#Phenolic resins market size

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Phenolic Resins Market - Forecast(2023 - 2028)

What are Phenolic Resins?

Phenolic resins are a kind of synthetic thermosetting resins. They were originally called as Bakelite. These are divided into Novolacs and Resoles. These are lightweight materials possessing excellent corrosiveness and are resistant to temperatures up to 300-350 °C. Some of the properties of phenolic resins include low humidity absorption, high dielectric strength, low toxicity, low smoke, and flame retardance. 

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Foam Market Top Manufacturing Industry Revenue Size & Share Outlook

Foam is manufactured using raw materials such as polymers, naphtha, resins, and additives. Lightweight material with low density, foam can be either rigid or flexible. Most foam is flexible and soft. Some types of foam have low heat or sound transfer properties, making them optimal insulators. Polyurethane (PU), polystyrene (PS), polyolefin (PO), phenolic, polyethylene terephthalate (PET), melamine, phenolic, PVC, silicone, and PVDF are the major types of foam.

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The foam market size is estimated at USD 93.9 billion in 2021 and is projected to reach USD 118.9 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted the market growth.

Foam is widely used in the automotive, building & construction, packaging, footwear, sports & recreational, and furniture & bedding industries. Flexible PU foam is extensively used in the automotive and building & construction industries. It helps automobile manufacturers address issues related to weight reduction, vibration absorption, fuel efficiency, and durability.

The foam market is driven by increasing demand from the packaging, automotive, and building & construction industries. The rising demand for high-quality products from APAC, the Middle East & Africa, and South American countries is also driving the market. Emerging economies such as India, China, Brazil, Southeast Asia, and Mexico are expected to be the most lucrative destinations for the foam market in the near future. The major challenges for foam manufacturers are the increasing prices and stringent regulations set by various governments. Fluctuation in raw material prices is also a restraining factor for the market.

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Continuous developments in the market, including new product launches, investment & expansion, merger & acquisitions, and partnerships & agreements are expected to help the market grow. Several products are being introduced, and investments are made in increasing the production capacity of polyolefin foam by manufacturers for different applications. New product launch has helped companies enhance their product portfolio.

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Formaldehyde Market Size & Growth 2025-2035

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Industry Outlook

The Formaldehyde market accounted for USD 10.6 Billion in 2024 and is expected to reach USD 19.7 Billion by 2035, growing at a CAGR of around 5.8% between 2025 and 2035.  Formaldehyde is a specialized branch of medicine that focuses on the prevention, diagnosis, treatment, and rehabilitation of injuries and conditions related to physical activity and sports participation. Medicine focuses on areas of performance enhancement, injury care, and prevention of sportsmen. Medicine includes preventative measures like injury prevention and coverings like rehabilitation and osteopathy.

Report Scope:

2024

2035Market Size in 2024 & 203520.015.010.05.00.020242035ParameterDetailsLargest MarketAsia PacificFastest Growing MarketNorth AmericaBase Year2024Market Size in 2024USD 10.6 BillionCAGR (2025-2035)5.8%Forecast Years2025-2035Historical Data2018-2024Market Size in 2035USD 19.7 BillionCountries CoveredU.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, Switzerland, Sweden, Finland, Netherlands, Poland, Russia, China, India, Australia, Japan, South Korea, Singapore, Indonesia, Malaysia, Philippines, Brazil, Argentina, GCC Countries, and South AfricaWhat We CoverMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PESTLE analysis, value chain analysis, regulatory landscape, pricing analysis by segments and region, company market share analysis, and over 10 companiesSegments CoveredDerivative, Application, End-use, and Region

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Market Dynamics

Growing Demand for Formaldehyde-based Resins in Construction

The construction industry, with its large requirement for formaldehyde-based resins, is the major driver of formaldehyde. These resins, and especially urea-formaldehyde (UF), phenol-formaldehyde (PF), and melamine-formaldehyde (MF), have significant applications in manufacturing wood products such as plywood, particle board, and medium-density fiberboard (MDF). Increased global urbanization and infrastructure development is resulting in considerable growth of the construction industry, thus promoting engineered wood products using formaldehyde-based glue. Due to the high degree of cross-linking, these resins possess high mechanical strength and resistance to moisture and are thus well suited for use in flooring, cabinetry, and furniture.

Increasing preference for green products when constructing buildings also goes up the demand since formaldehyde-based resins improve the performance features of the woods. The following is also increasing the market trend through dedicated investments in green building projects that advocate for energy efficiency and sustainable principles of construction. All these factors hence translate to firm production prospects for formaldehyde in the construction industry.

Shift towards formaldehyde-free alternatives

The shift towards formaldehyde-free alternatives presents a substantial restraint in the formaldehyde market. Increasing concern over health accruable to formaldehyde use in its use as a probable human carcinogen means that consumers and manufacturers have shifted to consider better alternatives. International regulatory authorities continue to establish higher standards and controls for formaldehyde releases across several consumer goods, such as furniture, flooring, and other construction materials. For this reason, several firms are pursuing a strategy of researching and procuring new, formaldehyde-free adhesives and resins suitable for efficient use while demonstrating comparable performance. This shift not only displaces conventional formaldehyde-based products but also introduces competition from new exciting materials that smart consumers will embrace. The growth of green chemistry and demand for eco-friendly solutions may limit the market growth of formaldehyde and force industry participants to change to remain effective in a new setting.

Innovations in eco-friendly formaldehyde alternatives

Innovations in eco-friendly formaldehyde alternatives present a promising opportunity for the formaldehyde market. There is a high demand for an environmentally conscious approach associated with an increase in consumer‘s concern about health. Chemists and formulators have been working on bio-based adhesives and resins with similar performance to those derived from formaldehyde but without the emission of toxic gases. These options can incorporate biodegradable polymers such as soy and starch, which can constitute viable bonding aids that are safe for humans and the environment. Other factors that lead to this trend are the global demand for better-quality, environmentally friendly products, such as the effective utilization of green building products in the construction industry and the extinction of gas-emitting vehicles in the automobile industry. Furthermore, governmental measures to support new sustainable products improve the market opportunities of the innovations. Through the adoption of these technologies, firms are holding access to new consumers and increasing competitiveness, enhancing the value of the formaldehyde market besides capturing the sustainable environment.

Industry Experts Opinion

"The formaldehyde market is at a pivotal point, with an incr

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Electronic Adhesives Market - Forecast (2024-2030)

Electronic Adhesives Market Overview

Electronic Adhesives Market Size is forecast to reach $ 6,820 Million by 2030, at a CAGR of 6.50% during forecast period 2024-2030. Electronic adhesives are used for circuit protection and electronic assembly applications such as bonding components, wire tacking, and encapsulating electronic components. The use of electronic adhesives in manufacturing components for electric vehicles such as printed circuit boards, lithium-ion batteries, and battery pack assemblies are facilitating growth of the market. Growing adoption of surface mounting technology to replace welding and soldering is one of the prominent trends in the electronics industry, shaping the demand for electronics adhesives.

