Dimethylol Propionic Acid Market Size, Share, Forecast Report 2022- 2028

Dimethylol Propionic Acid Market Size And Industry Analysis

The global dimethylol propionic acid market size is expected to grow at a compound annual growth rate of about 5% from the year 2022 to 2028. The market was valued at about USD 578 Million and is expected to reach USD 857 Million by the year 2028. The report analyzes the global dimethylol propionic acid market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the dimethylol propionic acid market.

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Dimethylol Propionic Acid Market: Overview

Dimethylol propionic acid happens to be a chemical compound that has 2,2 –bis (hydroxymethyl) chemical formula. This organic compound has one carboxyl group and two hydroxyl. DMPS in the crystalline solid form is odorless and also non-toxic. This chemical compound is used in the production of various things in many industries. This chemical compound is used in the manufacturing of the field of powder coatings and urethane elastomers. It is also used in the manufacturing of water-soluble resins, and it is also used in many other areas as it has better stability due to which the market is expected to have significant growth during the forecast period.

Growing demand for waterborne coatings that are oil-based will also lead to the growth of the market during the forecast period and it will also generate significant revenue in the coming years. This crystalline compound is used in the manufacturing of waterborne coatings which provides free-flowing characteristics and enhanced flexibility. It is a modifying agent which is used in the manufacturing of compounds of epoxy polyester which has a glossy finish and provides better resistance. It is also used in the application of multi-substrates.

The need for electrodeposition coatings has increased in recent years as the amounts of metal production have grown significantly. All these factors will have a positive influence on the growth of the market. Coatings that are produced with the use of this chemical can be done with lower costs of production and it also helps in enhancing the performance. It is also used in electrical appliances like heating, ventilating, and AC services. There are various applications of this chemical in the furniture industry, oil & gas industry, chemicals industry, automotive industry, automobiles industry, and the fabrication of various parts.

Key Insights

• As per the analysis shared by our research analyst, the global Dimethylol propionic acid market is estimated to grow annually at a CAGR of around 5% over the forecast period (2022-2028).
• In terms of revenue, the global Dimethylol propionic acid market size was valued at around USD 578 million in 2022 and is projected to reach USD 857 million, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The global dimethylol propionic acid market cap may grow owing to the rising demand for the chemical compound in various industries.
• Based on the category, the polyurethane dispersions segment is expected to generate maximum revenue in the coming years as they are used in the production of adhesives, wood finishing, and others.
• Depending upon the application, the automobile industry is expected to register the highest compound annual growth rate during the forecast period.
• Based on geography, the North American region will dominate the market and one of the major markets for various specialty chemicals is the United States as the demand for this product has grown for the coatings industry and the chemicals industry.

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Dimethylol Propionic Acid Market: Growth Drivers

Increasing construction sites and infrastructure projects

Investments made in the construction industry and infrastructure projects have also grown like the communication infrastructure, ports, and the setups of renewable energy which shall be extremely instrumental in the growth of the global dimethylol propionic acid market during the forecast period. These factors will serve as the major factors that will help in generating maximum revenue in the coming years. Increasing the levels of the manufacturing activities which make use of this chemical in the manufacturing of furniture, automotives, the parts of the automotives, the oil & gas industry, and in the manufacturing of chemicals will also lead to the generation of higher revenue in the coming years. Constant innovation will lead to the production of durable goods and fabricated parts which will make use of the chemical compound which is expected to show an upgrade in the coming years. The use of industrial gases and consumer chemicals will grow significantly and will provide good opportunities for the growth of this market in the coming years.

Dimethylol Propionic Acid Market: Restraints

Effects on the environment likely to hamper the market growth

Polyurethane dispersion has an extremely hazardous effect on the environment, and this happens to restrict the market of the dimethylol propionic acid. The raw material prices are also fluctuating due to which the market growth will be hampered during the forecast period. The use of formaldehyde in the manufacturing of dimethyl propionic acid is also hazardous and all these factors will hamper the market in the long run.

Dimethylol Propionic Acid Market: Opportunities

New product development to bring up growth avenues for market
 
Major opportunities for the growth of the global dimethylol propionic acid market will be provided by the United States as there has been an increase in the amount of research conducted in this field and new product are developed for offering the market. Development of various consumer goods will also make extensive use of this chemical. As the potential applications of dimethyl propionic acid are expected to increase in the coming years the market will show significant growth during the forecast period. About 600 billion U.S. dollars is the revenue generated by consumer goods and this shall continue to grow well in the coming years. Growing demand for coating solutions that are non-toxic and advanced in nature will also play a significant role in providing growth opportunities.

