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Crotonic Acid Market Trends, Business Strategies, Regional Outlook, Challenges and Analysis by Forecast 2025
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Furthermore, the burgeoning demand for paints and coatings will also help the crotonic acid market demonstrate a CAGR of 7.9% during 2021–2025. The market was valued at $592.0 million in 2020 and it is expected to generate $853.7 million revenue by 2025. Crotonic acid is one of the primary ingredients required for the formulation of paints and coatings, as it forms copolymers when mixed with other chemical compounds. Additionally, the acid is also used in the formulation of a thickener, which is used in the production of glossy emulsion paints.
At present, the crotonic acid requirement in several end-use industries is catered by Spectrum Chemical Manufacturing Corporation, Zhengzhou Tuozhixiang Trading Co. Ltd., Penta Manufacturing Company, WeylChem International GmbH, Tianjin Jinhui Pharmaceutical Group Co. Ltd., ALB Technology Ltd., Kono chem co. Ltd., and Henan Tianfu Chemical Co. Ltd. Crotonic acid manufactured by these companies are used in the formulation of adhesive resins, intermediates, coatings, plasticizers, and fungicides. Currently, the highest volume of this acid is used in the production of adhesive resins due to the burgeoning demand for crotonic acid-based adhesives in the packaging, automotive, electronics, and textile industries.
According to P&S Intelligence, China led the crotonic acid market in the preceding years, and it is projected to maintain its dominance in the forthcoming years as well. This can be ascribed to the escalating need for adhesives, paints, and coatings for the repair and renovation of commercial and residential structures in the country. Besides, the increasing use of the acid as intermediates, fungicides, and plasticizers in the pharmaceutical, agriculture, and chemical industries will augment the production of the acid in the country in the coming years.
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Thus, the booming demand for paints and coatings, increasing automobile production, and soaring cases of scabies will encourage the use of crotonic acid in the coming years.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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