The Global Isophthalic Acid Market was valued US$ X.44 Bn and is expected to reach US$ XX.X Bn by 2027, at a CAGR of X.6% during a forecast period. Bending interest towards adoption of ready to eat (packed) food and beverages and demand for high quality resins for packaging in the food industry is increasing demand for the isophthalic acid market. Regionally, Asia Pacific region is expected to dominate the market, approximately 40-45% of market share is documented by this region.
Isophthalic acid are also known as “organic compound”, which is an isomer of phthalic and terephthalic acid. It generally available in crystalline form having unpleasant odour with chemical formula C6H4(COOH)2, obtain by oxidation of meta-xylene and delivers vast application in production of plasticizers, synthetic resins in numerous end-user sector.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Drivers and Restraints:
Continuous developments in the method of synthesis of isophthalic acid using advanced equipment and technology is helping the market to expand in terms of value and volume.
Key aspect to drive the global isophthalic acid market is projected to pushed by the huge request for the polyethylene terephthalate (PET) bottle resin amongst numerous emerging industries. There is huge demand for the isophthalic acid in the production of PET reins which acts as a chief ingredient hence expected to boost the market demand in the coming years. As a result, an upsurge in the huge consumption of PET globally is likely to deliver significant employment to producers engaged in the production of isophthalic acid in the developed and developing economies. Moreover, noticeable properties like excellent resistance properties of the isophthalic acid are catching the attention of consumers as well as vendors to invest in the market will exaggerate the market demand in the coming years.
Furthermore, growth in the end-use industries for instance, plasticizer, former agent, coating, plastics, lubricants, others are going to contribute for the market growth on large scale during the forecasted years. Growth of the manufacturing sector and production unit in emergent economies such as India, China, Brazil, and other countries is expected to show significant growth of the Isophthalic Acid market in the coming years.
Conversely, environmental concern by the government together with noticeable variation in the raw material price and major drop in crude oil market, expected to pull the market growth during the forecast timespan.
Isophthalic Acid Market Segment analysis:
By application of Isophthalic Acid, coating sector was uppermost driving segment, accounting for over 45% of the market share in 2019. Automobile coating with advanced technology is constantly recording significant growth owing to increasing demand from developing countries such as India and China. Furthermore, rising consumption of the materials in construction and furniture is considered as the major drivers for global isophthalic acid, also huge preference in the metal and wood furniture coating globally owing to growing awareness amongst the population will boost the market growth. On the other hand, new technology and advancement is another factor to propel the market demand in terms of value and volume. Additionally, huge demand of the material as an intermediate in the polyester resins and polyester coating high requirement for the durability and smooth finishing after application is the key factor to attract the consumer is leading the market growth.
Isophthalic Acid Market Regional Analysis:
Regionally, Asia Pacific is expected to dominate the isophthalic acid market and is expected to grow at a CAGR of X.X % during the forecast period. Developing regions like India, China, and Brazil are considered major contributors for the isophthalic acid market growth in the Asia Pacific region. In 2019 market size was valued US$ XX Bn though in China, market size was valued XX Bn and expected to increase by US$ XX Bn in the coming years. Furthermore, as this region is considered as manufacturing hotspot such as paints and coatings, chemicals, plasticizers, lubricants and others is projected to boost the market growth during forecasted period.
Europe is the second-largest market for Isophthalic Acid because of growing demand for PET resins manufactured by using isophthalic acid. Also, paints and coatings application in developing economies owing to growth in the construction industry and growth in the chemical sector is anticipated to considerably boost the segment growth in Europe.
The objective of the report is to present a comprehensive analysis of the Global Isophthalic Acid Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
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Scope of Isophthalic Acid Market
Global Isophthalic Acid Market, By Type
• Industrial Grade
• Reagent Grade
Global Isophthalic Acid Market, By Application
• Chemical Raw Materials
• Former Agent
Global Isophthalic Acid Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Isophthalic Acid Market,
• LOTTE Chemical CORPORATION
• The Chemical Company
• Eastman Chemical Company
• G. International Chemical Co. Inc
• Hefei TNJ Chemical Industry Co.,Ltd.
• SILVER FERN CHEMICAL, INC
• Tecnosintesi S.p.A.
• Dhalop Chemicals
• KOHAP Corporation
• EMCO Dyestuff
• Marubeni Europe plc
• Hanhong Group
• Xiamen Hisunny
• Mitsubishi Chemical
• Zhejiang Kaili
• DVP Chemicals
• A.G. International Chemical
• Nanjing Tianxie
• Anhui Royal
• Neostar United
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
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