Dimethylol propionic acid Market: Challenges

Availability of substitutes poses a challenge to market expansion

There are many different types of substitutes that are easily available in the market and these substitutes are offered at a lower cost due to which the market will face a challenge in its growth. TME, TMP, and DMPA are the various substitutes that are available in the market and these substitutes will prove to be a threat to market growth. These substitutes are used on a large scale in various applications and their adoption rate is also faster.

Dimethylol Propionic Acid Market: Segmentation

The global dimethylol propionic acid market is segmented based on product type, application, and region.

Depending upon the product type, the market is segmented into polyurethane dispersion, resins, powder coating, and electrodeposition coatings. The polyurethane dispersion products will dominate the market and will generate maximum revenue which is expected to be about 80% in the coming years. This product is used in the manufacturing of adhesives, automotive topcoats, glass fiber sizing, and other products and all these products will drive market growth to a great extent. The use of this product in the manufacturing of resin coatings will also generate a good amount of revenue as it is being extensively used for various products. This product offers good quality hydrolytic stability which it is preferred as compared to the other options available in the market. This product is more resistant to the water spots which can be spotted in the resins that are air dried.

Based on application, the market is segmented into adhesive, glass fiber sizing, automotive topcoat, wood finishing, and others. The use of this product in the automobile industry seems to be maximum in recent years and this shall be the trend even in the coming years. The need for powder coatings has shown significant growth and it shall expand at a compound annual growth rate of about 6% in the coming years. Growing organization initiatives and the changing lifestyle of the people will also prove to be great factors for the growth of the market. Many investments are made in the construction industry which will also help in supporting market growth to a great extent. The use of this product in polyester resins will also help in the growth of the market.

Recent Developments:

• CD bioparticles announced the introduction of dendrimer series in the year 2021. DMPA-G1-TMP-Azide, DMPA-G1-TMP-Acetylene, DMPA-G1-TMP-NHBOC, and DMPA-G1-TMP-Carboxyl were introduced in the year 2021 for their applications in optics, biosensors, theranostics adhesives, and coatings.
• Geo specialty chemicals were acquired by CPS performance materials in the year 2019 and this acquisition will help the organization and expanding its portfolio in the market. It will also lead to the introduction of special chemicals which could be used in nutrition and personal care applications.

Dimethylol Propionic Acid Market Report Scope:

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Dimethylol Propionic Acid Market: Regional Analysis

North America to lead the global dimethylol propionic owing to higher technology adoption rate during the forecast period 

In the North American region, the United States is a major growing market, especially in the field of specialty chemicals. As the need for coatings and chemicals has increased significantly and the innovations in the field have grown, the market will show significant growth during the forecast period. When it comes to the research and the development of new products, the United States plays an extremely significant role and it happens to be a global leader. As the potential applications of dimethylol propionic acid have increased in the North American region there will be strong growth in the market. The introduction of advanced solutions in non-toxic coating will also provide major opportunities for the growth of this market.

European region will also show significant growth during the forecast period and Germany is expected to hold a leading position. Manufacturing centers are rapidly evolving in Germany and they shall drive the market growth. The demand for automobiles and furniture is relatively high in this nation as this nation is densely populated. The amount of profit margins earned by the manufacturers is relatively high.

There's a good demand for this product in France, Germany, and United Kingdom.

In the Asia Pacific region, China is expected to hold a dominant position and this is seen to be the fastest growing industry and it shall hold a leading position even in the coming years. Constant innovations in the field of automotive and coating solutions will also drive the market growth of the Asia Pacific region. Growing demand for this product in the chemical industry will also help in the growth of the market.

Dimethylol Propionic Acid Market: Competitive Analysis

The global dimethylol propionic acid market is dominated by players like Geo Specialty Chemicals, Inc., Perstorp Specialty Chemicals AB, Henan Tianfu Chemical Co. Ltd., Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd., Shenzhen Vtolo Chemicals Co., Ltd.

The global dimethylol propionic acid market is segmented as follows:

By Product type

• Polyurethane dispersion
• Resins
• Powder Coating
• Electrodeposition Coatings

By Application

•  Adhesive
• Glass fiber sizing
• Automotive Topcoat
• Wood Finishing
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa