Isophorone Market

Isophorone Market by Application (Paints and Coatings, Printing Inks, Adhesives, Artificial Leather, Agrochemicals, Composite), and Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Global Forecast to 2030

Report Code: UC 5961 Nov, 2024, by marketsandmarkets.com

The isophorone market is projected to reach USD 1.88 billion by 2030, at a CAGR of 5.0% from USD 1.27 billion in 2022. Excellent solvent characteristics for binders, polymers, resins, and other chemical products are present in isophorone. It typically serves as an intermediary in the production of organic compounds and is a crucial component of floor sealants and wood preservatives. The compound also provides corrosion resistance and is applied to paints.

Isophorone Market

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Market Dynamics

Driver: Growing use in construction industry

In order to make adhesives, isophorone is needed as a solvent. Flooring adhesives, architectural coatings, elastomeric roof coatings, water-proofing membranes, sealants, joint compounds, mortar modification, nonwoven applications, fiber bonding, and mortar modification are just a few of the uses for adhesives in the construction sector. The global isophorone market is anticipated to be driven by expansion in the construction sector in both developed and developing nations as a result of rising urbanization, technological improvements, and rising disposable income.

Restraints: Toxic effects of isophorone

Isophorone possesses exceptional solvent properties for binders, polymers, resins, and other chemical products. It typically serves as an intermediary in the production of organic compounds and is a crucial component of floor sealants and wood preservatives. The compound also provides corrosion resistance and is applied to paints. However, certain studies have shown exposure to certain level of isophorone can be harmful to human health. According to EPA, the short-term effects of isophorone in humans from inhalation exposure include eye, nose, and throat irritation.  Humans who are exposed to isophorone over an extended period of time may experience weariness, sadness, and dizziness.

Opportunities: Wide use of adhesives in various end-use industry

Adhesives are used in many applications by end users, including PVC, plastics, polystyrene, and others. Additionally, adhesives are utilized in the building sector for a variety of purposes, such as wall covering, joint cement, carpet installation, and ceramic tile underlayment. The adhesives market is fairly large and has various uses in the transportation sector, including in areas like aircraft, railroads, vehicle assembly, maritime, interior and exterior car trim, sealing automotive modules, and protecting electronic circuit boards. Its automotive uses include interior trim, exterior trim, glass bonding, structural fiber-reinforced plastics bonding, and structural metal bonding. It is employed in the aerospace sector to create aircraft designs that are lightweight.

“Adhesives was the largest application for isophorone market in 2021, in terms of value”

In 2021, adhesives application dominated the global isophorone market, in terms of value. The demand for adhesives would be further amplified by the rise in the development of green buildings and the growing concerns over the quality of construction materials. They are also utilized for bonding paper. This can be attributed to their advantageous qualities, which include the ability to bind disparate materials, adhere to a variety of substances, have a high cohesive strength, and are resistant to UV radiation, rain, and other weathering elements.

“North America was the largest market for isophorone in 2021, in terms of value.”

In 2021, North America led the global isophorone market, in terms of value. The increase in demand for isophorone from a variety of end-user sectors, including construction, paints & coatings, automotive, and others, can be attributed to the expansion. The demand for paints and coatings in the area is being fueled by increased construction activity, which is broadening the market for isophorone's growth potential. Further fueling the industry need will be the U.S. and Canadian textile and packaging industries' explosive use of printing inks.

Isophorone Market by Region

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Key Market Players

The key players in this Arkema SA (France), Evonik Industries (Germany), Covestro AG (Germany), Ningbo New Material Technology Co. Ltd (China),  BASF SE(Germany), and CHAIN FONG (China). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of isophorone market have opted for new product launches to sustain their market position.

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Scope of the Report

Report Metric

Details

Years considered for the study

2017-2030

Base Year

2021

Forecast period

2022–2030

Units considered

Value (USD Million)

Segments

Application and Region

Regions

Asia Pacific, North America, Europe, Middle East & Africa, and South America

Companies

The key players in this market are Arkema SA (France), Evonik Industries (Germany), Covestro AG (Germany), Dow Inc. (US), CHAIN FONG (China) and BASF SE(Germany).

 

This report categorizes the global isophorone market based on application, and region.

