SEATTLE, May 18, 2020 (GLOBE NEWSWIRE) -- 2,2-Bis(hydroxymethyl)propionic acid (DMPA) is an organic chemical compound in crystalline solid form and non-toxic in nature. It finds application in coatings and adhesives and in production of anionic polyurethane dispersions.
The global dimethylolpropionic acid market is estimated to account for US$ 289.8 Mn in terms of value by the end of 2019.
Market Drivers:
Significant growth in the paints and coatings sector is expected to propel growth of the global dimethylolpropionic acid market over the forecast period. For instance, according to American Coatings Association, the production of paints and coatings in the U.S. was pegged at 1.35 billion gallons in 2019, registering a value of US$ 25.7 billion, compared to 1.33 billion gallons valued at US$ 24.9 billion in 2018.
Moreover, ‘not likely to present an unreasonable risk’ determination for DMPA is also expected to aid in growth of the market. For instance, in September 2019, The U.S. Environmental Protection Agency issued TSCA 5(a)(3)(c) findings for 19 substances, including DMPA, subject to pre-manufacture notices, determining ‘not likely to present an unreasonable risk’ status.
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Market Opportunities:
R&D related to DMPA is expected to offer lucrative growth opportunities for players in the global dimethylolpropionic acid market. For instance, in November 2019, researchers from Chung-Ang University, South Korea, reported that solubility of water-soluble polyurethane in water was dependent on the molecular weight of polyethylene glycol, polyethylene glycol: isophorone diisocyanate molar ratio, and DMPA content.
Moreover, development of oil-based waterborne coatings is also expected to aid in growth of the market. For instance, in November 2018, researchers from National Chung Hsing University, Taiwan, reported use of DMPA in development of linseed oil glyceride using a transesterification process.
Market Restraints:
The availability of a low-cost and wide range of substitutes for DMPA such as trimethylolethane, trimethylolpropane, and 2,4-dimethoxybenzaldehyde is expected to hamper growth of the global dimethylolpropionic acid market.
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Key Takeaways:
In terms of application, polyurethane dispersion segment held dominant position in the global dimethylolpropionic acid market in 2019, accounting for 79.5% share in terms of value, followed by resin segment. Dimethylolpropionic acid is used in manufacturing and processing of water-soluble resins, and is widely used in aqueous urethane dispersions to provide high gloss waterborne coatings with excellent flexibility and toughness. Waterborne coatings are used in a numerous applications, owing to their properties such as high resistance to heat and abrasion, excellent adhesion, as well as low toxicity and flammability due to low VOC levels and HAP emissions. The U.S. and Europe are very stringent about regulations on coatings, accepting the widespread use of waterborne coatings as they have a VOC content of less than 3.5 pounds per gallon of water. Moreover, relatively small amounts of waterborne coatings are capable of covering large surface areas as compared to equal quantity of solvent-borne coatings. In most cases, these coatings cost less than solvent-borne coatings and require no additives, thinners, or hardeners.These factors are expected to drive the demand for waterborne coatings across the globe, thus propelling demand of dimethylolpropionic acid globally.
Geographically, in terms of revenue, in 2019, Asia Pacific is expected to hold dominant position accounting for 40.6% share in the global dimethylolpropionic acid market. The growing use of waterborne coatings in construction and automotive industries is the major driving factor for growth of the dimethylolpropionic acid market in the region, with India and China being the key growth engines. As per stats released by Indian Brand Equity Foundation—part of the Department of Commerce, Ministry of Commerce and Industry, Government of India—the real estate market is expected to be valued at US$ 180 billion by 2020. According to stats released by Department of Industrial Policy and Promotion (DIPP), the automotive sector in India has attracted FDI worth US$ 15.79 billion, during April 2000–September 2016. This, along with rapid economic growth in the region creates a highly conducive environment for market growth.
Market Trends:
Major players in the market are focused on expanding their product portfolio. For instance, in November 2019, Perstorp Specialty Chemicals AB extended its Ymer nonionic dispersing monomer product range for polyurethane dispersion.
The market is witnessing increasing M&A activities. For instance, in September 2019, CPS Performance Materials acquired GEO Specialty Chemicals.
Competitive Landscape:
Major players are operating in the global dimethylolpropionic acid market include, Geo Specialty Chemicals, Inc., Perstorp Specialty Chemicals AB, Henan Tianfu Chemical Co. Ltd., Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd., and Shenzhen Vtolo Chemicals Co., Ltd.
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Market Segmentation:
By Region
- North America
- Latin America
- Europe
- APAC
- MEA
By Application
- Polyurethane Dispersions
- Resin Coatings
- Others