Report Coverage

The report: “Electronic Adhesives Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Electronic Adhesives Industry.

By Type: Thermal Conductive, Electrically Conductive, Ultraviolet-Curing and Others.

By Resin Type: Epoxy, Cyanoacrylates, Polyamides, Phenolic, Silicones, and Others (Acrylics, and Polyurethane)

By Application: PCB’s, Semiconductor, and Others

By End-User Industry: Consumer Electronic (Wearable Devices, LEDs & TVs, Smart Phones & Tablets, Computers, Laptops, and Others), Healthcare, Energy & Power (Solar, Wind, and Others), Telecom Industry, Transportation (Automotive (Passenger Vehicles, Light Commercial and Heavy Commercial Vehicles), Marine, Locomotive, and Aerospace), Oil & Gas, Chemical, Pulp & Paper, and Others. 

By Geography: North America, South America, Europe, APAC, and RoW

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Key Take away

In 2020, North America held the largest share after APAC. Due to growing demand for electronic adhesives in electronics and telecommunication industry. The US hold the largest share in the region over the forecast period.

Growing adoption of electric vehicles is expected to provide a major growth opportunity for the market.

Emission of Volatile Organic Compounds (VOC’s) may deter the market's growth during the forecasted period.

COVID-19 has hindered the market growth owing to the disruption of supply chain and worldwide lockdown.

Electronic Adhesives Market Segment Analysis - By Type

Electrically Conductive segment held the largest share of more than 30% in the electronics adhesives market in 2020. Electrically Conductive are used in various industry verticals such as aerospace, automotive, medical, and telecom products. Electrically conductive is an excellent solution for making electrical contacts on PCBs and other temperature-sensitive substrates, as their curing temperature is below the soldering temperature. An increase in demand for Anisotropic Conductive Adhesives (ACA) in LCD connections, PCBs, and bonding antenna structures further boost the demand for the market. Electric conductive are also used in the LED industry for their capacity to serve as stable electrical contacts by absorbing mismatches, which will likely boost the market's growth for the forecasted period.

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Electronic Adhesives Market Segment Analysis - By Resin Type

Epoxy segments held the largest share of more than 25% in the market in 2020. Epoxy is widely used in electronic applications, either in two-part or single-part heat cure products. Epoxy has good resilience against environmental and media influences, it has a dry and non-tacky surface which is perfect to be used as a protective coating and is widely used in adhesives, plastics, paints, coatings, primers and sealers, flooring, and other. Curing epoxy adhesives can take place either at room or elevated temperature or through photoinitiators and UV light. Modern photoinitiators also react to the special UV spectrum of LED light sources, so that newly developed epoxide resin adhesives can be cured with both UV and UV LED light. Some epoxies exhibit optical properties and diffraction indexes, making them useful for applications in precision optics, lens bonding, and information technology, which will further boost the market's growth.

Electronic Adhesives Market Segment Analysis - By Application

Printed Circuit Boards (PCBs) segment held the largest share of more than 35% in the market in 2020. Electronic adhesives are used as a conformal coating in PCBs. Adhesive is used in wire tracking, potting & encapsulation of components, conformal coatings of circuit boards, and bonding of surface mount components. PCBs are highly reliable, cheap, less chance of short circuit, easily repairable, and are compact in size. The growing uses of laptops, smartphones, and household appliances coupled with developing living standards further drive the growth of PCB. Whereas, the growing uses of PCB’s in automotive, industrial & power equipment, control & navigation systems, and aerospace monitoring also contribute to the market growth. According to Aerospace Industries Association (AIA) report, in 2018, aerospace and defense exports amounted to $151 billion, an increase of 5.81% from the previous year, and civil aerospace accounted for the majority of exports with $131.5 billion.

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Electronic Adhesives Market Segment Analysis - By End-User Industry

Consumer Electronics segment held the largest share of more than 30% in the Electronic Adhesives Market in 2020. Rapid urbanization and increase in the development of new technology have propelled the demand for consumer electronics. As per the United Nations, 55% of the world’s population lives in urban areas, which propel the demand for consumer electronics. The growing demand for lightweight and portable equipment such as smartphones, laptops, and digital cameras are playing a significant role in boosting the demand for the market. As per a report released by Nexdigm Private Limited, a private company, the global electronics industry is expected to reach $7.3 trillion by 2025, which will significantly propel the demand for the market during the forecasted period.

Electronic Adhesives Market Segment Analysis - By Geography

Asia-Pacific held the largest share of more than 45% in the Electronic Adhesives Market in 2020. China, India, and Japan are the major contributors to the growth of Electronic Adhesives Market in APAC. The large consumer base, developing manufacturing sector, and increase in middle-class population along with smart city projects are major factors for the market growth. As per the Indian Brand Equity Foundation (IBEF) report released in 2020, electronics manufacturing in India is expected to reach $163.14 billion by 2025, and demand for electronics hardware in India is expected to reach US$ 400 billion by 2024. The shifting of production lines to the APAC region for the low cost of production and the ability to serve the local emerging market is another factor for the growth of the market in the region.

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Electronic Adhesive Market Drivers

Growing Need for Miniaturized Electronic Products 

Growing demand for low-cost, reliable, and miniaturized electronic devices from consumers propel the market's growth. The increasing demand for miniaturized products has led to the development of smaller electrical components, which occupy less area. The need for smaller and thinner consumer electronics devices is a new trend among consumers. The surface mount technology helps in using and assembling much smaller components, thus facilitating a smaller, portable, and lightweight electronic device. Pocket calculators, smartwatches & other wearable devices are some of the examples. Such miniature devices will further drive the demand for electronic devices and in return will boost the demand for the Electronic Adhesives Market as they are used in manufacturing these devices.

Introduction of 5G Network 

Introduction 5G networks are planned to increase mobile broadband speeds and added capability for 4K/8K video streaming, virtual reality (VR) or augmented reality (AR), Internet of Things (IoT), and mission-critical applications. Introduction of 5G will boost the telecommunication industry, with better coverage, and internet speed, which also create a demand for Electronic Adhesives Market as they are used in manufacturing telecom devices. 5G will transmit data ten times faster than 4G and is set to take hold in 2020. This will spark a revolution in many industries such as electronic, energy, medical, automotive, defense, aerospace and others, which will boost the market's growth. 5G will impact the viewing experience for consumer, with its VR & AR which will further boost the demand for consumer electronic industry, which in return will boost the demand for electronic adhesive market.

