The Dimethylolpropionic Acid Market Is Estimated To Witness High Growth Owing To Growing Demand From Paints & Coatings Industry
Dimethylolpropionic acid or DMPA is a water soluble organic compound used as a modifier in unsaturated polyester resins, alkyd resins and polyurethane dispersions. It is used as a reactive cross-linking agent between resins and other polymers to impart water resistance. DMPA based coatings exhibit high adhesion, corrosion and chemical resistance. The growing paints and coatings industry is one of the major usage of DMPA.
The Dimethylolpropionic Acid market is estimated to be valued at US$ 524.0 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Dimethylolpropionic Acid market is expected to grow at a significant rate due to growing demand from paints & coatings industry. Paints & coatings industry has been witnessing high growth globally over the past few years owing to increasing infrastructure development and growing automobile production. DMPA based polyester and alkyd resins provides corrosion resistance, durability and gloss retention properties to paints and coatings. This growing demand from paints industry is expected to drive the growth of global DMPA market over the forecast period. In addition, increasing usage of DMPA as reactive crosslinker in waterborne polyurethane dispersions is expected to boost its demand in coming years.
SWOT Analysis
Strength: Dimethylolpropionic Acid is extensively used in coating resins and adhesives. The growing coatings and adhesives industries is expected to drive the demand for Dimethylolpropionic Acid over the forecast period. It has low toxicity and is environmentally friendly. Dimethylolpropionic Acid provides superior properties such as water resistance and pigment wetting to coatings.
Weakness: Fluctuating raw material prices directly impact the cost of Dimethylolpropionic Acid. Raw material procurement is a challenging task. Stringent environmental regulations regarding VOC emissions increase the production cost of Dimethylolpropionic Acid.
Opportunity: Rising demand for powder coatings in automotive and construction industries offer lucrative growth opportunities. Expanding construction industry in Asia Pacific is providing growth opportunities for Dimethylolpropionic Acid market. Growing demand for green building material will drive the demand.
Threats: Availability of substitutes such as trimethylolpropane and pentaerythritol limits the growth of Dimethylolpropionic Acid market. Regulatory hurdles for new product approvals pose threats.
Key Takeaways
The global Dimethylolpropionic Acid market analysis is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing demand from coatings industry. Growing construction activities and rising automotive production in Asia Pacific and Central & South America is driving the coatings demand in these regions.
Regional analysis: Asia Pacific dominates the global Dimethylolpropionic Acid market with over 35% of market share. Rapid industrialization and improving economic conditions are driving the coatings and construction industries. China dominates Asia Pacific market owing to presence of thriving coatings and automotive industries. Europe is the second largest consumer of Dimethylolpropionic Acid mainly driven by Germany, Italy and France.
Key players operating in the Dimethylolpropionic Acid market are BASF SE, Perstorp Holding AB, Chemoxy International Ltd., and Merck Group. BASF SE is the global leader with over 20% market share. Perstorp Holding AB specializes in unsaturated polyester and polyurethane resins where Dimethylolpropionic Acid plays a crucial role. Chemoxy International Ltd focuses on industrial & special chemicals segment. Merck Group offers wide assortment of chemicals for industries including coatings.
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