Dimethylolpropionic Acid Market Is Estimated To Witness High Growth

The dimethylolpropionic acid market has been gaining significant traction over the past few years owing to increasing demand from paints & coatings industry. Dimethylolpropionic acid (DMPA) is an organic compound which acts as a modifier used to synthesize polymers and resins for paints, coatings, adhesives and other applications. DMPA improves the adhesion, flexibility and durability of the coatings. It has low viscosity, high reactivity and water solubility which makes it suitable for formulating waterborne coatings. The global shift towards sustainable and eco-friendly products has propelled the demand for waterborne paints & coatings from various end-use industries like construction and automotive.

The Dimethylolpropionic Acid Market Demand is estimated to be valued at US$ 603.65 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the dimethylolpropionic acid market are Active Motif, Inc., Illumina, Inc., Life Technologies, Affymetrix, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Qiagen, Knome, Inc., GE Healthcare, Geneva Bioinformatics SA, Quest Diagnostics, bitBiome, Inc., Intomics, Advanced BioInformatics GmbH, and Fios Genomics Ltd. Key players are focusing on capacity expansion activities and new product development to strengthen their market presence. For instance, in 2019, GEO Specialty Chemicals expanded its production capacity for DMPA at its plant in Bethlehem, Pennsylvania.

The growing paints and coatings industry especially in Asia Pacific and Central and South America regions provide huge opportunities for dimethylolpropionic acid manufacturers. China, India, Brazil and other developing countries are witnessing increased infrastructure projects and automobile production which will propel the demand for paints & coatings.

Global expansion of key players through partnerships, collaborations and investments in high growth regions is another important factor contributing to the growth of dimethylolpropionic acid market. In 2018, GEO Specialty Chemicals invested $53 million for capacity expansion of emulsion polymers and specialty monomers like DMPA in Mexico to cater to growing demand in Latin America.

Market drivers

The rising demand from paints and coatings industry is one of the major drivers augmenting the growth of dimethylolpropionic acid market. Increasing government spending on infrastructure projects and growth of the automotive industry are expected to boost the consumption of paints and coatings globally. According to data, the global paints and coatings market is projected to grow at a CAGR of over 5% during 2022-2031. Rapid urbanization, growing population and improving living standards in emerging economies will continue to drive the demand for architectural, industrial and automotive paints & coatings which in turn will generate high demand for DMPA modifier.

PEST Analysis

Political: Changes in environmental regulations and policies could impact the demand for dimethylolpropionic acid which is mainly used in coatings and adhesives industries.

Economic: Fluctuations in economic growth impacting end-use industries like construction may positively or negatively influence the dimethylolpropionic acid market.

Social: Increasing awareness about green products and sustainable solutions are driving the demand for bio-based dimethylolpropionic acid.

Technological: Developments in polymer synthesis and new applications are expanding the uses of dimethylolpropionic acid and spurring market growth. Advanced production technologies help reduce costs.

The dimethylolpropionic acid market in terms of value is highly concentrated in Asia Pacific region, primarily in China and India. This is due to the large production capacities and presence of key manufacturing companies in these countries along with huge demand from growing end-use industries.

North America is also a major regional market driven by increased consumption from paints, coatings and construction industries in the US and Canada. Presence of leading market players is further supporting market expansion. The market is expected to witness fastest growth in the Middle East region on account of infrastructure development projects and industrialization.

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