Electronic Adhesive Market Challenges

Technological Changes & VOC Emission

The market is facing challenges due to technological changes. Shorter leads can damage temperature-delicate components in several applications and to overcome such obstacles electrical components should be assembled after soldering. However, this hampers productivity due to higher costs of production and time consumed in the manufacturing process. Growing concern over the emission of volatile organic compounds (VOCs) is expected to hamper the market growth over the coming years. During the manufacturing of electronics adhesives, VOC is discharged that may pose health and environmental concerns. VOCs are the major contributors to smog and ozone formation at low atmospheric levels.    

Emergence of COVID 19

The COVID-19 pandemic continues to unfold everyday with severe impact on people, communities, and businesses. And the Electronic Adhesives Market was no exceptional, as the global production facilities of the electronics, parts have been reduced due to the logistics slowdown and unavailability of the workers. Furthermore, various e-commerce sites had discontinued the delivery of non-essential items which included electronics devices, which affected the electronic industry.

Electronic Adhesive Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electronic Adhesives Market. In 2020, the market of electronic adhesives has been consolidated by the top 10 players accounting for xx% of the share. Major players in the Electronic Adhesives Market are BASF SE, Panacol-Elosol GmbH, 3M Co., H.B. Fuller Co., Henkel AG & Co. KGaA, Hitachi, Ltd., Mitsui & Co., Ltd., Bostik, Inc., Chemence Inc., tesa SE, Parker Hannifin Corp., Meridian Adhesives Group, among others.

Acquisitions/Technology Launches

In November 2019, Bostik, Inc., announced it has launched a new range of innovative engineering adhesives Born2Bond™, for bonding applications in automotive, electronics, luxury packaging, and medical devices. With this new launch Bostik will not only expand its product portfolio but also expand it offering to various industries, which will further drive the market's growth.  

In September 2020, Meridian Adhesives Group, a leading manufacturer of high-value adhesives technologies has announced that the “Company” would be serving the Electric Vehicles Market and provide its adhesive solution, with this announcement Meridian Adhesives would expand its product offering in automobile industry, which will further derive the market's growth.

Key Market Players:

The Top 5 companies in Electronic Adhesives Market are:

Panacol-Elosol GmbH

3M 

H.B. Fuller Company

Henkel AG & Co.KGaA

Parker Hannifin Corp.

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Thermoset Molding Compound Market - Forecast(2024 - 2030)

Thermoset Molding Compound Market Overview

Thermoset Molding Compound Market size is projected to reach US$11.4 billion by 2027, after growing at a CAGR of 6.8% during the forecast period 2022–2027. Thermosetting molding compounds such as phenolic resins, epoxy resins, polyester resins, urea formaldehyde and melamine formaldehyde possess properties such as good electrical insulation, corrosion and heat resistance, which make them an ideal material for a variety of end-use applications. A thermoset molding compound is widely employed in the electrical & electronics industry. Since the global electrical & electronics industry is growing, it is supporting the thermoset molding compound industry growth. The Japan Electronics and Information Technology Industries Association (JEITA) forecasted that the production by the global electronics and IT industries would grow by 2% year-on-year in 2020 to reach US$2,972.7 billion and would grow by 7% year on year in 2021 to reach a record US$3,175.6 billion. Factors such as the need for lighter weight in aerospace and transportation drive the growth of the thermosetting molding compound market. Several end-use industries in the Thermoset Molding Compound industry suffered negative effects as a result of the novel coronavirus pandemic, which had a direct impact on the Thermoset Molding Compound market size in the year 2020.

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Thermoset Molding Compound Market Report Coverage

The “Thermoset Molding Compound Market Report — Forecast (2022–2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Thermoset Molding Compound industry.

By Type: Phenolic Resins, Epoxy Resins, Polyester Resins, Urea Formaldehyde, Melamine Formaldehyde and Others. By End-use Industry: Automotive [Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)], Aerospace (Commercial Aircrafts, Military Aircrafts and Others), Electrical & Electronics (Antennas, Circuit Breakers, Switchgears and Others) and Others. By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

Asia-pacific dominates the Thermoset Molding Compound market, owing to the increase in investment in the electronics sector and transportation infrastructure in Asia-pacific. This increase can be attributed to the increasing per capita income and growing population in Asia-pacific.

The market is expanding as a result of the positive attributes of Thermoset Molding Compounds, such as their anti-corrosiveness, increased heat resistance and toughness, which make them ideal for use in electrical and electronic applications.

The emergence of nanotechnology, these compounds’ superior performance in comparison to their alternatives and the surge in interest in lightweight and fuel-efficient cars offer the sector promising growth prospects.

However, it is estimated that the high investment cost of Thermoset Molding Compounds may impede the expansion during the forecast period.

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Thermoset Molding Compound Market Segment Analysis — by Type

The phenolic resins segment held a significant share in the Thermoset Molding Compound market share in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast period 2022–2027, due to their improved properties. Phenolic resins are appropriate for use in insulation due to their low thermal conductivity. Due to its water resistance, high thermal stability and fire resistance, phenolic resin is used as a permanent binder and adhesive for wooden building panels as well as a binder for mineral wool insulation. By altering the manufacturing catalyst, phenolic resin’s properties can be altered for each application. As a result, the demand for phenolic resin-based Thermoset Molding Compound is on a significant upsurge, thereby driving segmental growth.

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Thermoset Molding Compound Market Segment Analysis — by End-use Industry

The electrical & electronics segment held a significant share in the Thermoset Molding Compound market share in 2021 and is projected to grow at a CAGR of 7.4% during the forecast period 2022–2027. The electrical and electronics industries benefit from thermoset molding compounds such as phenolic resins, epoxy resins, polyester resins, urea formaldehyde and melamine formaldehyde because they effectively insulate against electricity and heat. A strong molding material with strong dielectric properties, thermal shock resistance, corrosion resistance, arc resistance and electrically insulating properties is required for parts like circuit breakers, electrical enclosures or housings, covers, relays, switches, insulators and motor components. Furthermore, various electrical & electronic products such as covers, housings and circuit breakers require a molding material that protects sensitive internal electronics and components. This is accelerating the demand for Thermoset Molding Compound in the industry, which is subsequently propelling the segment growth.

Thermoset Molding Compound Market Segment Analysis — by Geography

Asia-pacific held the largest Thermoset Molding Compound market share of up to 42% in 2021, owing to the bolstering growth of the electrical & electronics sector in Asia-pacific. For instance, the consumer electronics and home appliance sector in India generated $9.84 billion in revenue in 2021 and is projected to grow to US$21.18 billion by 2025, according to the India Brand Equity Foundation (IBEF). The global electronics industry is expected to produce 7% more in 2021 than it did in 2020, reaching US$3,175.6 billion, according to the Japan Electronics and Information Technology Industries Association (JEITA). China’s electronic information manufacturing sector experienced steady growth in revenue and profits last year, according to the February 2022 report. According to the Ministry of Industry and Information Technology, operating revenue for the sector reached approximately 14.1 trillion yuan (roughly $2.2 trillion) in 2021, an increase of 14.7 percent from the previous year. With the increasing electrical & electronics production, the demand for molding materials significantly increased, which accelerated the demand for Thermoset Molding Compound in Asia-pacific.

