LONDON--(BUSINESS WIRE)--The global isophthalic acid market is expected to post a CAGR of nearly 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising demand for UPR. Isophthalic acid is extensively used for producing UPRs. These are synthetic resins that are formed by the reaction of dibasic organic acids and polyhydric alcohols. Most of these resins are used in the building, pipe and tanks, and marine industries. UPRs are preferred to other resins such as epoxy resins as they are cost-effective. They exhibit superior performance in comparison to phenolic and polyurethane resins, and they display high tensile strength, chemical resistance, hardness, and weather resistance.
This market research report on the global isophthalic acid market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing preference for vertical integration as one of the key emerging trends in the global isophthalic acid market:
Global isophthalic acid market: Increasing preference for vertical integration
The increase in raw material prices has led to backward and forward integration by vendors of isophthalic acid to reduce the operational and distributional costs. Various vendors are opting for vertical integration to stay ahead of the competition.
“Companies such as Lotte Chemical Corporation proposed to invest USD 3.2 million to increase its meta-xylene production to keep up with the demand for chemicals used for making plastic bottles. The expansion plan will increase the annual meta-xylene production capacity at the Ulsan plant, South Korea, to 360,000 tons by 2019 from 160,000 tons. Backward and forward integration by vendors help improve the supply chain of isophthalic acid,” says a senior analyst at Technavio for research on specialty chemicals.
Global isophthalic acid market: Segmentation analysis
This market research report segments the global isophthalic acid market by application (PET copolymer, unsaturated polyester resins, and surface coating) and geographical regions (APAC, EMEA, and the Americas).
The PET copolymer segment held the largest market share in 2017, accounting for nearly 51% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 49%. This region is expected to dominate the market through 2022, with an increase in its market share by over 1%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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