Trioctyl Trimellitate (TOTM) Market Report Overview
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The global trioctyl trimellitate (TOTM) market size was USD 666.2 million in 2022 and is projected to touch USD 1062.62 by 2031, at a CAGR of 4.8% during the forecast period.
The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Trioctyl trimellitate (TOTM) is a primary branched monomeric plasticizer with extremely low volatility for vinyl homopolymer and copolymer resins. It is a specialty plasticizer with several advantages, including good extraction resistance, plasticizer and resin compatibility, permanence, excellent performance at both high and low temperatures, resistance to chemical agents, and extraction by soapy water. Furthermore, it is highly resistant to the effects of external influences such as sunlight and thus does not yellow easily. This product is an ester formed by the reaction of trimelliti acid and 2-ethyl hexanol. It has a high boiling point, is simple to manufacture, and has a long shelf life. It achieves the desired changes in physical and mechanical properties without affecting the polymer's chemical structure.
Trioctyl trimellitate can be found in a variety of plastics, including PVC, chloroethylene copolymer, ethyl cellulose, and polymethyl methylacrylate. TOTM is an excellent substitute for polyester polymeric plasticizers due to the processing advantages it provides.
COVID-19 Impact: Halt on Chemicals & Advanced Materials to Hamper Market
The COVID-19 outbreak has impacted many countries around the world. Several precautionary measures were implemented, including lockdowns. As a result, many factories and other professional activities were forced to close. As a result, the global economy has faced a significant challenge during the pandemic.
The automobile, construction, and cable industries are major end-users of phthalate plasticizer. Lockdowns imposed around the world hampered construction and manufacturing activities. Lockdowns also had an impact on the consumer goods market. PVC plastics are used in automobiles, wires and cables, pipes, and other products. As a result, the phthalate plasticizer market has suffered as a result of the pandemic.
The COVID-19 outbreak has had a direct impact on the production of various non-essential goods. The industrial shutdown caused by the COVID-19 pandemic has caused a disruption in phthalate plasticizer production and demand. The disruption in raw material supply also hampered the full-scale operations of market participants.
Latest Trends
"High Demand Across Pharmaceutical Industry to Boost the Market Growth"
Trioctyl trimellitate has a great influence on the pharmaceutical industry. The pharmaceutical industry is rapidly growing these days, which thereby increases the market growth. Even though there is a wide range of plasticizers, only some of them are sanctioned for use in pharmaceutical applications. The most important and used plasticizer among them is Trioctyl trimellitates due to its low toxicity and low migration ability. Plasticizers are primarily used in oral solid dosage forms. Plasticizers are added to polymers used as film-forming agents to make them pliable and soft, increasing the flexibility and plasticity of the films.
Trioctyl Trimellitate (TOTM) Market Segmentations
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- By Type
The market is classified into superior grade, first grade, and qualified grade on the basis of type.
- By Application
The market is classified into wire and cable, automobile industry, and pharmaceutical industry on the basis of application.
Driving Factors
"Rise in Insulation Materials to Drive the Market Growth"
Rising demand for PVC encapsulation and insulation materials globally mainly in the electrical/ wire and cables industry, which drives up demand for plasticizers, especially trioctyl trimellitate (TOTM) market due to its property of low volatility. Demand for PVC insulation also increases as the number of construction projects in the emerging economy increases, thereby driving the trioctyl trimellitate (TOTM) market growth. Wire and cable insulation (TOTM-CA) and interior automotive are two other applications. To reduce volatility, TOTM plasticizer is often combined with other general-purpose plasticizers such as DUP or DOTP.
"Rising Demand for Sheets and Films to Drive the Market Growth"
Rising demand for sheets and films contributes significantly to an increase in demand for plastics materials, which leads to an increase in demand for the plasticizers market. Furthermore, the significant growth of the gaskets market helps to drive the trioctyl trimellitate (TOTM) market growth.
Restraining Factors
"Rise in Cost to Hamper the Market Growth"
The abundant availability of phthalates plasticizer and consumer preference for phthalates are the major restraints on market growth. High cost in comparison to other plasticizers, as well as fluctuating raw material prices, are some of the other major reasons that may affect the market growth during the forecast period. The high cost of the product is due to the increasing demand, upstream pressure, and the usage of the same in various industries. The manufacturing difficulties also lead to the rise in price.
Trioctyl Trimellitate (TOTM) Market Regional Insights
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"Asia Pacific Leads the Market as a result of Rising Demand"
The Asia Pacific (APAC) region, particularly China, dominates the global trioctyl trimellitate (TOTM) market share. China is a major consumer and producer market for PVC, accounting for roughly half of global PVC production capacity. As a result, demand for trioctyl trimellitate plasticizers has increased significantly. Furthermore, significant growth in end-use industries such as automotive, electrical, building & construction, and fabrication, among others, is expected to drive demand for trioctyl trimellitate over the forecast period.
Due to increased demand for plastics in various applications such as wires, cables, and sheets, among others, North America, followed by Europe, is another trioctyl trimellitate (TOTM) market. Stringent government regulation in Europe and North America regarding the addition of plasticizers and the use of low VOC content compounds in polymer processing aids in driving demand for trioctyl trimellitate during the forecast period.
Key Industry Players
"Leading Players Adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global trioctyl trimellitate (TOTM) market.
List of Market Players Profiled
- BASF (Germany)
- Eastman (U.S.)
- Teknor (U.S.)
- KLJ (Dakota)
- OXEA (Germany)
- LG Chemical (South Korea)
- Lanxess (Germany)
- Polynt (Italy)
- Aekyung Petrochemical (South Korea)
- Ela Kimya (Turkey)
- UPC (U.S.)
- Jiangsu Zhengdan (China)
- Bluesail Chemical (China)
- Wuxi Baichuan (China)
- Henan Qingan Chemical (China)
REPORT COVERAGE
In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 666.2 Million in 2022 |
Market Size Value By |
US$ 1062.62 Million by 2031 |
Growth Rate |
CAGR of 4.8% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the trioctyl trimellitate market expected to touch by 2031?
The trioctyl trimellitate market is expected to reach a value of USD 1062.62 million by 2031.
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What CAGR is the trioctyl trimellitate market expected to exhibit by 2031?
The trioctyl trimellitate market is expected to exhibit a CAGR of 4.8% by 2031.
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Which are the driving factors of the trioctyl trimellitate market?
The rising demand for PVC encapsulation and insulation materials and the rising demand for sheets and films are some of the major driving factors of the trioctyl trimellitate market.
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Which are the top companies in the trioctyl trimellitate market?
Some of the top companies in the market include BASF, Eastman, TEeknor, KLJ, Oxea, LG Chemicals, and Lanxness.