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Thermoset Molding Compound Market Drivers

Increasing Automobile Production:

Thermoset Molding Compound provides lightweight materials for use in automotive manufacturing. The high-end vehicle manufacturers use carbon fiber composites to provide an enhanced finish. According to the Germany Trade & Invest (GTAI), German passenger car and light commercial vehicle OEM generated foreign market revenue of EUR 274 billion in 2021, an increase of ten percent over 2020. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that heavy truck production in Europe increased by 31%, from 236,328 units in 2020 to 308,300 units in 2021. India’s domestic automobile production increased between FY16 and FY20 at a compound annual growth rate (CAGR) of 2.36 percent, with 26.36 million vehicles produced in FY20, according to the India Brand Equity Foundation (IBEF). With the increasing automobile production, the demand for lightweight automotive components is also increasing, thereby acting as a driver for the Thermoset Molding Compound market during the forecast period.

Flourishing Aerospace Sector:

In the aerospace industry, Thermoset Molded internal components are used within the cabins of civilian, commercial and military aircraft as they aid in making aircraft lightweight. The demand for aircraft is on an upsurge in various regions. According to Boeing’s current business forecast, the Middle East would need 2,520 new aircraft by 2030. Also, according to Boeing India, there is a demand for 2,300 aircrafts worth US$320 billion over the next 20 years. According to Boeing, in 2020, 8,995 aircraft fleets were delivered in North America. It is estimated to reach 10,610 fleets by 2039. Considering the importance associated with lightweight airplanes, it is expected that the increasing aerospace industry would act as a driver for the Thermoset Molding Compound market.

Thermoset Molding Compound Market Challenge

Fluctuating Raw Material Prices:

The raw materials often used for the production of Thermoset Molding Compounds are the downstream products of crude oil, such as epoxy resins. During the previous few years, the price of crude oil has been extremely volatile. The price of Brent crude oil has increased from US$43.73/bbl in 2016 to US$71.31/bbl in 2018 and then decreased to US$64.21/bbl in 2019 and US$41.84/bbl in 2020, according to the BP Statistical Review of World Energy. The volatility in the price of oil has caused fluctuation in the prices of raw materials for the manufacturing of thermoset molding compounds. Thus, the fluctuation in the price of crude oil has a direct influence on the price of the Thermoset Molding Compounds, which is a significant challenge for the market during the forecast period.

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Thermoset Molding Compound Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermoset Molding Compound market. The top 10 companies in the Thermoset Molding Compound market are:

Ashland Global Holding Inc.

BASF SE

Eastman Chemical Company

Evonik Industries AG

Hexion Inc.

Huntsman Corporation

Kolon Industries Inc.

Kyocera Chemical Corporation

Plastics Engineering Company

Rogers Corporation

Recent Developments

In March 2021, BASF announced a partnership with Sumitomo (SHI) Demag to create the first fully-automated, all-electric injection moulding cell for new high-performance polymer manufacturing.

In April 2020, Evonik announced the completion of the Marl expansion of its polyamide plant. The substance also combines quality and performance with excellent parameter estimation, uses very little water, has great structural correctness and has excellent UV resistance.

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The acetophenone market is projected to grow from USD 233.87 million in 2024 to USD 315.17 million by 2032, reflecting a compound annual growth rate (CAGR) of 3.8%. Acetophenone, a key organic compound with the chemical formula C₆H₅C(O)CH₃, is a versatile industrial chemical predominantly used in the production of perfumes, resins, and various pharmaceuticals. It serves as a precursor in the synthesis of a wide range of compounds, including styrene, phenylethanol, and various pharmaceuticals. The global acetophenone market is driven by its diverse applications across multiple industries, including cosmetics, pharmaceuticals, and chemicals. As industries continue to expand and innovate, the demand for acetophenone is poised for significant growth.

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Market Dynamics

The acetophenone market has seen steady growth over the past decade, driven by several key factors:

1. Rising Demand in the Fragrance Industry: Acetophenone is widely used as a fragrance ingredient due to its sweet, floral scent reminiscent of almonds or cherries. The increasing demand for perfumes, deodorants, and other personal care products, especially in emerging markets, has significantly boosted the consumption of acetophenone. Additionally, the rising trend of natural and organic products has spurred the use of acetophenone in green and sustainable fragrances.

2. Pharmaceutical Applications: Acetophenone is a crucial intermediate in the production of several pharmaceuticals, including anti-anxiety medications and certain pain relievers. The expanding pharmaceutical industry, driven by the aging global population and increasing healthcare needs, has fueled the demand for acetophenone. Moreover, ongoing research and development in the pharmaceutical sector continue to uncover new therapeutic applications for acetophenone and its derivatives.

3. Chemical Industry Growth: Acetophenone is an essential raw material in the manufacture of resins, including polyesters and styrenics. The growing demand for these resins in automotive, construction, and packaging industries has contributed to the increased consumption of acetophenone. Furthermore, the compound's role as a solvent and catalyst in various chemical reactions underpins its importance in the chemical industry.

4. Technological Advancements: Innovations in production technologies have made the manufacturing of acetophenone more efficient and cost-effective. This has not only reduced production costs but also improved the purity and quality of acetophenone, making it more attractive for use in high-end applications. The development of sustainable and eco-friendly production processes has further enhanced the market's growth prospects.

Challenges and Opportunities

While the acetophenone market presents significant growth opportunities, it also faces certain challenges. The volatility in raw material prices, environmental concerns related to the production process, and stringent regulations regarding chemical manufacturing and usage are some of the key challenges. However, the development of sustainable production methods and the increasing demand for eco-friendly products offer promising opportunities for market players.

Key Player Analysis:

Alfa Aesar

Rhodia

INEOS Phenol

CellMark USA LLC

Tanfac

B. Enterprises

Triveni Interchem

Haicheng Liqi Carbon

Haiwang Fine Chemical

Jiangsu Yalong Chemical

Segmentations:

 By Type

Cumene Process

Ethylbenzene Process

Others

By Application

Industrial Solvent

Pharmaceutical Industry

Flavor and Fragrance

Others

By Region

North America

US

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-east Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of Middle East and Africa

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Formaldehyde Market Size & Growth 2025-2035

Industry Outlook

The Formaldehyde market accounted for USD 10.6 Billion in 2024 and is expected to reach USD 19.7 Billion by 2035, growing at a CAGR of around 5.8% between 2025 and 2035.  Formaldehyde is a specialized branch of medicine that focuses on the prevention, diagnosis, treatment, and rehabilitation of injuries and conditions related to physical activity and sports participation. Medicine focuses on areas of performance enhancement, injury care, and prevention of sportsmen. Medicine includes preventative measures like injury prevention and coverings like rehabilitation and osteopathy.

