Dimethylolpropionic acid is a specialty chemical used in the surface coatings industry as a modifier to enhance characteristics like water resistance, flexibility and durability. It acts as a crosslinking agent between polymers improving overall product performance.
The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand from the construction industry is one of the key trends driving the growth of the dimethylolpropionic acid market. Dimethylolpropionic acid based coatings provide long lasting protection and are widely used in commercial and residential buildings. These coatings prevent corrosion and cracking of surfaces over extended duration of time leading to reduced maintenance costs. The growing construction activities in Asia Pacific and Middle East & Africa regions support the demand of dimethylolpropionic acid from the coatings segment.
SWOT Analysis
Strength: Dimethylolpropionic Acid has growing application in construction chemicals industry. Its ability to act as a crosslinker provides strength to the coatings and helps them last longer.
Weakness: Regulatory approval and compliance related to manufacturing and applications of Dimethylolpropionic Acid adds to production costs.
Opportunity: Expanding construction industry in Asia Pacific provides growth opportunities for Dimethylolpropionic Acid market as it is extensively used in construction chemicals. Growing paints and coatings industry also supports market growth.
Threats: Stringent environmental regulations related to VOC emissions can hamper the market growth. Availability of substitutes also poses challenge.
Key Takeaways
The global Dimethylolpropionic Acid market share is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing demand from construction chemicals industry where it is used as crosslinker.
Regional analysis: Asia Pacific dominates the global Dimethylolpropionic Acid market and the trend is expected to continue during the forecast period. Surging construction activities along with growth of paints and coatings industry in China, India, Indonesia, and other Asian countries are supporting the growth of Dimethylolpropionic Acid market in the region.
Key players operating in the Dimethylolpropionic Acid market include BASF SE, Perstorp Holding AB, Chemoxy International Ltd., and Merck Group. BASF is one of the leading players in the market and offers Dimethylolpropionic Acid under the brand name Bisomer. Perstorp Holding AB also has a strong presence with its product Perkadox DMP-30 that finds wide application as a crosslinker.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
