Growing demand from coatings industry is propelling growth of the trimethylolethane market

 

The Trimethylolethane market is estimated to be valued at US$ XX million in 2022 and is expected to exhibit a CAGR of XX% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights

Market Overview:

Trimethylolethane (TME) is a versatile compound that can be used in various applications. It is manufactured by the reaction of methylamine with an acid, usually chloramine or bromine. This compound is widely used in the formulation of a wide range of pharmaceuticals, lubricants, and paints. It can also be used as a fungicide and insecticide.

Competitive Landscape:

Mitsubishi Gas Chemical Company Inc., GEO Specialty Chemicals Inc., LANXESS, DowDuPont, and Copperhead Chemical

Key Market Drivers:

The increasing demand for this substance from the industrial sector and also the rising awareness about its benefits is propelling growth of the Trimethylolethane Market.  Trimethylolethane is widely used in the production of polyurethane, polyamides, and silicones. It is also used in the manufacturing of synthetic leather, textiles, and paper products. The application of this substance is expanding rapidly across the world, and the demand for this product will continue to rise over the next few years.

Covid-19 Impact Analysis

During Covid-19 pandemic the global trimethylolethane industry has faced huge shutdown due to lockdown and social distancing policy. Lockdown has negatively impacted industrial transform processes. Major disruption in supply chain and trading patterns in the global market has negatively impacted the market growth.

Key Takeaways:

1.     The trimethylolethane market is expected to exhibit a CAGR of XX % over the forecast period owing rapid industrialization and urbanization. According to the World Bank Group, at present, some 56% of the world’s population – 4.4 billion inhabitants – live in cities. This trend is expected to continue, with the urban population more than doubling its current size by 2050, at which point nearly 7 of 10 people will live in cities.

2.     Asia Pacific is expected to witness significant growth over the forecast period owing to the growing demand from coatings industry.