Report Scope:

2024

2035Market Size in 2024 & 203520.015.010.05.00.020242035ParameterDetailsLargest MarketAsia PacificFastest Growing MarketNorth AmericaBase Year2024Market Size in 2024USD 10.6 BillionCAGR (2025-2035)5.8%Forecast Years2025-2035Historical Data2018-2024Market Size in 2035USD 19.7 BillionCountries CoveredU.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, Switzerland, Sweden, Finland, Netherlands, Poland, Russia, China, India, Australia, Japan, South Korea, Singapore, Indonesia, Malaysia, Philippines, Brazil, Argentina, GCC Countries, and South AfricaWhat We CoverMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PESTLE analysis, value chain analysis, regulatory landscape, pricing analysis by segments and region, company market share analysis, and over 10 companiesSegments CoveredDerivative, Application, End-use, and Region

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Market Dynamics

Growing Demand for Formaldehyde-based Resins in Construction

The construction industry, with its large requirement for formaldehyde-based resins, is the major driver of formaldehyde. These resins, and especially urea-formaldehyde (UF), phenol-formaldehyde (PF), and melamine-formaldehyde (MF), have significant applications in manufacturing wood products such as plywood, particle board, and medium-density fiberboard (MDF). Increased global urbanization and infrastructure development is resulting in considerable growth of the construction industry, thus promoting engineered wood products using formaldehyde-based glue. Due to the high degree of cross-linking, these resins possess high mechanical strength and resistance to moisture and are thus well suited for use in flooring, cabinetry, and furniture.

Increasing preference for green products when constructing buildings also goes up the demand since formaldehyde-based resins improve the performance features of the woods. The following is also increasing the market trend through dedicated investments in green building projects that advocate for energy efficiency and sustainable principles of construction. All these factors hence translate to firm production prospects for formaldehyde in the construction industry.

Shift towards formaldehyde-free alternatives

The shift towards formaldehyde-free alternatives presents a substantial restraint in the formaldehyde market. Increasing concern over health accruable to formaldehyde use in its use as a probable human carcinogen means that consumers and manufacturers have shifted to consider better alternatives. International regulatory authorities continue to establish higher standards and controls for formaldehyde releases across several consumer goods, such as furniture, flooring, and other construction materials. For this reason, several firms are pursuing a strategy of researching and procuring new, formaldehyde-free adhesives and resins suitable for efficient use while demonstrating comparable performance. This shift not only displaces conventional formaldehyde-based products but also introduces competition from new exciting materials that smart consumers will embrace. The growth of green chemistry and demand for eco-friendly solutions may limit the market growth of formaldehyde and force industry participants to change to remain effective in a new setting.

Innovations in eco-friendly formaldehyde alternatives

Innovations in eco-friendly formaldehyde alternatives present a promising opportunity for the formaldehyde market. There is a high demand for an environmentally conscious approach associated with an increase in consumer‘s concern about health. Chemists and formulators have been working on bio-based adhesives and resins with similar performance to those derived from formaldehyde but without the emission of toxic gases. These options can incorporate biodegradable polymers such as soy and starch, which can constitute viable bonding aids that are safe for humans and the environment. Other factors that lead to this trend are the global demand for better-quality, environmentally friendly products, such as the effective utilization of green building products in the construction industry and the extinction of gas-emitting vehicles in the automobile industry. Furthermore, governmental measures to support new sustainable products improve the market opportunities of the innovations. Through the adoption of these technologies, firms are holding access to new consumers and increasing competitiveness, enhancing the value of the formaldehyde market besides capturing the sustainable environment.

Industry Experts Opinion

"The formaldehyde market is at a pivotal point, with an increasing focus on health and environmental safety driving innovation. As a chemist, I see a significant opportunity for developing formaldehyde-free alternatives that maintain performance while reducing toxicity. The continued demand for sustainable building materials and safer consumer products will likely shape research priorities in the coming years. Collaborations between academia and industry will be essential to advance these eco-friendly solutions and meet regulatory standards."

Dr. Emily Carter, Senior Chemist at Advanced Materials Research Institute

Segment Analysis

In the derivative segment, Two-propone formaldehyde derivatives find extensive application in different industries because of their remarkable characteristics and functionality. Urea Formaldehyde Resin shares importance in the construction industry and furniture world due to its application in the manufacturing process of particle board and Medium-Density Fiberboard due to its good adhesive characteristics and cheap nature. Plywood Adhesive or Phenol Formaldehyde Resin used widely for its heat and moisture-resisting properties, is applicable in automobiles and electrical uses. On the other hand, Melamine Formaldehyde Resin is looked at as an aesthetic product, given its chemical-resistant properties, ideal for use in decorative items and laminates. Related derivatives such as pentaerythritol and methylene diphenyl diisocyanate make substantial contributions to the manufacture of coatings as well as foams, thereby expanding the use of formaldehyde in various sectors.

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Nomex Honeycomb Market is set for a Potential Growth Worldwide: Excellent Technology Trends with Business Analysis

Nomex Honeycomb is made from Nomex paper rather than cellulose fibers. The initial paper honeycomb is usually dipped in a phenolic resin to produce a honeycomb core with high strength and very good fire resistance. It is a lightweight and flexible material with high strength due to which it is being widely used in aerospace applications. Also, the increasing use of Nomex honeycomb in the construction of boats to help provide flexibility to enhance speed has boosted the market growth of Nomex honeycomb.

Free Sample Report + All Related Graphs & Charts @: https://www.advancemarketanalytics.com/sample-report/44173-global-nomex-honeycomb-market?utm_source=Organic&utm_medium=Vinay

Latest released the research study on Global Nomex Honeycomb Market, offers a detailed overview of the factors influencing the global business scope. Nomex Honeycomb Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Nomex Honeycomb The study covers emerging player’s data, including: competitive landscape, sales, revenue and global market share of top manufacturers are Hexcel Corporation (United States), Royal Ten Cate N.V (Netherlands), Euro-Composites (Luxembourg), Plascore Inc.  (United States), The Gill Corporation (United States), Advanced Honeycomb Technologies Inc. (United States), Avic Composite Corporation (China), DuPont de Nemours, Inc.  (United States), Euro-Composites Corporation (United States), HONYLITE PVT.LTD. (India), Tasuns Composite Technology Co., Ltd. (China), Core Composites (United States), Fibermax Composite (United Kingdom), TRB Lightweight Structures Limited (United Kingdom)

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The Cyclohexane Market size is expected to be worth around USD 43.4 billion by 2033, from USD 26.15 Bn in 2023, growing at a CAGR of 5.2% during the forecast period from 2023 to 2033.

