Global isophorone market would grow at a significant CAGR through 2027, fueled by the rising application as solvents in various industries including construction, paint and coatings, plastics, agrochemicals, and others.
Isophorone possesses exceptional solvent properties for binders, polymers, resins, and other chemical products. It is generally used as an intermediate in organic synthesis and acts as an important constituent in wood preservatives and floor sealants. Moreover, the compound is added to paints and offers resistance to corrosion.
A significant surge in the application of isophorone in ultraviolet cured coatings would further drive the market growth over 2021-2027. Moreover, the ability of the compound to augment the fluidity of coatings is another parameter accelerating the market progression. However, the toxic effects induced by isophorone have been impeding the growth structure of the industry over the years. Nevertheless, synthesis of the compound with high-density fuel is projected to fuel the demand for isophorone, thus propelling the market space.
In terms of application, isophorone market is slated to gain considerable returns from the adhesives segment as the compound is being used as the hardening material in an adhesive formulation. Adhesives are being employed in various end-users applications like PVC, plastics, polystyrene, others. Besides, in the construction industry, adhesives are used for vivid applications including ceramic tiles, flooring underlayment, carpet laying, joint cement, and wall covering, amongst others.
The increase in green buildings construction, aligned with the rising concerns over the quality of construction materials would further accentuate the demand for adhesives. They are also used in paper bonding. This can be credited to their positive attributes such as bonding of dissimilar materials, adhesion to a range of substances, high cohesive strength, and environmental resistance from UV light, rain, and other weathering conditions. These factors are estimated to propel segmental growth in the coming years.
The construction industry is anticipated to emerge as a remunerative vertical for global isophorone market through 2027. The growth is likely to come from rapid urbanization, improved standard of living, infrastructure development, and surge in disposable incomes. According to the UN reports, approximately 68% of the world population is projected to reside in urban areas by 2050. This demands a significant rise in construction of more residential buildings and commercial spaces, thus paving way for the adoption of concrete bonding agents and adhesives.
Regionally, the North America isophorone market would capture a notable share over the foreseeable time frame. The growth can be ascribed to the rising demand for isophorone from myriad end-user industries like construction, paints and coatings, automotive, and others. Elevating construction activities in the region is fueling the demand for paints and coatings, enhancing the growth spectrum of isophorone market. Additionally, surging usage of printing inks in the textile and packaging industry in the United States and Canada will further drive the industry demand.
Some of the prominent companies operating in the global isophorone market are 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.
These conglomerates have been highly engaged in taking up strategic practices like product launches, acquisitions, partnerships, and more, to gain a competitive edge in the global market.
The novel coronavirus outbreak has severely affected global isophorone market due to disruptions in supply chain, lack of labor, and stringent lockdown policies by various governments in 2020. The surging COVID-19 cases worldwide had urged several enterprises to cease operations or carry out operations with reduced workforce leading to delays in production, resulting in decline in sales of the compound. Moreover, a halt in the construction activities during the first half of 2020 has further impacted the statistics of isophorone market.