Crotonic Acid Market To Generate Revenue Worth $853.7 Million in 2025
- Published: February 2021
Suring demand for paints and coatings in the construction and automotive industries and rising growth in the adhesive industry, where crotonic acid is widely used in their formulations, have boosted the growth of the global crotonic acid market. Furthermore, it is widely used as an intermediate in the pharmaceutical industry for the production of crotamiton drug, which is used as an acaricide in the treatment of scabies. Due to these factors, the market is expected to generate $853.7 million revenue by 2025, advancing at a CAGR of 7.9% during the forecast period (2021–2025).
COVID-19 had spread at an alarming rate, which brought down the economic activities to standstill and further affected every business, including the production of paints and coatings and adhesives. Since crotonic acid is one of the key ingredients required in their formulations, hence the pandemic has also impacted the crotonic acid market negatively. However, with the upliftment of lockdown and industries are garnering pace, the crotonic acid industry is likely to come back to normalcy by the first quarter of 2021.
Rising Need of Alkali Removal Coatings Pushed the Demand for Paints and Coatings
The crotonic acid market is categorized into paints and coatings, chemical, packaging, automobile, pharmaceutical, electronics, textile, and others, based on end user. Out of these, the paints and coatings category is expected to observe the fastest growth during the forecast period. This can be primarily due to the rising usage of crotonic acid when formulated with vinyl acetate, to be used in alkali removal coatings for metallic surfaces, plastics, and wood. Furthermore, it is also used as one of the ingredients in oil-modified alkyd resin, which is used in the production of paints.
Further, on the basis of application, the crotonic acid market is classified into adhesive resins, coatings, plasticizers, fungicides, intermediates, and others. Among these, the adhesive resins category dominated the market in 2020, and is expected to retain its position in upcoming years. This is majorly attributed to the rising demand for adhesives in process equipment across the power, chemical, and oil & gas industries for smooth operations of assembly lines. These adhesives are formulated using crotonic acid when copolymerized with vinyl acetate, which, in turn, drives the market growth in this category.
Geographically, the crotonic acid market in China is expected to witness lucrative growth as a consequence of increasing demand for decorative coatings and industrial coatings. Since, it is a key raw material required for the production of paints and coatings, owing to its high adhesion, high stability, and dissolvability in almost all organic solvents. Hence, the increasing demand for paints and coatings in China is propelling the market growth in the country.
Some of the major players operating in the global crotonic acid market are Tianjin Jinhui Pharmaceutical Group Co. Ltd., Kono chem co. Ltd., WeylChem International GmbH, Zhengzhou Tuozhixiang Trading Co. Ltd., EUCLID, Central Drug House (P) Ltd., Henan Tianfu Chemical Co. Ltd., ALB Technology Limited, Penta Manufacturing Company, and Spectrum Chemical Manufacturing Corporation.