Triallyl Isocyanurate market Size, Share, Growth, and Industry Analysis, By Type (Rubber, Plastics and Others), By Application (Agrochemicals, Synthetic Rubber, Flame Retardant) and Regional Forecast to 2028

Updated On: 06 May 2024

TRIALLYL ISOCYANURATE MARKET REPORT OVERVIEW

The global Triallyl Isocyanurate market size was USD 58.22 million in 2021 and the market is projected to touch USD 94.78 million by 2027, exhibiting a CAGR of 8.46% during the forecast period.

The Triallyl Isocyanurate market is a segment of the global automotive industry that deals with the production and supply of them, which are mechanical components that connect the steering knuckles to the control arms of the vehicle’s suspension system. They allow the wheels to move up and down independently, while also enabling the steering of the vehicle. They are essential for ensuring a smooth and stable ride, as they reduce the vibration, noise, and wear and tear of the vehicle components.

The market is influenced by various factors, such as the increasing vehicle production, rising demand for passenger cars and commercial vehicles, technological advancements in suspension systems, growing preference for enhanced ride comfort and safety, high capital investment and suspension component costs, and complexity of compliance with stringent regulations. The market is also affected by the COVID-19 pandemic, which has disrupted the global automotive industry and caused a decline in demand and supply of them.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a significant impact on the Triallyl Isocyanurate market share, as it has disrupted the supply chain, reduced the demand from end-use industries, and increased the production costs. The lockdown measures imposed by various governments have affected the availability of raw materials, labor, and transportation for the manufacturers of it and its derivatives. The demand for it has also declined due to the reduced consumption of plastics, rubber, and agrochemicals in sectors such as automotive, footwear, and agriculture. Moreover, the pandemic has increased the price volatility and uncertainty in the market, making it difficult for the producers and consumers to plan their operations and investments.

LATEST TRENDS

"Increasing Use as a Flame Retardant for Various Polymers to Drive Market Growth"

One of the recent trends in the market is the increasing use of it as a flame retardant for various polymers. It can enhance the thermal stability, flame resistance, and mechanical properties of polymers such as polyethylene, polypropylene, polystyrene, and polyvinyl chloride. It can also be blended with other flame retardants to improve their performance and reduce their toxicity. The growing demand for flame retardant polymers in applications such as electrical and electronic devices, construction materials, and packaging is expected to drive the market growth of it in the coming years.

TRIALLYL ISOCYANURATE MARKET SEGMENTATION

• By Type

Based on type the global market can be categorized into rubber, plastics and others.

Rubber products that use it include hoses, belts, seals, gaskets, and rubber rollers. These products can benefit from the enhanced durability, elasticity, and stability of it. Rubber products account for the largest share of the global market. Plastic products that use it include pipes, films, sheets, and profiles. These products can benefit from the improved strength, rigidity, and flame retardancy of it. Plastic products account for the second largest share of the global market.

• By Application

Based on application the global market can be categorized into agrochemicals, synthetic rubber, flame retardant.

Agrochemicals are chemicals that are used in agriculture to enhance crop production and protection. It can be used as a crosslinking agent for agrochemicals, such as pesticides, herbicides, and fungicides. It can enhance the mechanical properties, heat resistance, and weather resistance of synthetic rubber. Synthetic rubber account for a large share of the global market. It can be used as a flame retardant for materials, such as plastics, textiles, and wood. It can increase the char formation, thermal stability, and oxygen index of materials. 

DRIVING FACTORS

"Growing Agriculture Sector to Boost the Market"

The agriculture sector is one of the key end-users of triallyl isocyanurate, as it is used as a cross-linking agent for the synthesis of agrochemicals such as fungicides, herbicides, and insecticides. It can improve the efficacy, stability, and solubility of these agrochemicals, which are essential for enhancing the crop yield and quality. The growing population, food demand, and awareness about food safety are expected to boost the demand for agrochemicals and triallyl isocyanurate in the future.

"The Demand for Synthetic Rubber to Expand the Market"

It is widely used as a cross-linking agent for the vulcanization of synthetic rubber such as ethylene propylene diene monomer (EPDM), styrene butadiene rubber (SBR), and nitrile rubber (NBR). It can improve the heat resistance, weather resistance, and mechanical strength of synthetic rubber, which are required for various applications such as tires, hoses, belts, gaskets, and seals. The increasing demand for synthetic rubber from the automotive, footwear, and industrial sectors is expected to propel the market growth of triallyl isocyanurate in the near future.

RESTRAINING FACTOR

"Acute Toxicity of It to Human Health to Potentially Impede Market Growth"

It is classified as a hazardous substance by various regulatory agencies, as it can cause skin irritation, eye damage, respiratory distress, and liver damage upon exposure. It can also applications such as aerospace, automotive, and electronics. The resin is also environmentally friendly, as it does not contain any volatile organic compounds or hazardous substances. The researchers claim that the resin is a promising candidate for the next-generation of high-performance thermosets based on it.

TRIALLYL ISOCYANURATE MARKET REGIONAL INSIGHTS

"Asia Pacific Region Dominating the Market due to Economic Development"

Asia-Pacific is expected to be the highest Triallyl Isocyanurate market growth. The rapid industrialization, urbanization, and economic development in countries such as China, India, Japan, and South Korea are the main factors that contribute to the high demand for triallyl isocyanurate in the region. The growing sectors such as automotive, footwear, electronics, and agriculture in Asia Pacific are expected to create lucrative opportunities for the market in the region. Moreover, the availability of cheap labor, raw materials, and infrastructure in Asia Pacific are expected to attract more investments and expansions from the global players in the market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Triallyl Isocyanurate market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• ECEM European Chemical Marketing Bv (Netherlands)
• Hunan Yixiang Chemical Industrial (China)
• Evonik Industries AG (Germany)
• Liuyang Leader Materials&Technology (China)
• Beijing Credit New Material (China)

INDUSTRIAL DEVELOPMENT

September 2021:  is the development of a novel triallyl isocyanurate-based resin for the fabrication of high-performance thermosets. The resin was developed by a team of researchers from the University of Massachusetts Amherst, and was published in the journal Macromolecules in 2021. The resin is composed of triallyl isocyanurate and a bisphenol A-based epoxy monomer, and can be cured by UV irradiation or thermal treatment. The resin exhibits excellent thermal stability, mechanical strength, and dimensional stability, and can be used for various applications such as aerospace, automotive.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.