The cyclohexane market encompasses the global trade and consumption of cyclohexane, a colorless, flammable liquid with a distinctive detergent-like odor. It is primarily used as a solvent in chemical manufacturing and in the production of nylon, where it acts as a precursor to adipic acid and caprolactam. The market is influenced by the demand for these end-products, fluctuations in raw material prices, and industrial advancements. Key factors driving growth include the expansion of the textile and automotive industries, where nylon's applications are prominent, as well as the ongoing development of industrial solvents and chemical intermediates.

Маrkеt Kеу Рlауеrѕ:

BASF SE

Cepsa

Chevron Phillips Chemical Company LLC

CITGO Petroleum Corporation

Reliance Industries Limited

Exxon Mobil Corporation

Idemitsu Kosan Co.,Ltd.

PTT Global Chemical Public Company Limited

Merck KGaA

Others

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Application Analysis :                     In 2023, caprolactam was the leading application in the cyclohexane market, capturing over 43.2% of the share due to its essential role in producing nylon for products like clothing and carpets. Cyclohexane is used to produce both caprolactam and adipic acid, which are crucial for making nylon 6 and nylon 66. Although caprolactam prices initially fell by over 30% due to excess production capacity in Asia, prices began rising between 2023 and 2032, but not enough to ensure profitability. To balance supply and demand, a significant reduction in production may be necessary. End Use Analysis :                 In 2023, textiles dominated the cyclohexane market with over 37.5% of the share, reflecting its critical role in producing nylon fibers for various applications. The automotive sector also heavily relies on cyclohexane for manufacturing durable nylon components used in vehicles. Most nylon manufacturers are involved in producing both nylon resins and caprolactam, positioning themselves throughout the value chain as global demand for nylon evolves with increasing consumer awareness. Маrkеt Ѕеgmеntѕ:

By Application

Adipic acid

Caprolactam

Other Applications

By End-Use

Automotive

Paints and Coatings

Textiles

Construction

Others

Drivers: The cyclohexane market is propelled by rising demand for nylon products across industries such as textiles, automotive components, and consumer goods. The increasing use of nylon's durable and versatile qualities drives up the need for cyclohexane, essential for its production. Additionally, the automotive sector's shift towards lightweight materials boosts demand for nylon-based components, further stimulating cyclohexane market growth.

Restraints:The cyclohexane market faces significant challenges from environmental concerns and stringent regulations aimed at pollution reduction. Volatility in raw material prices and the availability of substitutes like phenol for caprolactam production also hinder market growth. These factors create obstacles in maintaining a steady growth rate and necessitate strategic adjustments by market players.

Opportunities:Opportunities in the cyclohexane market are expanding due to increasing demands from the oil and gas industry, where cyclohexane is crucial for refining processes and solvent production. The rise in automobile production, particularly with the integration of nylon-based materials, further opens prospects for cyclohexane suppliers as the demand for nylon in automotive applications grows.

Challenges:The cyclohexane market encounters challenges including environmental regulations and safety standards that limit growth. Price volatility of raw materials disrupts market stability, and competition from substitutes like phenol threatens market demand. Addressing these challenges requires adherence to regulations, managing raw material costs, and innovating to differentiate cyclohexane from alternatives.

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Alpha-methylstyrene (AMS) Market Insights and Global Outlook 2024-2030

Global Info Research’s  report offers key insights into the recent developments in the global Alpha-methylstyrene (AMS) market that would help strategic decisions. It also provides a complete analysis of the market size, share, and potential growth prospects. Additionally, an overview of recent major trends, technological advancements, and innovations within the market are also included.Our report further provides readers with comprehensive insights and actionable analysis on the market to help them make informed decisions. Furthermore, the research report includes qualitative and quantitative analysis of the market to facilitate a comprehensive market understanding.This Alpha-methylstyrene (AMS) research report will help market players to gain an edge over their competitors and expand their presence in the market.

Alpha-methylstyrene (AMS) is a co-product produced in parallel from the phenol reaction which is produced by the partial oxidation of cumene. Alpha-methylstyrene (AMS) is an intermediate chemical used in the manufacturing of plasticizers, resins, and in many polymerization production processes. According to our (Global Info Research) latest study, the global Alpha-methylstyrene (AMS) market size was valued at US$ 431 million in 2023 and is forecast to a readjusted size of USD 551 million by 2030 with a CAGR of 3.6% during review period. Global Alpha-methylstyrene (AMS) key players include Ineos Phenol GmbH, AdvanSix, Cepsa Chemicals, Kumho P&B Chemicals, etc. Global top five manufacturers hold a Production Share over 50%. Europe accounts for the most Production Market Share, which have a share over 50%, followed by North America. In terms of product, Assay above 99.5% is one of the segment, with a Production Share over 10%. And in terms of application, the largest application is Resins (ABS/Polyester/Alkyd), followed by Plasticizers. This report is a detailed and comprehensive analysis for global Alpha-methylstyrene (AMS) market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2024, are provided.

We have conducted an analysis of the following leading players/manufacturers in the Alpha-methylstyrene (AMS) industry: Ineos Phenol GmbH、AdvanSix、Altivia、Cepsa Chemicals、DOMO Chemicals、Versalis (Eni)、Rosneft (SANORS)、China Taiwan Prosperity Chemical、Mitsubishi Chemical、Kumho P&B Chemicals、SI Group、Prasol Chemicals、Solvay、Mitsui Chemicals、LG Chem、Jiangsu Evergreen New Material Technology、China Blue Star Harbin Petrochemical Report analysis: The Alpha-methylstyrene (AMS) report encompasses a diverse array of critical facets, comprising feasibility analysis, financial standing, merger and acquisition insights, detailed company profiles, and much more. It offers a comprehensive repository of data regarding marketing channels, raw material expenses, manufacturing facilities, and an exhaustive industry chain analysis. This treasure trove of information equips stakeholders with profound insights into the feasibility and fiscal sustainability of various facets within the market. Illuminates the strategic maneuvers executed by companies, elucidates their corporate profiles, and unravels the intricate dynamics of the industry value chain. In sum, the Alpha-methylstyrene (AMS) report delivers a comprehensive and holistic understanding of the markets multifaceted dynamics, empowering stakeholders with the knowledge they need to make informed decisions and navigate the market landscape effectively. Conducts a simultaneous analysis of production capacity, market value, product categories, and diverse applications within the Alpha-methylstyrene (AMS) market. It places a spotlight on prime regions while also performing a thorough examination of potential threats and opportunities, coupled with an all-encompassing SWOT analysis. This approach empowers stakeholders with insights into production capabilities, market worth, product diversity, and the markets application prospects. Assesses strengths, weaknesses, opportunities, and threats, offering stakeholders a comprehensive understanding of the Alpha-methylstyrene (AMS) markets landscape and the essential information needed to make well-informed decisions. Market Size Estimation & Method Of Prediction

Estimation of historical data based on secondary and primary data.

