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The global THEIC market size is estimated to grow by USD 79.88 million between 2022 and 2027 and the size of the market is forecast to increase at a CAGR of 5.9%.
The growth of the market depends on several factors, including the growing real estate and construction industry, the increasing demand for agrochemicals, and the rising demand for electric motors and transformers in various end-user industries.
This report extensively covers market segmentation by end-user (paints and coatings, pharmaceuticals, wire manufacturing, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for agrochemicals is propelling the market growth. The global agrochemicals market is receiving huge investments for the development of effective and eco-friendly fertilizers, plant-protection chemicals or pesticides, and plant-growth hormones. The focus on untapped markets, such as India and China, heavily emphasizes the rural segment, where the consumption of pesticides is comparatively low. As these economies have a significant rural population, they are prime markets for agrochemical players, with China having a higher agricultural output than India and the European Union. The increasing demand for food and limited land for cultivation will further drive the use of agrochemicals to improve farm yield and reduce crop loss. THEIC, an intermediate in the synthesis of agrochemicals, is expected to grow significantly during the forecast period with the growth of the global agrochemicals industry.
Difficulty in handling raw materials is a major restraint in the market. THEIC production involves a reaction between ethylene oxide, a flammable gas with a sweet odor, and isocyanuric acid, which is classified as an irritant by the ECHA. Exposure to ethylene oxide can cause a range of health effects, while isocyanuric acid can cause skin and eye damage or irritation, and respiratory tract irritation. The hazardous nature of these raw materials poses a challenge for the safe handling and production of THEIC, which may result in increased costs and resources. These factors may impede the growth of the market during the forecast period.
The rise in HVDC cable installations is a major trend. HVDC cables are becoming increasingly popular for transmitting large amounts of electricity over long distances and for specific purposes. Alternating current (AC) has traditionally been the preferred method of electrical transmission globally, but it has certain limitations such as distance restrictions and transmission capacity. Additionally, two AC power networks with different frequencies cannot be connected in series. Due to the drawbacks of AC, HVDC has emerged as a solution to these critical issues and is expected to see significant adoption as a supplement to AC transmission.
HVDC has several applications, including connecting remote power generation, interconnecting grids, offshore wind connections, DC links in AC grids, delivering power to and from offshore platforms, city center infeed, connecting remote loads, and overhead transmission lines. High-temperature cables made of standard steel or aluminum conductors and high-temperature superconductor materials are used in HVDC. The insulating materials in these cables are highly thermostatic. Lamination of these cables extensively uses THEIC due to its unique properties, such as resistance to high temperatures and water stability. As a result, as the number of HDVC cable installations grows, the demand for THEIC is expected to rise during the forecast period.
The market share growth by the paints and coatings segment will be significant during the forecast period. Paints and coatings are used extensively across the industrial and residential sectors. Industrial applications mainly include the general industrial, automotive, aerospace, transportation, marine, electrical and electronics, packaging, metal, and other sectors.
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The paints and coatings segment was valued at USD 138.12 million in 2017 and continued to grow by 2021. THEIC is widely used in polyimide-insulating varnishes, water-soluble paints, general oil-based paints, and paints for the base plate of automobiles. The introduction of innovative coatings and the demand for oil-based paints across all end-user industries are driving the growth of this segment.
APAC is estimated to contribute 44% to the growth of the global market 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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The growth of the market in the region is attributed to factors such as the growth of industries such as construction, automotive, and aerospace and defense. Many automotive manufacturing companies have shifted their manufacturing bases to APAC to leverage the easy availability of low-cost labor. Governments of countries such as Indonesia, Malaysia, and Thailand offer tax subsidies to these companies. Thus, the growth of the automobile sector, along with the growing economy and the emerging middle-class population, will fuel the growth of the paints and coatings market in APAC. This, in turn, will augment the demand for THEIC.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the outbreak of COVID-19 affected the growth of several industries in the region, including construction and automotive. However, owing to vaccination drives across various countries, the number of COVID-19 cases decreased. This has led to the resumption of operations in manufacturing sites, which has increased the demand for THEIC in the region. In addition, the increasing demand for THEIC across various end-user industries and the rising construction activities are expected to propel the growth of the THEIC market in APAC during the forecast period.
Vendors are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
AK Scientific Inc. - The company offers THEIC chemicals that are used for the production of dye staffs and intermediate for organic synthesis.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global THEIC Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
THEIC Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.9% |
Market growth 2023-2027 |
USD 79.88 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.9 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AK Scientific Inc., ATAMAN Kimya AS, Avantor Inc., Haihang Industry Co. Ltd., Hebei HaiDa Chemical Industry Co. Ltd., Kuilai Chemical Co., Laffans Petrochemicals Ltd., LANYA CHEM INDUSTRIES PVT LTD., LAVEEK ADDCHEM, Merck KGaA, Nantong Haotai Products Chemicals Co. Ltd., NISSEI Corp, Shandong Jianbang New Material Co. Ltd., Shandong SanYoung Industry Co. Ltd., Shikoku Chemicals Corp., Tokyo Chemical Industry Co. Ltd., Toronto Research Chemicals Inc., Vortex Products Ltd., Wintersun International Inc., and Yangzhou Chemical Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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