The Trimethylolpropane Triacrylate Market is estimated to be valued at US$ 151.3 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Trimethylolpropane triacrylate (TMPTA) is an acrylate-functional organic compound made from trimethylolpropane and acrylic acid. It acts as a multifunctional monomer and enhances the chemical and physical properties when added to polymer formulations. TMPTA is used as a reactive diluent in various radiation curable coatings, inks and adhesives to reduce their viscosity for application while maintaining their performance. It helps to improve adhesion, flexibility and durability of the end products.
Market Key Trends:
The global Trimethylolpropane Triacrylate Market is expected to witness steady growth over the forecast period owing to rising demand from coatings, inks and adhesives industries. Coatings application segment dominates the market and the increasing use of curable and UV-curable coatings in wood, plastic, metal and paper coatings will drive the demand for TMPTA. The growth of packaging industry focusing on extended shelf-life with UV-curable inks and labels using TMPTA is further fueling the market growth. Moreover, superior properties of TMPTA such as flexibility, durability and faster curing in adhesives have increased its usage in electronics and automotive adhesives propelling the market growth over the coming years.
- Threat of new entrants: Low capital requirements and established distribution channels lower barriers to entry in trimethylolpropane triacrylate market. However, presence of major players make it difficult for new players.
- Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk purchases. However, product differentiation and availability issues limits their influence.
- Bargaining power of suppliers: Few manufacturers capable of producing trimethylolpropane triacrylate hold stronger position over buyers. Significant R&D investments required to produce specialty chemicals.
- Threat of new substitutes: Alternative products available but none possess trimethylolpropane triacrylate’s attributes as reactive diluent for UV curable coatings, making it difficult to displace.
- Competitive rivalry: Major players focus on capacity expansion to gain market share and competitive pricing to increase sales volumes.
- Strength: Wide applications in UV curable coatings drive strong demand. Production expertise and integrated value chain are other key strengths.
- Weakness: Volatile raw material prices and regulatory compliance issues pose challenges. Dependence on few major end-use industries also affects market.
- Opportunity: Growth of electronics, paints & coatings industries in Asia Pacific enhances scope. Development of bio-based alternatives presents new opportunities.
- Threats: Stringent environmental regulations can restrict usage. Substitutes from alternate chemistries if proven superior also threaten market.
The global trimethylolpropane triacrylate market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand from paints & coatings industry. The paints & coatings segment accounted for over 60% share of the overall demand in 2023.
Regional analysis – Asia Pacific dominates the global market and is expected to maintain its lead position during the forecast period owing to presence of key manufacturers in countries like China and rapid expansion of end-use industries in the region. China held over 50% share of the global trimethylolpropane triacrylate market in 2023.
Key players operating in the trimethylolpropane triacrylate market are BASF S.E., J&K Scientific Ltd., Miwon Specialty Chemical Co., Ltd., and KPX Green Chemical Co. Ltd. Major players focus on expansion into high growth regions through strategic collaboration with global players.