NEW YORK, May 24, 2022 /PRNewswire/ -- The global isophthalic acid market size is expected to reach USD 3.85 Billion in 2030 and register a revenue CAGR of 3.9% during the forecast period, according to a latest report by Reports and Data. Rising demand for fibers and films made of copolyester polymers and rising demand for fire-resistant surface coatings among consumers are key factors expected to drive market revenue growth during the forecast period. Growing demand for the fabrication of high-performance protective gear such as astronaut spacesuits, firefighter's suits, and high-temperature gloves with polymer coatings is expected to drive the market between 2022 and 2030. Unsaturated Polyester Resins (UPRs) and polybenzimidazole fibers are widely used in the fabrication industries to fireproof essential protective gear, thereby increasing its demand. Additionally, purified isophthalic acid is a key component in production of such thermal-resistant resins, thereby, increasing its demand. These factors are expected to increase the adoption of isophthalic acid and drive revenue growth of the market. Furthermore, rising demand for fibers and films made of copolyester polymers that consist of isophthalic acid is another factor that is expected to drive revenue growth of the market.
However, there are concerns regarding environmental pollution during production of isophthalic acid products, which are some factors that could hamper revenue growth of the market. Additionally, point-source toxic air emissions during the production of PET have raised concerns related to environmental pollution, which are some other factors that could hamper revenue growth of the market.
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Some Key Highlights in the Report
- Unsaturated polyester resin (UPR) production segment is expected to register a steady revenue growth rate over the forecast period. Rising demand for fiberglass, waterproof gel coatings in boats and bathroom fixtures, self-extinguishing composite materials, and wood paints is expected to drive growth of the segment. Purified Isophthalic Acid (PIA) is an essential intermediate compound in the manufacturing of protective resins and coatings. It is also used in the outer coverings of automotives that experience wear due to water and heat, which is another factor expected to drive revenue growth of the segment.
- Coating segment is expected to register a steady revenue growth rate over the forecast period. Increasing usage of coating materials that have isophthalic acid as an essential component is also increasing its adoption. Additionally, rising adoption of waterproof, fireproof, heat-resistant coatings made of isophthalic acid and increased production rate of gear requiring protective coating are other factors that are expected to drive growth of the segment in the near future.
- The market in Europe is expected to register a considerably fast revenue CAGR over the forecast period. Rapid growth in the protective gear and plastic industry increases demand for isophthalic acid, driving the isophthalic acid market revenue growth. The robust presence of PET and UPR resin manufacturers in the countries in the region is expected to drive market revenue growth.
- Companies profiled in the global market report include LOTTE Chemical Corporation, The Chemical Company, Merck KGaA, Eastman Chemical Company, International Chemical Co. (ICC), Thermo Fisher Scientific Inc., Mitsubishi Gas Chemical Company, Inc., Formosa Chemicals & Fibre Corp., Beijing Yanshan Petrochemical Company Ltd. (BYPC), and Hefei TNJ Chemical Industry Co., Ltd.
- On 18 February 2022, Mitsubishi Gas Chemical Company, Inc., a global leader in the manufacture of unique and specialty chemicals, has announced a joint study proposal that has been selected by the New Energy and Industrial Technology Development Organization (NEDO) of Japan in collaboration with the contact company, Tosoh Corporation. This proposal is in response to the call by NEDO for the development of technology that produces raw material for plastics using CO2 and/or other sources.
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For the purpose of this report, Reports and Data has segmented the global isophthalic acid market based on application, end-use, and region:
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Polyethylene terephthalate (PET) Resin Productions
- Unsaturated Polyester Resin (UPR) Production
- Thermo-resistant Coating
- Thermosetting Fiber
- Copolyester Polymer
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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