Transparency Market Research reports that the competitive landscape in the global isononyl acrylate market is highly consolidated. The report indicates that only a few players hold significant share in the overall market. Presently, the market is being dominated by leading players such as OSAKA Organic Chemical Industry Ltd., BOC Sciences, and Angene International Limited. These companies are expected to focus on contract research and contract manufacturing to remain dominant in the coming years.
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According to the research report, the global isononyl acrylate market is expected to be worth US$12.3 mn by the end of 2024 from US$10 mn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to rise at a CAGR of 2.4%.
Asia Pacific to Lead Global Market with a Share of 85% by 2024
On the basis of application, the global isononyl acrylate is segmented into adhesives and sealants and paints and coatings. Out of the two, the adhesives and sealants segment is estimated to show phenomenal progress as this application segment is projected to acquire a share of 96.5% in the global market by the end of 2024. The increasing uptake of pressure-sensitive tapes is expected to drive the progress of this segment in the coming years.
In terms of geography, the global market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Out of all the regions, Asia Pacific is expected to dominate the global market as the regional market is slated to acquire a share of 85.0% by the end of 2024.The rising development of pressure-sensitive adhesive tables in the region are expected to drive this regional market in the coming years.
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Developments in Adhesive Industry Direct Market’s Trajectory in a Positive Way
The radical transformation of the global adhesives and sealants industry that has boosted its performance has had an unwavering impact on the overall isononyl acrylate market. Thus, as the global adhesives and sealants industry grow at a rapid pace, it is expected to propel the global adhesive tapes industry, thereby augmenting the demand for isononyl acrylate. The report states that the rising complexity of various products manufactured by the adhesives industry is also expected to boost the global market. The overall adhesives industry is estimated to benefit from the increasing need for disposable packaging, demand for medical products, and hybrid joining techniques for lightweight structures. The technological advancements in the adhesives technology is also expected to offer lucrative opportunities to the uptake of isononyl acrylate in the near future.
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The changing market dynamics of paints and coatings industry is also expected to make a significant difference to the rising revenue of the global isononyl acrylate market. The growing demand for enhanced paints and coatings in end-use industries such as automotive, construction, marine, and plastics is expected to play a key role in determining the rising usage of isononyl acrylate. “The rise in the demand for specialty paints is also held responsible for the rising consumption of isononyl acrylate,” states the lead author of this research report.
High Cost of Development Restrains Market Growth
The complex process of manufacturing isononyl acrylate takes about 16-18 weeks. Furthermore, the straight-chain alcohols required for making isononyl acrylate are extremely expensive. Collectively, these factors have resulted in the high cost of production and long lead time, thereby hampering the growth of the overall market. The availability of low-cost substitutes is also expected to restrain the rise of the market in the near future.