isophoronediamine market Report Overview
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The global isophoronediamine market size was USD 663.9 million in 2022 and is expected to reach USD 763.1 million in 2028, exhibiting a CAGR of 2.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Isophoronediamine (IPDA) is a specialty chemical compound primarily used as a curing agent in the production of epoxy resins, which are widely used in various industries, including automotive, construction, electronics, and coatings. It is known for its high-performance characteristics, including excellent chemical resistance, thermal stability, and adhesion properties.
The market is driven by factors including growing demand for epoxy coatings and adhesives in construction, automotive, and aerospace industries, increasing use of polyurethane materials in various applications, including automotive, furniture, and construction, rising interest in high-performance polymers for specialized applications.
COVID-19 Impact: Pandemic Hampered the Market Demand Due to Supply Chain Disruptions
The COVID-19 pandemic disrupted global supply chains, including those in the chemical industry. Lockdowns, travel restrictions, and labor shortages impacted the production and transportation of chemicals and raw materials. The demand for chemicals varied depending on their end-use industries. Some industries, like pharmaceuticals and healthcare, experienced increased demand for certain chemicals, while others, like automotive and construction, saw a decline in demand due to reduced economic activity. Price volatility was a common occurrence in the chemical industry during the pandemic. Factors such as supply disruptions, fluctuations in demand, and changes in raw material prices influenced chemical prices. Some chemical companies shifted their production to meet the increased demand for essential chemicals, including those used in pharmaceuticals, sanitizers, and personal protective equipment (PPE). As the pandemic evolved and vaccination efforts progressed, some chemical markets began to recover. However, the pace and extent of recovery varied by region and industry.
Latest Trends
"Growing Demand in Epoxy Resin Applications to Fuel Market Growth"
Isophoronediamine (IPDA) is commonly used as a curing agent in epoxy resin formulations. The expanding construction and automotive industries were driving the demand for epoxy resins, which, in turn, was increasing the demand for IPDA. Sustainability concerns and environmental regulations were pushing manufacturers to explore greener alternatives in chemical production. This was driving research into more environmentally friendly processes for producing isophoronediamine. IPDA is used
in the production of various coatings and adhesives. As construction and manufacturing activities increased, so did the demand for high-performance coatings and adhesives. Advancements in polymer chemistry and the development of new coatings and materials can impact the demand for IPDA. Companies investing in research and development to create innovative products may drive market trends.
isophoronediamine market Segmentation
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- By Type Analysis
According to type, the market can be segmented into One-step Method, Two-steps Method, Other.
- By Application Analysis
Based on application, the market can be divided into Epoxy Resin, IPDI, Others.
Driving Factors
"Rising Demand for Polyurethane Coatings to Drive Market Growth"
IPDA is also used in the production of polyurethane coatings, which are extensively used for corrosion protection, aesthetics, and durability in applications such as automotive coatings, industrial machinery, and architectural coatings. Increasing environmental regulations and a growing focus on sustainable products drive the development of eco-friendly coatings and adhesives. IPDA can be used in the formulation of low-VOC (volatile organic compounds) coatings, which align with environmental standards. This is a significant driver of the isophoronediamine market growth.
"Growth in the Electronics Industry to Accelerate Market Demand"
Isophoronediamine is used in the production of electronic components and printed circuit boards. The growth of the electronics industry, driven by advancements in technology and increased consumer demand, can stimulate the demand for IPDA. Environmental concerns and regulations have led to a shift towards waterborne coatings, which often use IPDA as a key component. As environmental regulations become stricter, the demand for IPDA in waterborne coatings may increase.
Restraining Factor
"Price Volatility to Restrict Market Growth "
The price of IPDA can be subject to fluctuations due to factors like raw material costs, supply-demand dynamics, and geopolitical events. This price volatility can affect the profitability of manufacturers and downstream users. Isophoronediamine is primarily used in specific industries such as coatings, adhesives, and composites. Its limited application scope can be a restraint, as it is not widely used in other sectors, limiting its market potential.
isophoronediamine market Regional Insights
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"Asia Pacific Anticipated to Drive Market Expansion owing to Presence of Key Players "
Asia Pacific holds leading position in isophoronediamine market share. The region, particularly China, had been a significant player in the market. China, with its robust chemical manufacturing industry and growing demand for epoxy resins and coatings, had a substantial share of the global IPDA market. Additionally, other countries in this region, such as Japan and South Korea, also contributed to the demand for IPDA.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Growth"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.
The top key players in the market are Evonik, Basf, Wanhua Chem. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.
List of Market Players Profiled
- Evonik (Germany)
- Basf (Germany)
- Wanhua Chem (China)
Report Coverage
This report examines an understanding of the isophoronediamine market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 663.9 Million in 2022 |
Market Size Value By |
US$ 763.1 Million by 2028 |
Growth Rate |
CAGR of 2.4% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global Isophoronediamine market expected to touch by 2028?
The global isophoronediamine market is expected to touch USD 763.1 million by 2028.
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What CAGR is the isophoronediamine market expected to exhibit during 2022-2028?
The isophoronediamine market is expected to exhibit a CAGR of 2.4% over 2022-2028.
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Which are the driving factors of the Isophoronediamine market?
Rising demand for polyurethane coatings and growth in the electronics industry are the driving factors of the Isophoronediamine market.
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Which are the top companies operating in the Isophoronediamine market?
Evonik, Basf, Wanhua Chem are the top companies operating in the Isophoronediamine market.