Trimethylolpropane Triacrylate Market is Estimated to Witness Steady Growth Owing to Rising Demand for Coatings, Inks and Adhesives
Trimethylolpropane Triacrylate Market |
Market
Overview:
Trimethylolpropane
triacrylate (TMPTA) is an acrylate-functional organic compound made from
trimethylolpropane and acrylic acid. It acts as a multifunctional monomer and
enhances the chemical and physical properties when added to polymer
formulations. TMPTA is used as a reactive diluent in various radiation curable
coatings, inks and adhesives to reduce their viscosity for application while
maintaining their performance. It helps to improve adhesion, flexibility and
durability of the end products.
Market key trends:
The global TMPTA market is expected to witness steady growth over the
forecast period owing to rising demand from coatings, inks and adhesives
industries. Coatings application segment dominates the market and the
increasing use of curable and UV-curable coatings in wood, plastic, metal and
paper coatings will drive the demand for TMPTA. The growth of packaging
industry focusing on extended shelf-life with UV-curable inks and labels using
TMPTA is further fueling the market growth. Moreover, superior properties of
TMPTA such as flexibility, durability and faster curing in adhesives have
increased its usage in electronics and automotive adhesives propelling the
market growth over the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution
channels lower barriers to entry in Trimethylolpropane
Triacrylate Market Demand. However, presence of major players make it
difficult for new players.
Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk
purchases. However, product differentiation and availability issues limits
their influence.
Bargaining power of suppliers: Few manufacturers capable of producing
trimethylolpropane triacrylate hold stronger position over buyers. Significant
R&D investments required to produce specialty chemicals.
Threat of new substitutes: Alternative products available but none possess
trimethylolpropane triacrylate’s attributes as reactive diluent for UV curable
coatings, making it difficult to displace.
Competitive rivalry: Major players focus on capacity expansion to gain market
share and competitive pricing to increase sales volumes.
SWOT Analysis
Strength: Wide applications in UV curable coatings drive strong demand.
Production expertise and integrated value chain are other key strengths.
Weakness: Volatile raw material prices and regulatory compliance issues pose
challenges. Dependence on few major end-use industries also affects market.
Opportunity: Growth of electronics, paints & coatings industries in Asia
Pacific enhances scope. Development of bio-based alternatives presents new
opportunities.
Threats: Stringent environmental regulations can restrict usage. Substitutes
from alternate chemistries if proven superior also threaten market.
Key Takeaways
The global trimethylolpropane triacrylate market is expected to witness high
growth, exhibiting CAGR of 3.3% over
the forecast period, due to increasing demand from paints & coatings
industry. The paints & coatings segment accounted for over 60% share of the
overall demand in 2023.
Regional analysis - Asia Pacific dominates the global market and is expected to
maintain its lead position during the forecast period owing to presence of key
manufacturers in countries like China and rapid expansion of end-use industries
in the region. China held over 50% share of the global trimethylolpropane
triacrylate market in 2023.
Key players operating in the trimethylolpropane triacrylate market are BASF
S.E., J&K Scientific Ltd., Miwon Specialty Chemical Co., Ltd., and KPX
Green Chemical Co. Ltd. Major players focus on expansion into high growth
regions through strategic collaboration with global players.
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