Trimer Acid Market size was valued at USD 310.2 million in 2023 and is anticipated to reach USD 523 million by 2036, registering around 4.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of trimer acid is assessed at USD 320.37 million. The primary growth factor for the expansion of the trimer acid market is the growth in the construction processes worldwide. In the year of 2020, it was estimated that the total spending in the U.S. construction sector was USD 1.36 trillion. Moreover, the U.S. construction industry accounted 4.3% of the total GDP in 2021.
Bio-based adhesives and lubricants have become increasingly popular in recent years. The high utilization of trimer acid in these applications is further projected to offer various opportunities for growth to the global trimer acid market in the coming years. Additionally, the surge in the construction chemicals market is also expected to bring significant gains to the trimer acid market during the forecast period. Aggressive investment by various governments across the globe to develop their infrastructure and construction industry is another vital factor that is anticipated to augment the market in the coming time. The construction sector of the United States had 680,000 employers and approximately 7 million employees in 2020.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.1% |
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Base Year Market Size (2023) |
USD 310.2 million |
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Forecast Year Market Size (2036) |
USD 523 million |
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Regional Scope |
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The trimer acid market is segmented and analyzed for demand and supply by application into coating, adhesives & sealants, elastomers, synthetic lubricants, and others. Out of these, the adhesives & sealants segment is expected to garner the highest revenue by 2031. The significant boost in the construction industry is expected to increase the demand for adhesives & sealants for the construction of buildings during the forecast period. As per the United States Census Bureau, till June 2021, there were 142,153,010 housing units in the U.S. Furthermore, the building permits in the same period were 1,736,982 units. Further, the growing population and urbanization in developing countries have played a critical role in driving demand for adhesives & sealants, thereby, propelling the trimer acid market in the forecast period. Besides, several applications of adhesives & sealants in the construction industry, such as tiling, wallpapers, and exterior insulation systems in commercial buildings, have made notable contributions to driving the global trimer acid market. In 2018, the Commercial Buildings Energy Consumption Survey (CBECS) stated that there were approximately 5.9 million U.S. commercial buildings in 2018.
Our in-depth analysis of the global trimer acid market includes the following segments:
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By Type |
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By Function |
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By Application |
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Regionally, the global trimer acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is poised to dominate majority revenue share by 2036, owing to great investments made in the construction industry. As per recent estimates, in 2020, the construction industry value in China amounted to USD 1,060 billion. Further, the increasing construction activities is projected to expand the utilization of trimer acid for various processes. In fiscal year 2021, infrastructure activities in India accounted for a 13% share of the total FDI inflows of USD 82 billion.
Kraton Corporation has finally agreed to merge with DL Chemical Co., Ltd. The merger is projected to strengthen the global presence of the company and further allow it to invest in industry-leading sustainable innovation.
Exxon Mobil along with Sealed Air and Ahold Delhaize USA has decided to collaborate on an advanced recycling initiative, the first of its kind in the U.S.
Author Credits: Rajrani Baghel
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