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Isophorone Market size is poised to grow with a lucrative CAGR from 2023 to 2032 on account of the increasing demand from the paint industry for improved corrosion resistance.
The rapid proliferation of the paint and coatings, construction, plastics, and agrochemicals sectors has increased the importance of solvents. Give its exceptional solvent properties, isophorone is used as an intermediate for making chemical products, such as binders, resins, and polymers. Hence the demand for isophorone has substantially soared in printing inks, paints, lacquers, and adhesives. Increasing need for constituents in floor sealants and wood preservatives will play an ideal role in the industry expansion.
The rising adoption of ultraviolet cured coatings is another important trend driving the demand for isophorone for augmenting the fluidity of these coatings. The growing concerns regarding the toxic effects induced by the product will hinder the market dynamics. However, the increasing synthesis of isophorone with high-density fuels will propel the market trends.
Lately, the construction sector is witnessing widespread preference for hardening materials in adhesive formulations. This has, in turn, stirred the demand for adhesives in several end-user applications, such as PVC, plastics, and polystyrene. Rising product penetration in ceramic tiles, flooring underlayment, carpet laying, joint cement, and wall covering are other factors that may favor the industry outlook.
Based on end-use, the isophorone market size from the construction industry will grow at a robust pace through 2032 due to rapid urbanization worldwide. As per the UN reports, nearly 68% of the world population is projected to reside in urban areas by 2050. The surging disposable incomes and the improved standard of living has made way for the rising infrastructure developments in the region. The expanding construction of residential buildings and commercial spaces along with the consequent adoption of concrete bonding agents as well as adhesives will further augment the segment growth.
Regionally, the isophorone market in North America is likely to grow significantly from 2023 to 2032 due to the rising number of construction activities and the consequently thriving need for paints and coatings. There has been a significantly increasing demand for printing inks in the textile and packaging sector, specifically in the U.S. and Canada, further driving the preference for isophorone. The substantial expansion of end-user industries, including construction, paints & coatings and automotive will further anchor the regional market expansion.
Prasol Chemical Pvt Ltd, Dow Chemical (Dow Inc.), Henan GP Chemicals Co., Ltd, Evonik Industries AG (RAG-Stiftung), Penta Manufacturing Company, and Arkema S.A. are some of the major isophorone market participants across the globe. These firms are engaged in strategic measures, such as product launches, acquisitions, and partnerships for gaining competitive edges while widening their customer base.
The increasing rate of green buildings construction and the rising emphasis on the quality of construction materials will further accentuate the demand for isophorone. However, the onset of the Russia-Ukraine war is negatively impacting the isophorone industry dynamics with significant challenges on the chemical sector, mainly owing to the disrupted supply chain and manufacturing activities. The rising rate of inflation is also likely to hinder the product uptake to some extent.