May 28, 2024

Industrial Coatings Segment Is The Largest Segment Driving The Growth Of Trimethylolpropane Triacrylate Market

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.

Market Overview:

Trimethylolpropane triacrylate (TMPTA) is a colorless liquid that is soluble in alcohols and esters. It is used as a reactive diluent for ultraviolet and electron beam curable coatings, inks and adhesives. TMPTA improves multiple properties of the end product such as adhesion, hardness and flexibility. It finds application in UV curable coatings for wood, plastic, metal and paper.

Market Dynamics:

One of the key drivers contributing to growth of trimethylolpropane triacrylate market is increasing use of UV curable coatings in various industries such as wood, plastics and printing inks. UV curable coatings offer advantages such as fast curing, energy efficiency and low volatile organic compound emissions. Therefore, their demand is rising in various end use industries. For instance, wood coating industry is shifting from solvent-based coatings to UV curable wood coatings due to stringent environmental regulations regarding VOCs.
Additionally, growing demand for flexible packaging from food and consumer goods industries is also fueling the need for UV curable flexible packaging inks, which in turn is boosting adoption of trimethylolpropane triacrylate as a reactive diluent. Asia Pacific region accounts for around half of global flexible packaging demand attributed to growing e-commerce industry.

Segment Analysis:

The trimethylolpropane triacrylate market is segmented into industrial grade and luminous grade. The luminous grade segment dominates the market due to growing demand for UV curing applications in 3D printing. Luminous grade trimethylolpropane triacrylate shows high reactivity towards visible light and UV light, making it suitable for applications involving photo-initiation or photopolymerization.

PEST Analysis:

  • Political: There are no significant political risks impacting the trimethylolpropane triacrylate market at present.
  • Economic: The economic growth across industries such as adhesives, coatings, and inks is boosting demand for trimethylolpropane triacrylate.
  • Social: Rising awareness about green chemistry and sustainable production methods is positively influencing the market.
  • Technological: Developments in 3D printing technologies utilizing UV curing resins have widened the application scope of trimethylolpropane triacrylate.

Key Takeaways:

The global trimethylolpropane triacrylate market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period of 2023 to 2030, due to increasing demand from applications such as UV cured inks and coatings. Regionally, Asia Pacific dominates the market and is expected to continue its lead, driven by large production capacities and growing end-use industries in countries such as China and India.

The luminous grade segment dominates with a share of over 60% due to its suitability for UV curing applications in 3D printing. Major players in the trimethylolpropane triacrylate market include BASF S.E., J&K Scientific Ltd., Miwon Specialty Chemical Co., Ltd., and KPX Green Chemical Co. Ltd. BASF is one of the leading producers of trimethylolpropane triacrylate globally.

The market size for trimethylolpropane triacrylate was valued at US$ 151.3 million in 2023. Key growth opportunities lie in expanding applications in the coatings industry and technological advancements in the 3D printing sector utilizing UV curing resins.