyl acrylate market size by 2024.
At present, Asia pacific led the global isononyl acrylate market size in terms of demand and production. In addition, the region is likely to exhibit maximum growth over the forecast timeframe due to rapid industrialization and urbanization, accompanied by infrastructural boom, which has escalated demand for paints & coatings. Growing consumerism is also responsible for the product market growth in the region. Japan is a key manufacturer and consumer of the product in Asia Pacific. Europe is the second largest consumer in the product market. In North America and Europe, technological improvements are fueling demand for sealants and thereby accelerating the isononyl acrylate market size by 2024.
BOC Sciences, ExxonMobil Chemicals, OSAKA Organic Chemical Industry Limited, KH Chemicals and Angene International Limited were the major isononyl acrylate market share contributors in 2015. These companies focus on contract manufacturing and research, which helps them in gaining competitive edge in the global isononyl acrylate market.