Anticipating market recast by assigning weightage to market forces (drivers, restraints, opportunities)

Freezing historical and forecast market size estimations based on evolution, trends, outlook, and strategies

Consideration of geography, region-specific product/service demand for region segments

Consideration of product utilization rates, product demand outlook for segments by application or end-user.

  Request Customization of Report@ https://www.globalinforesearch.com/contact-us About Us: Global Info Research is a company that digs deep into Global industry information to Alpha-methylstyrene (AMS) enterprises with market strategies and in-depth market development analysis reports. We provide market information consulting services in the Global region to Alpha-methylstyrene (AMS) enterprise strategic planning and official information reporting, and focuses on customized research, management consulting, IPO consulting, industry chain research, database and top industry services. At the same time, Global Info Research is also a report publisher, a customer and an interest-based suppliers, and is trusted by more than 30,000 companies around the world. We will always carry out all aspects of our business with excellent expertise and experience.

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Asia-Pacific Metal Packaging Coatings Market - Forecast(2024 - 2030)

Asia-Pacific Metal Packaging Coatings Market Overview

Asia-Pacific Metal Packaging Coatings Market size is forecast to reach US$1,990.4 million by 2027, after growing at a CAGR of 7.3% during 2022-2027. The preference for metal food & beverage containers in the Asia-Pacific region has been increasing rapidly, owing to its range of benefits such as better product protection, durability, sustainability, affordability, light-weight, and more in comparison to other types of packaging. The development of new coating technologies which include Bisphenol A non-intent (BPA-NI) coatings are further fueling the growth of the market in the Asia-Pacific region. Moreover, increasing demand for metal packaging coatings from the pharmaceutical industry are further accelerating the growth of the market in the Asia-Pacific region. Also, strict regulations regarding the use of plastics in various countries across the Asia-Pacific region along with increasing product launches and developments associated with metal packaging is expected to increase the demand for metal packaging coatings for use in various end-use industries over the forecast period.

Covid-19 Impact

The COVID-19 outbreak led to major economic problems and challenges for the food & beverage, pharmaceutical, cosmetic, and other industries in the Asia-Pacific region. According to the International Monetary Fund (IMF), the GDP growth of the Asia declined by 1.3% and Australia by 2.4% as indicated in the graphs, owing to the economic impact of COVID-19. The governments all across the Asia-Pacific region announced strict measures to slow the spread of the coronavirus and only the production of essential commodities were allowed, which impacted the non-essential commodity industries, thereby impacting the production of metal packaging coatings as well. However, economic stimulus packages allotted for multiple sectors in the Asia-Pacific region and the start of industrial production activities since 2021 is improving the metal packaging coatings market growth in the Asia-Pacific region by its increasing utilization in various industries.

Report Coverage

The report: “Asia-Pacific Metal Packaging Coatings Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Asia-Pacific metal packaging coatings industry.

By Packaging Types: Food (2 piece and 3 piece), Caps & Closure (External and Internal), and General Line (External and Internal) By Coating Types: Water based, Solvent based, and Powder based. By Resins Type: Acrylic, Fluoropolymer, Urethanes, Epoxy (BPA and Non-BPA), Amines, and Others. By Application: Food (Sea Food, Meat, Infant Nutrition & Dairy, Vegetables, Catering, Biscuits, Cookies & Confectionary, Fats & Oils, Toppings, and Others), Pharmaceutical, Cosmetics, Personal Care, and Others. By Country: China, Japan, Thailand, Vietnam, India, Indonesia, Malaysia, and Rest of Asia-Pacific.

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Key Takeaways

China dominated the Asia-Pacific Metal Packaging Coatings Market in the year 2021. One of the key drivers driving the market is increasing use of metal packaging in food products such as fruits, vegetables, infant nutrition & dairy, bakery, and other similar products in order enhance the durability of metal packaging.

Increasing product launches for phenolic resins that are primarily used in a wide range of metal packaging coatings employed in food, pharmaceuticals, and other applications which require a smooth, durable, and spotless finish, has driven the market growth. For instance, In June 2020, companies such as Allnex GMBH, which has its presence in the Asia-Pacific region launched its new eco-friendly phenolic resin for use in BPAni application for metal packaging coatings.

Strict environmental regulations are driving metal packaging coating manufacturers in the Asia-Pacific region to adopt environmentally conscious practices, thus, the demand for water-based coatings are increasing significantly in the region.

Asia-Pacific Metal Packaging Coatings Market Segment Analysis – By Coating Types

The water based coating segment held the largest share in 2021 and is expected to grow at a CAGR of 8.2% by 2027. Water-based coating is an environmentally friendly surface treatment that disperses the resin used in the coatings using water as a solvent. They have a high degree of flexibility and reduce moisture and solar radiation absorption, thereby, resulting in fewer solvent emissions. The VOC (Volatile Organic Compounds) content in the water-based coating is significantly low, and since there are regulations restricting the high VOC content in Asia-Pacific is resulting in its increasing adoption by metal packaging coating manufacturers based in the region. For instance, in 2021, China launched its 14th Five-Year Plan, the chemical sector refocused its environmental protection goals on low-carbon transformation and comprehensive control of VOC emissions, as well as a considerable emphasis on encouraging low VOC products. Furthermore, as compared to solvent-based coatings, water-based coatings for metal packaging require less coating to cover the same surface area, cost less, and do not require any additives, thinners, or hardeners because they provide higher adherence. Thus, water-based barrier coatings are utilized to protect the metal packaging from external and internal effects by sealing the substrate surface. 

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Asia-Pacific Metal Packaging Coatings Market Segment Analysis - By Application

Food sector held the largest share with 66% in the Asia-Pacific Metal Packaging Coatings Market in 2021 and is anticipated to grow at a CAGR of 7.4% during the forecast period 2022-2027. Metal packaging cans, containers, tins, and more are utilized for the packaging of the food because these types of packaging maintain the food filling's flavors and nutritional content ranging from months to several years. However, the direct contact between the metal packaging and food content filled inside the cans and other types of packaging are not safe. The direct contact between metal and food can degrade the food content, owing to this food-friendly coating are applied to safeguard the packaged food from corroding metal. The shifting the focus of Asia-Pacific packaging manufacturers from plastic to metal is expected to drive up the demand for metal packaging coatings for food cans. This is further projected to expand the market growth in the Asia-Pacific region. According to UACJ Corporation, between 2019 and 2022, global demand for aluminium used in cans will rise 11% to 6.61 million tons per year. Southeast Asian countries are likely to account for half of that demand, according to the report. Thus, rising demand for cans will accelerate the production for aluminium cans, which further benefits the metal packaging coatings demand.

