The global crotonic acid market is expected to register a CAGR of 10% by garnering a market value of US$ 1,693.71 million by the end of 2033. By 2023-end, a valuation of US$ 653 million is expected. The growth of the market can be attributed to:
The growth of emerging economies, such as China, India, and Brazil, is driving the demand for crotonic acid. These economies are witnessing rapid industrialization and urbanization, which is driving the demand for various products that use crotonic acid as a raw material.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 653 million |
| Projected Market Value (2033) | US$ 1,693.71 million |
| Growth Rate (2023 to 2033) | 10% CAGR |
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The Asia Pacific crotonic acid market is expected to witness significant growth in the coming years. The region is home to some of the world's fastest-growing economies, such as China, India, and Japan, which are witnessing rapid industrialization and urbanization. This is driving the demand for various products that use crotonic acid as a raw material, including coatings, adhesives, and pharmaceuticals.
China is the largest consumer of crotonic acid in the Asia Pacific region, and the country's demand for crotonic acid is expected to continue growing in the coming years. The growth of the construction and automotive industries in China is driving the demand for coatings and adhesives, which is in turn driving the demand for crotonic acid.
India is another major market for crotonic acid in the Asia Pacific region. The country's pharmaceutical industry is witnessing significant growth, which is driving the demand for crotonic acid. Additionally, the growth of the construction industry in India is driving the demand for coatings and adhesives, which use crotonic acid as a raw material.
Japan is also a significant market for crotonic acid in the Asia Pacific region. The country's well-established pharmaceutical industry is driving the demand for crotonic acid. Additionally, the growth of the automotive industry in Japan is driving the demand for coatings and adhesives, which use crotonic acid as a raw material.
The coatings and adhesives industry is a major consumer of crotonic acid, and the growth of this industry is expected to drive the demand for crotonic acid in the coming years. The increasing demand for high-quality coatings and adhesives is also expected to drive the growth of the market.
The pharmaceutical industry is another major consumer of crotonic acid, and the growing demand for pharmaceuticals is expected to drive the demand for crotonic acid in the coming years. The increasing prevalence of diseases and disorders is also expected to drive the growth of the market.
The development of new and advanced technologies is expected to improve the quality of crotonic acid, making it more suitable for use in various industries. This is expected to drive the demand for crotonic acid in the coming years.
The growth of emerging economies, such as China, India, and Brazil, is expected to drive the demand for crotonic acid in the coming years. These economies are witnessing rapid industrialization and urbanization, which is driving the demand for various products that use crotonic acid as a raw material.
Demand for the acid will witness steady recovery in short-term, with optimistic growth outlook in the long-run.
Although demand from Paints & Coatings sector suffered to some extent in the near term, however a quick sales recovery is likely in the industrial sector, particularly from coatings application.
Principal Consultant
On the basis of application, the Paints & Coatings sector dominated demand share across regional markets. This is because crotonic acid is used to formulate Paints & Coatings, because of its ability to create copolymers when combined with other chemical compounds.
The acid monomer, when copolymerized with the other compound helps in the formation of specialty thickeners that are used in the production of glossy emulsion paints. These paints provide glowing effect that is useful in health & safety applications and also provide protective coating to the substrate. Thus, the growing sales of emulsion paints continues to drive the market.
The use of acid-based binders to bind pigments as well as form a coating sheet is increasing in the industry. The rising demand of paints and coatings from the construction, automotive, and packaging industries will boost the demand of this market.
Adhesive resins segment has a prominent share in terms of application and is projected to grow at the fastest pace in the forecast period. Crotonic acid is used in the manufacture of copolymer dispersions for adhesive resins to improve their adhesion properties.
The increasing demand for acid-based adhesive formulations in the textile, packaging, automobile, as well as in electronics industries has boosted market growth in this sector. Manufacturers are striving to serve the ever increasing need of such industries to source application specific products to suit their exact needs, so as to produce specialty adhesive products.
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USA is one of the most important markets for Crotonic Acid market, accounting for a sizeable share of the global sales. The presence of key market participants in USA ensures a steady domestic supply for the end use industries and close cooperation between the key players and their customers.
Demand for decorative as well as protective coatings in the USA has been increasingly consistently over the past many years. Increasing demand from the building & construction, automotive, aviation and oil & gas industries for protective coatings is projected to augment the market for crotonic acid in the USA.
Sales in the USA however may be impacted by regulations pertaining to the hazardous Properties of this acid.
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as commercial spaces are growing in the country, demand for paints & coatings from the building & construction sector is increasing.
After prolonged spells of economic slowdown owing to the pandemic restrictions, many of the countries are gradually opening up their industrial and commercial sectors again, which is projected to stimulate demand recovery.
Despite the COVID-19 challenges, demand from European countries has played an important role in shaping the market. Manufacturers in the European acid industry are investing heavily in development new product and research in order to maintain quality and compete in the post-COVID economy. In a fragmented and competitive market, industry players are entering long-term contracts with suppliers to provide a cost advantage.
Some of the leading manufacturers and suppliers include
Most of the key manufacturers are focusing on innovative product developments and catering to various end-use requirements as per the specific need & choice of formulations required by their applications. A key trend in the paints and coatings sector pertains to the shift towards less toxic and more sustainable materials, and manufacturers of crotonic acid can focus on these aspects to tap new opportunities.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Crotonic Acid Market
