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The THEIC market size is estimated to grow by USD 82.7 million and the size of the market is forecast to increase at a CAGR of 5.83% between 2023 and 2028. The market is experiencing significant growth, driven by the expanding real estate and construction industry. Theic, or Thermally Insulated Concrete, is gaining popularity due to its energy-efficient and cost-effective properties. Market trends include the invention of new methods in producing Theic and paints and coatings, such as the use of fly ash and slag, which not only reduces the environmental impact but also lowers production costs. However, fluctuations in raw material prices, particularly cement and steel, pose challenges to market growth. Despite these challenges, the market is expected to continue its upward trajectory, fueled by increasing demand for sustainable and cost-effective building solutions.
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The Market encompasses a wide range of industries including real estate, construction, agrochemicals, electric motors, transformers, flame-proof industrial motors, HVDC cable installations, secondary information, and various others. In the real estate and construction sector, Market plays a significant role in providing insulating varnishes, paints, coatings, and flame retardant adhesives for fire safety. In the agrochemicals industry, Market offers products like Tris hydroxyethyl isocyanurate, which is used as a flame retardant in polymers and plastics. The electric motor segment includes high-voltage motors and HVDC cable installations, while the transformer sector focuses on producing flame-proof industrial transformers. Our researchers analyzed the data with 2023 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 focuses on the rural segment, where the consumption of pesticides is comparatively low.
Moreover, 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. Hence, such factors are driving 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.
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.
Moreover, 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 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 144.50 million in 2018 and will continue to grow by 2022. 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 during the forecast period.
APAC is estimated to contribute 41% 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. 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 market in APAC during the forecast period.
Companies 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 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.
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.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
A comprehensive study on agrochemicals, electric motors, transformers, and more the real estate and construction industries have been witnessing significant growth, leading to an increase in demand for various products and solutions. This dynamic market landscape encompasses numerous sectors, including agrochemicals, electric motors, transformers, flame-proof industrial motors, and HVDC cable installations. The electrical sector is another crucial component, with a focus on high-voltage motors, insulating varnishes, paints, coatings, wire manufacturing, and flame retardant adhesives. The company landscape is diverse, with electronics industries demanding thermal stability, chemical resistance, low toxicity, and regulatory compliance. Moreover, the electronics industries' environmental regulations and miniaturization trends necessitate the use flame retardant chemicals in textiles, construction, and fire safety regulations, adhering to building codes. Stay tuned for more insights on this diverse and intriguing market landscape.
Theic Market, a dynamic and evolving landscape of secondary information providers, caters to the unique needs of electronics companies. In this competitive arena, profitability is a key driver, influenced by various factors such as pricing, promotions, and operational decisions. companies must stay abreast of industry trends, including electronics miniaturization, to remain competitive. Regulatory requirements, a significant aspect of the THEIC market, continue to shape the vendor landscape. Halogen-free and eco-friendly flame retardants, alternatives to brominated and chlorinated compounds, are gaining popularity due to their environmental benefits. Corporate leaders must formulate strategies to meet these regulatory nuances while maintaining profitability.
Understanding competitor analysis and investment avenues is crucial for operational success. companies must keep track of competitor pricing and promotional strategies to stay competitive. Expansion opportunities, particularly in emerging markets, offer significant potential for growth. However, navigating the complex regulatory landscape and keeping up with technological advancements requires a well-informed approach. In conclusion, the THEIC market presents both challenges and opportunities for electronics companies. By staying informed about regulatory requirements, pricing trends, and competitor strategies, companies can make informed operational decisions and capitalize on investment avenues for long-term success.
Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.83% |
Market growth 2024-2028 |
USD 82.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.19 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Germany, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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., Nissan Chemical 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 analysis, market research and growth, Market forecasting, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, 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 Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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