Isophthalic Acid Market Introduction
Isophthalic acid is an isomer of terephthalic acid and phthalic acid. In the market, isophthalic acid is available in its highly pure form with a purity of 99% or more which is also referred to as Purified Isophthalic Acid (PIA). Isophthalic acid is extensively used in the production of commercially important polymers. For instance, the high performance polybenzimidazole polymer is produced by using isophthalic acid as a precursor. Essential properties of isophthalic acid such as hardness, hydrolytic stability, stain resistance, corrosion resistance, glossiness and ability to easily process make it highly applicable in a wide range of industries such as corrosion resistant pipes, tanks, and coatings producing industries, automotive industries and marine industries for producing Fiberglass Reinforced Plastics (FRP). These industries are highly preferring isophthalic acid for coating because polyester resins derived from isophthalic acid exhibit high thermal stability and also resist outdoor weathering to a significant amount.
Isophthalic Acid Market Dynamics
Isophthalic Acid Market Drivers
The global isophthalic acid market is expected to grow significantly, however with a less but significant margin. This growth is driven mostly by the rising demand for polyethylene terephthalate (PET) bottle resins at a global level. Isophthalic acid is used as a one of the key ingredients in the production of PET resins. Thus, increase in the global consumption of PET is expected to create a stable demand for isophthalic acid in coming years. Furthermore, the excellent properties of resistance exhibited by isophthalic acid are attracting a higher number of customers for the global isophthalic acid players. Also, other factors such as developing economies which is leading to the rapid development of industries across the different geographies are also driving the growth of global isophthalic acid market.
Isophthalic Acid Market Restraints
High durability and resistance towards wear and tear of isophthalic acid derived resins reduces its degradability. This is one of the reason that helps increase the global sales of isophthalic acid market. But, it also rises the concerns of different environmental regulations that are trying to protect the environment and are against the use of such polymers. Therefore, the regulations that limit the use of isophthalic acids in consumer products is expected to decline the growth rate of global isophthalic acid market.
Isophthalic Acid Market Trends
Presently, the there is a significant global overcapacity of isophthalic acid with a spare amount that is sufficient to cater the demands of next five years. This states that production rate is higher than the consumption rate of isophthalic acid. As a consequence of this, the price of isophthalic acid is expected to fall. In coming years, the rising demand for isophthalic acid derived resins is expected to stabilize the production consumption cycle which will bring back the prices to a higher level.
Isophthalic Acid Market Segmentation
The global Isophthalic Acid market can be segmented on the basis of applications and end-use industries.
On the basis of applications, the global isophthalic acid market can be segmented as:
- Production of PET resin (Polyethylene terephthalate)
- Production of UPR (unsaturated polyester resin)
- Thermosetting fiber
- Powder coating
- Aerospace coating
- Process additives
- Production of coating resins
On the basis of end-use industry, the global isophthalic acid market can be segmented as:
Isophthalic Acid Market Participants
Some of the market participants identified across the value chain of global Isophthalic Acid market that include manufacturers, suppliers or distributors are
- LOTTE Chemical CORPORATION
- The Chemical Company
- Eastman Chemical Company
- G. International Chemical Co. Inc
- KOHAP Corporation
- EMCO Dyestuff
- Marubeni Europe plc
- Hefei TNJ Chemical Industry Co.,Ltd.
- SILVER FERN CHEMICAL, INC
- Tecnosintesi S.p.A.
- Dhalop Chemicals
Isophthalic Acid Market Regional Outlook
The top most consuming region of isophthalic acid is China which is followed by North America and Europe. The global isophthalic acid market is expected to witness a rising demand from Asia Pacific countries such as India, Brazil and Thailand, where production and industry development is taking place in a fast pace. Collectively, this shows a significant growth of the global isophthalic acid market across the geographies.
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