Dimethylolpropionic acid is a versatile chemical used in a variety applications. It facilitates chemical crosslinking and enhances the strength and durability of polyurethane and polyester polymers and resins. The product offers advantages such as heat and light stability.
The global Dimethylolpropionic Acid Market is estimated to be valued at US$ 524.0 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Dimethylolpropionic Acid Market is the growing use of the product in artificial intelligence and computing applications. Dimethylolpropionic acid is used in the manufacturing of polyurethane coatings for electronic devices. Its light and heat resistant properties make it suitable for coating circuit boards and semiconductor chips that generate a lot of heat. The booming artificial intelligence industry is driving greater demand for powerful computing devices, fueling consumption of Dimethylolpropionic Acid.
Segment Analysis
The dimethylolpropionic acid market can be segmented by application and end use. By application, the construction chemicals segment is expected to dominate the market during the forecast period. Dimethylolpropionic acid is used in formulating construction chemicals that act as plasticizers, curing agents, and sealants in concrete structures. Its properties such as chemical resistance, water repellency, and elasticity make it suitable for construction applications.
Key Takeaways
Market size: The global dimethylolpropionic acid market Scope is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period, due to increasing demand from the construction industry.
Regional analysis: Asia Pacific is expected to be the fastest growing as well as the dominating regional market over the forecast period. Countries like China, India, and Japan are major consumers of dimethylolpropionic acid in this region owing to rapid infrastructure development activities.
Key players: Key players operating in the dimethylolpropionic acid market are BASF SE, Perstorp Holding AB, Chemoxy International Ltd., and Merck Group. BASF SE is one of the prominent suppliers of dimethylolpropionic acid globally.
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