Published: Sep, 2019
Developing regions have huge opportunities for growth, as few markets in these regions are in their early stage of development. For example, Asia Pacific is leading in the global isononyl acrylate market. Based on the report developed by Transparency Market Research on the global isononyl acrylate market states that Asia Pacific held 80% share in the overall market. Significant rise in infrastructural development along with rapid industrialization and urbanization has made this region a leading market for the growth of isononyl acrylate. Growing consumerism in Asia Pacific is also considered as a driving factor in this market. Japan, China and India are the major regions in Asia Pacific isononyl acrylate market.
On the other hand, North America and Europe are also expected to hold key position and offer lucrative growth opportunities in the global isononyl acrylate market in the coming years. High demand for pressure-sensitive tapes is the key reason behind the growth of North America isononyl acrylate market.
In terms of revenue, the global isononyl acrylate market is expected to generate nearly US$ 12.3 million by the fall of 2024. This figure is slightly higher than US$ 10 million earned in 2015. The growth rate expected to be near 2.4% CAGR over the forecast period between 2016 and 2024. With this positive growth rate the market is expected to achieve newer heights in the coming years.
Players operating in the global nonyl acrylate market are high competitive, but this competition is only consolidated among few players who are leading this market. OSAKA Organic Chemical Industry Ltd., and Angene International Limited are the leading players holding significant share in the market. These leading players are engaged in contract research and manufacturing that will help in reducing the cost and will result in augmenting product development.
Rising Application in Adhesives and Sealants is Expanding Growth Opportunities in Isononyl Acrylate Market
Rise in application of isononyl acrylate has augmented growth in the global isononyl acrylate market. Coatings and paints and sealants and adhesives and are the key segments in which the global isononyl acrylate market. Out of these two, application is high in the adhesives and sealants segment. By the end of the forecast period, this segment is expected to hold 96.4% share in the market. Presently, the key application of isononyl acrylate is high in the production of pressure-sensitive adhesive tapes. As the demand for these tapes are rising, which will further augmented growth in this market in the coming years. Additionally, the coatings and paints industry is also expected to offer lucrative opportunities to the global isononyl acrylate market due to the growing demand for these in the flourishing construction industry.
Availability of Substitutes to Deter Growth in Isononyl Acrylate Market
Despite the high growth in the global isononyl acrylate market, there are few restraining factors that are threating the growth in this market. Time taking and high complex manufacturing procedures are the some of the key restraining factors that are likely to deter growth in the global isononyl acrylate market. Moreover, availability of cost effective substitutes such as ethyl acrylate, butyl acrylate, and methyl acrylate are also acting as challenging factors that may deter growth in the global isononyl acrylate market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Isononyl Acrylate Market (Application - Adhesives and Sealants and Paints and Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024”.
The global Isononyl acrylate market has been segmented as below:
- Adhesives & Sealants
- Paints & Coatings
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
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