Asia-Pacific Metal Packaging Coatings Market Segment Analysis – By Country

China dominated the Asia-Pacific Metal Packaging Coatings Market in terms of revenue with a share of 59% in 2021 and is projected to dominate the market during the forecast period (2022-2026). In China, the metal packaging coatings market is fueled by the growth of the country’s food & beverage sectors. For instance, according to the China Chain Store & Franchise Association, China’s food and beverage sector was valued at around US$ 595 billion in 2019, an increase of 7.8% in comparison to 2018. Metal cans offer a range of benefits such as better food protection, durability, sustainability, affordability, light-weight, and more in comparison to other types of packaging such as paper or plastic packaging. In August 2020, ORG technology, the Chinese manufacturer of food cans, launched its white paper on the strategic development of food cans. The company focused on coated iron metal cans with moisture-proof, environmental protection, safety, corrosion resistance, anti-extrusion, and other characteristics to gain traction in the market. In this way, such increasing food production along with the development of food cans in China, owing to its various benefits as mentioned above, is expected to increase the demand for metal packaging coatings to further enhance the durability of such food cans. This is expected to accelerate the growth of the market in China during the forecast period.

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Asia-Pacific Metal Packaging Coatings Market Driver

Increasing Preference for Metal Containers in Food & Beverage Sector

Metal packaging coatings are primarily used to coat different metals such as steel, aluminum, tin-plate, and more that are used for food & beverage packaging in order to enhance its ability to resist corrosion. Metal containers offer a range of benefits such as better product protection, durability, sustainability, affordability, light-weight, and more in comparison to other types of packaging such as paper or plastic packaging. For instance, vegetables, fruits, pet food, soups, and meats are often packaged in metal cans. Canning foods help prolong their shelf life and can help people afford to make healthy dietary choices. Similarly, soda, beer, and even wine are usually packaged in aluminum cans since aluminum beverage cans are the most recycled category for aluminum products, with nearly 50 percent of all cans recycled annually. Thus, all of these benefits of metal containers are driving its demand over other types of packaging. As a result, many companies in the Asia-Pacific region have begun packaging their food & beverages in metal containers. For instance, in February 2021, Responsible Whatr, a brand based in India, launched spring water in aluminum beverage cans made by Ball Corporation, a leading manufacturer of aluminum packaging. The company intends to create a brand that signifies sustainability and become a significant contributor to the circular economy. In July 2020, Showa Aluminum Can Corporation (SAC), metal packaging manufacturer, launched its third aluminum can manufacturing facility in Vietnam with an overall plant capacity of 1.3 billion cans per year in order to meet the growing demand for metal packaging from the food & beverage sectors of the country. Thus, such increasing preference and use of metal containers in the Asia-Pacific region are expected to increase the demand for metal packaging coatings to further enhance the durability of the metal containers, thus, accelerating the growth of the market in the Asia-Pacific region.

Growing Demand from the Pharmaceutical Industry

Metal packaging coatings are primarily used in the pharmaceutical industry in order to provide protection to the metal from atmospheric corrosion and support decoration, labeling, and consumer information. Its range of benefits such as impermeability to light, moisture, gases, and water, durability, light-weight, and ease of printing labels directly onto the metal surface make them ideal for use in the pharmaceutical industry. Thus, an increase in pharmaceutical production in the Asia-Pacific region is expected to drive the market growth during the forecast period. According to Vietnam’s Ministry of Health, the pharmaceuticals industry is expected to grow at the rate of 10% per year from 2017 to 2028, owing to an increase in pharmaceutical production and sales in the country. Also, according to International Trade Administration, the local pharmaceutical production in Japan reached up to US$59,958 in 2017, US$62,570 in 2018, US$87,027 in 2019, and US$84,600 in 2020 respectively. thus, indicating an increase in pharmaceutical production in Japan per year. An increase in pharmaceutical production is expected to drive the demand for metal packaging coatings in the pharmaceutical industry, thus accelerating the growth of the market in the upcoming years.

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Asia-Pacific Metal Packaging Coatings Market Challenges

Volatility of Raw Material Prices

Primary raw materials including resins, solvent, and more used in the production of metal packaging coatings are derived from crude oil. As a result, fluctuations in the prices of crude oil in the Asia-Pacific region may hinder the growth of the market. For instance, India’s Crude Oil Basket (COB) reached US$19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2020-21, the average annual price of India’s COB was around US$42.72 per barrel, which decreased by 30% than the average COB price in 2019-20. Likewise, as per revised estimates for 2020-21, the COB has increased by around 35% from its initial budget estimate. Since October 2021, Vietnam has also witnessed a spike in demand for crude oil. According to the oil price, the price of light crude oil exceeded US$94.38 per barrel in February 2022, an increase of 3.63% that is equivalent to US$3.3, the highest record since November 2014. Similarly, the price of Brent crude oil also increased and reached up to US$95.39 per barrel, an increase of 1.98% which is equivalent to US$1.85.

Asia-Pacific Metal Packaging Coatings Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Asia-Pacific Metal Packaging Coatings Market. Asia-Pacific metal packaging coatings top 10 players include:

The Sherwin Williams Company

PPG Industries Inc.

AkzoNobel N.V.

Kansai Paint Co., Ltd.

Altana AG (Actega)

Henkel AG & Co. KGaA

Axalta Coating Systems Ltd.

Eason & Co.

Toyochem Co., Ltd.

Kangnam Jevisco Co., Ltd. and Others.

Recent Developments

In June 2021, AkzoNobel has invested in research and development activities associated with packaging coatings. The research is primarily focused on development of a new, and recyclable coating through use of bio-derived polyelectrolytes. These polyelectrolytes are 100% natural and are extracted from shrimp shells or waste from the wood processing industry. The versatility of natural polyelectrolytes will allow the company to become less dependent on synthesized polymers for packaging coatings.

In May 2021, ALTANA completed its acquisition of the closure materials business of Henkel group, a chemical and consumer goods manufacturing company with a strong regional presence in the Asia-Pacific region. Within the ALTANA Group, the business will be integrated into the ACTEGA division and globally assigned to the metal packaging solutions business line including the Asia-Pacific region. The main objective of this acquisition is to strengthen the company’s focus on innovative specialty chemicals.

In March 2021, Toyochem launched a new line of Bisphenol A non-intent (BPA-NI) internal coatings for metal beverage bottles and cans. These coatings are based on acrylic emulsion and polyester resins. The new BPA-NI internal sprays and coil coatings for stay-on tab (SOT) ends are specially formulated to achieve the required performance results, while addressing BPA-related health and food safety concerns from regulators and consumers in the Asia-Pacific region and worldwide.