Crotonic Acid Industry Trends & Drivers
Growing Demand for Paints & Coatings Is Major Growth Driver
Crotonic acid is one of the key ingredients used for the formulation of , owing to its ability to form copolymers when mixed with other chemical compounds. In addition, crotonic acid monomer, when copolymerized with other compounds, results in the formulation of a thickener, which is further used in the production of glossy emulsion paints. Thus, the demand for paints & coatings continues to shape the market for crotonic acid, globally.
Factors such as the growing demand from the construction industry, coupled with the recovering automotive industry, are driving the demand for the paint industry in India. In the automotive industry, acrylic coatings have applications in both interior and exterior surfaces. Acyclic-based paints are mainly used as bases and topcoats for automotive OEM exterior applications. In recent years, the automotive sector has been growing at a faster rate, which has led to an increase in the growth of acrylic automotive paint. For instance, according to data published by the Indian Brand Equity Foundation (IBEF), India produced 22.93 million vehicles in the financial year 2022. Moreover, automobile exports in India reached 4,761,487 in the financial year 2023.
Growth in the gross domestic product (GDP), rise in disposable income of the middle-class population, rapid urbanization, shortening of the repainting cycle, increase in the sale of premium products, and launch of several innovative products are some of the major factors pushing the growth of the organized paint industry in India.
Thus, the strong demand for paints & coatings is pushing the demand for crotonic acid, a key raw material used in their production, thereby driving the market growth.
Short Shelf Life Restrains Market Growth
Crotonic acid is a monomer that, when copolymerized with vinyl acetate, is used as a raw material for the formulation of coatings, adhesives, and fungicides. Furthermore, the compound is used in water-soluble resins and copolymers for the production of pharmaceutical drugs, binders, and films. The growing demand for these end products has, thus, resulted in the demand for crotonic acid, which is used as a raw material in their production. However, the short shelf life of crotonic acid is a major factor affecting its market demand globally.
For crotonic acid, the just-in-time manufacturing approach is mostly followed to fulfill the market demand, as the product gets degraded in a short period. When released in the air, the compound’s molecules in vapor form get dissipated into the atmosphere upon reaction with photochemically produced hydroxyl radicals. Moreover, when dumped in water or soil, it does not volatilize but gets converted into butyrate and acetate by anaerobic microorganisms. Thus, the short shelf life of crotonic acid affects its market adoption to some extent.