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The isophthalic acid market size is forecast to increase by USD 792 billion at a CAGR of 5.3% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Isophthalic acid (IPA) plays a crucial role in the manufacture of polyester resins, specifically in the production of copolymers with polyethylene terephthalate (PET). IPA functions as a comonomer, enhancing the characteristics of PET for various applications. By incorporating IPA into PET, the resulting copolymers exhibit enhanced thermal stability, mechanical strength, and processability. This is achieved by replacing a small percentage of terephthalic acid units with IPA. The superior clarity, slower crystallization rate, and improved barrier properties of PET copolymers make them desirable for premium and specialized packaging applications. The demand for these advanced packaging solutions continues to increase, driving the growth of the market.
IPA's molecular recycling properties also contribute to the production of composite materials and fiber production, further expanding its market potential. The chemical resistance of IPA makes it a valuable raw ingredient in various industries, including food packaging and plastic bottles.
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The PET copolymer segment was valued at USD 808.40 million in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Isophthalic acid (IPA), a significant chemical compound, plays a pivotal role in the manufacturing of resins, including unsaturated polyester resins (UPRs), which are in high demand in the Asia-Pacific (APAC) region. The region's rapid industrialization and urbanization have fueled the need for materials used in infrastructure development, automotive manufacturing, and textiles. In the automotive sector, the APAC market is a major player globally, with a growing preference for lightweight composite materials. IPA is an essential ingredient in producing UPRs, which are utilized in the production of fiber reinforced polymers (FRP). These materials offer automotive components, such as bumpers, body panels, and interior parts, the required strength, durability, and low weight.
Moreover, IPA's applications extend beyond the automotive industry. It is also used in the production of coatings and corrosion-resistant materials, making it a valuable component in the renewable energy sector, particularly in wind turbine blades. The construction industry also benefits from IPA as it is used in the production of insulation materials and concrete admixtures. In summary, the demand for IPA is on the rise in the APAC region due to its extensive use in various industries, including automotive manufacturing, construction, and renewable energy. Its versatility and unique properties make it an indispensable component in the production of high-performance materials.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. The market for isophthalic acid is influenced by several factors, including inflation, carbon emissions, and the shift towards bio-based isophthalic acid. The increasing inflation rates lead to higher production costs, which can impact the pricing of isophthalic acid and its downstream products. Additionally, the growing focus on reducing carbon emissions has led to an increased demand for bio-based isophthalic acid, which is produced using renewable feedstocks, thereby reducing the carbon footprint. Isophthalic acid is also used as a raw material in the production of polymers, including polyethylene terephthalate (PET) resins and coatings. The increasing demand for fuel efficiency and sustainability in various industries, such as automotive and packaging, is driving the growth of the PET resins market, which, in turn, is boosting the demand for isophthalic acid.
The glass transition temperature of isophthalic acid makes it an ideal raw material for producing high-performance coatings and resins, which are used in various applications, including lubricants and adhesives. The versatility and wide range of applications of isophthalic acid make it a crucial component in the chemical industry. In conclusion, isophthalic acid is a vital chemical compound with a wide range of applications in various industries, including construction, renewable energy, textiles, aerospace, and specialty resins. Its unique properties, such as high strength, durability, and versatility, make it an essential raw material for the production of various products, including unsaturated polyester resins, coatings, and polymers. The market for isophthalic acid is influenced by several factors, including inflation, carbon emissions, and the shift towards bio-based isophthalic acid, making it an interesting and dynamic market to watch.
Growing demand for polyester resins is the key driver of the market.
Surge in automotive component production is the upcoming trend in the market.
Variable crude oil prices is a key challenge affecting the market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast , partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
DHALOP CHEMICALS - This company provides isophthalic acid, a crucial component in the manufacture of metal coordination polymers and serving as a precursor for the production of crystalline tetragonal structures. Isophthalic acid's applications extend beyond this, making it an essential ingredient in various industries, including coatings, plastics, and textiles. With its versatility and high demand, our isophthalic acid offering caters to the growing needs of the North American market. Our commitment to quality and customer satisfaction ensures a reliable supply of this essential chemical, contributing to the success of numerous businesses in the region.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Isophthalic acid, an aromatic dicarboxylic acid, plays a significant role in the production of various industrial products. This chemical compound is a key feedstock for the manufacture of unsaturated polyester resins (UPR), which are widely used in the production of composites, coatings, and resins. In the composites industry, isophthalic acid is used to produce thermo-resistant coatings and self-extinguishing composite materials. These materials find extensive applications in construction, renewable energy, and transportation sectors. In the renewable energy sector, isophthalic acid is used in the production of wind turbine blades and solar panels, contributing to fuel efficiency and reducing carbon emissions.
Isophthalic acid is also used in the production of high-performance engineering plastics, such as copolyesters and polyesters. These polymers exhibit excellent chemical resistance, making them suitable for use in various industries, including aerospace, textiles, and automotive. Moreover, isophthalic acid is used as a raw ingredient in the production of pet resins, which are used in the manufacture of PET bottles and fibers. It is also used in the production of specialty resins, including those used in 3D printing, electrical vehicles, and hot melt adhesives. Isophthalic acid is also used in the production of various coatings, including waterproof gel coatings, thermosetting fiber, and coil coating.
These coatings offer excellent electrical and thermal resistance, making them suitable for use in various applications, including aircraft, special fibers, and printing inks. In summary, isophthalic acid is a versatile chemical compound with wide applications in various industries, including construction, renewable energy, transportation, textiles, and electronics. Its use in the production of various polymers, coatings, and resins contributes to the development of high-performance materials with excellent properties, such as chemical resistance, thermal resistance, and electrical resistance.
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Market Scope |
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Report Coverage |
Details |
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Page number |
220 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.3% |
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Market growth 2024-2028 |
USD 792 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.1 |
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Key countries |
China, US, India, Japan, Germany, Canada, France, South Korea, Saudi Arabia, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Application
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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