Global Isophorone Market - Segmented by End-user Industry, and Geography - Growth, Trends and Forecasts (2022 - 2030)
The global isophorone market is expected to register a CAGR of 4.32% during the forecast period, 2018 to 2023. North America holds the largest share in 2017, in terms of demand, in the global isophorone market, while Asia-Pacific ranks second in terms of isophorone consumption, followed by Europe.
Growing Demand for Coating Applications in Asia-Pacific
Many countries in the Asia Pacific region are witnessing consistent growth in their economy. The GDP growth of countries, such as China and India is 6.6 and 7.2 respectively in 2017. China, being the largest market in the Asia Pacific region for coatings, especially protective coatings, is expected to increase because of expanding industries in the country, such as automotive, construction, shipbuilding, and petrochemicals. India has been witnessing an increased demand for architectural coatings, majorly because of growing industrial infrastructure. In Vietnam, industrial wood coatings demand has been on a rise because of the increasing exports of Vietnamese made furniture. Countries, like South Korea and Singapore are witnessing a demand for marine coatings as they are emerging to be the hubs for maritime transportation and there have been growing shipbuilding activities in these nations. Isophorone is used as a solvent in coatings and the growing application of coatings is expected to boost the market during the forecast period.
Increasing Applications in Paints & Coatings
Paints & coatings is one of the key consumers of isophorone market. Isophorone is used in the manufacture of various paints & coatings owing to its ability to enhance the fluidity of the coating. The demand for paints & coatings in Asia-Pacific is increasing at healthy rate owing to the increasing demand from construction and automotive industries. Additionally, recovery of construction sector in developed regions primarily Europe is also another boosting factor for the paints & coatings market. Furthermore, increasing demand for automotive coatings in emerging countries is also projected to support the demand for isophorone during the forecast period.
North America to Dominate the Market
North America isophorone market is mainly dominated by end-user industries, like paints & coatings, composites etc. and the demand for isophorone is expected to increase at a steady rate because of growth in the end-user industries. The composite market in the United States has witnessed a y-o-y growth rate of 4.2% in 2016-2017. The United States is the also the second largest producer of paints and coatings globally, after China. The growing construction activities are fueling the demand for paints & coatings in the country, which is expected to augment the demand for isophorone in recent years.
Major Players: BASF, Bayer, Evonik Industries, DowDupont and Huntsman, amongst others.
Key Developments in the Market
July 2017: Evonik Industries AG had announced the merger of isophorone chemistry and epoxy curing agents business with the new cross linkers business line. The newly formed Business Line, will be part of the Resource Efficiency Segment
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Growing Demand for Coating Applications in Asia-Pacific
Many countries in the Asia Pacific region are witnessing consistent growth in their economy. The GDP growth of countries, such as China and India is 6.6 and 7.2 respectively in 2017. China, being the largest market in the Asia Pacific region for coatings, especially protective coatings, is expected to increase because of expanding industries in the country, such as automotive, construction, shipbuilding, and petrochemicals. India has been witnessing an increased demand for architectural coatings, majorly because of growing industrial infrastructure. In Vietnam, industrial wood coatings demand has been on a rise because of the increasing exports of Vietnamese made furniture. Countries, like South Korea and Singapore are witnessing a demand for marine coatings as they are emerging to be the hubs for maritime transportation and there have been growing shipbuilding activities in these nations. Isophorone is used as a solvent in coatings and the growing application of coatings is expected to boost the market during the forecast period.
Increasing Applications in Paints & Coatings
Paints & coatings is one of the key consumers of isophorone market. Isophorone is used in the manufacture of various paints & coatings owing to its ability to enhance the fluidity of the coating. The demand for paints & coatings in Asia-Pacific is increasing at healthy rate owing to the increasing demand from construction and automotive industries. Additionally, recovery of construction sector in developed regions primarily Europe is also another boosting factor for the paints & coatings market. Furthermore, increasing demand for automotive coatings in emerging countries is also projected to support the demand for isophorone during the forecast period.
North America to Dominate the Market
North America isophorone market is mainly dominated by end-user industries, like paints & coatings, composites etc. and the demand for isophorone is expected to increase at a steady rate because of growth in the end-user industries. The composite market in the United States has witnessed a y-o-y growth rate of 4.2% in 2016-2017. The United States is the also the second largest producer of paints and coatings globally, after China. The growing construction activities are fueling the demand for paints & coatings in the country, which is expected to augment the demand for isophorone in recent years.
Major Players: BASF, Bayer, Evonik Industries, DowDupont and Huntsman, amongst others.
Key Developments in the Market
July 2017: Evonik Industries AG had announced the merger of isophorone chemistry and epoxy curing agents business with the new cross linkers business line. The newly formed Business Line, will be part of the Resource Efficiency Segment
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Please Select a Format