On the basis of application, the isophorone market has been segmented as follows:
  • Paints and Coatings
  • Printing Inks
  • Artificial Leather
  • Adhesives
  • Agrochemicals
  • Composites
  • Others
On the basis of region, the isophorone market has been segmented as follows:
  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America

Frequently Asked Questions (FAQ):

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Table of content

1 Introduction
    1.1 Objective of the study
    1.2 Market definition
    1.3 Market Scope
           1.3.1 Years considered for the study
    1.4 Currency
    1.5 Unit Considered
    1.6 Stakeholders

2 Research Methodology
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key data from secondary sources
    2.3 Primary Data
           2.3.1 Key data from primary sources
           2.3.2 Breakdown of Primary Interviews
    2.4 Market Size Estimation
           2.4.1 Bottom-Up Approach
           2.4.2 Top-Down Approach
    2.5 Data Triangulation
    2.6 Assumptions
    2.7 Limitations

3 Executive Summary

4 Premium Insights
    4.1 Opportunities in Isophorone Market
    4.2 Isophorone Market, By End-Use Industry
    4.3 Isophorone Market, By Region
  
5 Market Overview and Industry Trends
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
           5.2.2 Restraints
           5.2.3 Opportunities
           5.2.4 Challenges
    5.3 Supply Chain Analysis
           5.3.1 Raw Material Manufacturing
           5.3.2 Manufacturers
           5.3.3 Distribution
           5.3.4 End-Use Industry
    5.4 Porter’s Five Forces Analysis
           5.4.1 Threat of New Entrants
           5.4.2 Threat of Substitutes
           5.4.3 Bargaining Power of Buyers
           5.4.4 Bargaining Power of Suppliers
           5.4.5 Intensity of Competitive Rivalry
    5.5 Average Selling Price
    5.6 Regulatory Landscape
    5.7 Industry Outlook

6 Isophorone Market, By End-Use Industry
    6.1 Introduction
    6.2 Paints and Coatings
    6.3 Printing Inks
    6.4 Artificial Leather
    6.5 Adhesives
    6.6 Agrochemicals 
    6.7 Composites
    6.8 Others

7 Isophorone Market, By Region
    7.1 Introduction
    7.2 Asia Pacific
           7.2.1 China
           7.2.2 India
           7.2.3 Japan
           7.2.4 South Korea
           7.2.5 Rest of Asia Pacific
    7.3 North America
           7.3.1 U.S.
           7.3.2 Canada
           7.3.3 Mexico
    7.4 Europe
           7.4.1 Germany
           7.4.2 France
           7.4.3 Italy
           7.4.4 U.K.
           7.4.5 Rest of Europe
    7.5 Middle East & Africa
           7.5.1 Egypt
           7.5.2 Saudi Arabia
           7.5.3 South Africa
           7.5.4 Rest of Middle East & Africa
    7.6 South America
           7.6.1 Brazil
           7.6.2 Argentina
           7.6.3 Rest of South America

8 Competitive Landscape
    8.1 Introduction
    8.2 Market Share Analysis
    8.3 Company Evaluation Quadrant
    8.4 Competitive Situation & Trends
           8.4.1 New Product Launches
           8.4.2 Contracts & Agreements
           8.4.3 Partnerships & Collaborations
           8.4.4 Joint Ventures
           8.4.5 Expansions

9 Company Profile
    9.1 Arkema Group
           9.1.1 Business Overview
           9.1.2 Products Offered
           9.1.3 Recent Development
           9.1.4 MnM View
                    9.1.4.1 Key Strengths
                    9.1.4.2 Strategic choices made
                    9.1.4.3 Threat from competition
    9.2 Evonik Industries
    9.3 Dow Inc.
    9.4 Covestro AG
    9.5 Chain Fong
    9.6 Merck KGaA
    9.7 Ningbo New Material Technology Co. Ltd.
    9.8 BASF SE
    9.9 SI Group Inc.
    9.10 Jiangsu Huanxin High Tech Materials Co. Ltd.
    9.11 List of other key market players

10 Appendix
     10.1 Insights from Industry Experts
     10.2 Discussion Guide
     10.3 Related Reports

The study involved four major activities to estimate the size of isophorone market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, certified publications, articles from recognized authors, gold standard and silver standard websites, and databases.

Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.

Primary Research

The isophorone market comprises several stakeholders in the value chain, which include raw material suppliers, manufacturers, distributors, and end users. Various primary sources from the supply and demand sides of the isophorone market have been interviewed to obtain qualitative and quantitative information.

The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the isophorone industry.

The breakdown of profiles of the primary interviewees is illustrated in the figure below:

Isophorone Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down and bottom-up approaches have been used to estimate and validate the size of the isophorone market.

  • The key players in the industry have been identified through extensive secondary research.
  • The supply chain of the industry has been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
  • All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
  • The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.

Isophorone Market: Bottom-Up Approach 1

Isophorone Market Size, and Share

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Data Triangulation

After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.

Report Objectives

  • To define, describe, and forecast the size of the isophorone market, in terms of value
  • To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
  • To estimate and forecast the market size based on application and region
  • To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, and Middle East & Africa, and South America along with their key countries
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders
  • To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market
  • To strategically profile key market players and comprehensively analyze their core competencies2

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