Published: February 2021 | Report Code: CM12140 | Available Format: PDF | Pages: 134
The global crotonic acid market stood at $592.0 million in 2020, and is projected to witness a CAGR of 7.9% during the forecast period (2021–2025). The growth can be attributed to the rising consumption of crotonic acid-based copolymer dispersions for adhesives, paints, and coatings, which yield better adhesion performance. Furthermore, there has been a tremendous growth in consumption of adhesives, owing to their rapid solidification property, which is needed in high-speed manufacturing lines, such as textiles and packaging, which, in turn, drives the demand for crotonic acid, globally.
The COVID-19 pandemic has already affected every industry. Alike other industries, the crotonic acid market has witnessed the negative impact of the COVID-19 outbreak. Manufacturing operations in many downstream or end-use industries, such as paints and coatings, textile, packaging, automotive, and pharmaceutical, have suspended. This has caused a significant fall in the demand for crotonic acid.
In 2020, the adhesive resins category accounted the largest market size in the crotonic acid industry, on the basis of application. This is due to the usage of crotonic acid in the production of copolymer dispersions for adhesives resins for enhancing their adhesion properties. In addition, the increasing demand for crotonic acid-based adhesive formulations in the automobile, packaging, textile, and electronics industries has propelled the market growth in this category.
The paints and coatings category, based on end user type, held the largest share in the crotonic acid market in 2020, and is projected to witness the fastest growth during the forecast period. The high share of the category is attributed to the fact that crotonic acid-based binders, used in paint and coatings, form a coating layer and hold pigments in place by binding them tightly. Furthermore, high demand for paints and coatings in the construction, automotive, and packaging industries has pushed the demand for crotonic acid.
Geographically, during the historical period (2016–2020), China held the largest share in the crotonic acid market, and is expected to witness the same trend in coming years. In addition, the Chinese market is also projected to observe the fastest growth during the forecast period. This is due to the increasing demand for paints and coatings and adhesives for renovation and repair of commercial and residential buildings. In addition, high demand for crotonic acid as fungicides, intermediates, and plasticizers in the pharmaceutical, agricultural, and chemical industries has boosted the market growth in the country.
Crotonic acid is one of the key ingredients used for the formulation of paints and coatings, 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 used in the production of glossy emulsion paints. These glossy emulsion paints provide protective coatings and extra glowing effect to the exteriors and interiors of buildings. Thus, the rising demand for emulsion paints continues to shape the crotonic acid market.
|Base Year (2020) Market Size||$592.0 million|
|Forecast Period CAGR||7.9%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Impact of COVID-19, Company Share Analysis, Regional and Country Breakdown, Companies’ Strategic Developments, Key Offerings of Major Players, Company Profiling|
|Market Size by Segments||By Application; By End User; By Geography|
|Market Size of Geographies||U.S., China, Germany, Brazil, Indonesia, Italy, France, Mexico, Spain, Vietnam, Saudi Arabia, Thailand, Philippines, South Africa|
|Secondary Sources and References (Partial List)||Adhesive and Sealant Council, Adhesives and Sealants Manufacturers Association of Canada, American Coatings Association, Association of the European Adhesive & Sealant Industry, Australian Paint Manufacturers' Federation, British Adhesives and Sealants Association, Contract Packaging Association, European Chemicals Agency, Indian Paint and Coating Association, Indian Paint Association, Packaging Industry Association of India, Adhesive and Sealant Council Inc., Association for Packaging and Processing, Royal Society of Chemistry|
Crotonic acid is widely used as a comonomer with vinyl acetate. The resulting copolymers are widely used in the formulation of adhesives. For instance, hot melt adhesives are generally prepared by grafting of acrylic and crotonic acids onto metallocene ethylene–octene copolymers. Furthermore, technological developments have led to the formulation of advanced adhesives that offer excellent bond strength, flexibility, and performance under a wide range of temperatures. The adoption of these adhesives, which are crotonic acid-based, has also been supported by the rising awareness on different types of adhesives and their benefits in various end-use industries, which, in turn, drives the crotonic acid market.
The global crotonic acid market is fragmented in nature with presence of key players such as Tianjin Jinhui Pharmaceutical Group Co. Ltd., Kono chem co. Ltd., Zhengzhou Tuozhixiang Co. Ltd., and WeylChem International GmbH.
The crotonic acid market report offers comprehensive market segmentation analysis along with market estimation for the period 2016–2025.
Based on Application
Based on End User
In 2025, the value of the crotonic acid market will be $853.7 million.
Adhesive resins are the largest application area in the crotonic acid industry.
China is the largest and fastest-growing crotonic acid market.
The major crotonic acid market drivers are growing demand for paints and coatings and rapid growth in the adhesives industry.
The crotonic acid market is fragmented in nature.
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