The increasing consumption of crotonic-acid-based dispersions in paints, coatings, and adhesives will steer the crotonic acid market at a CAGR of 7.9% during the forecast period (2021–2025). Adhesives containing this acid offer rapid solidification, owing to which their application has significantly surged in high-speed manufacturing lines, such as those of packaging and textiles. The soaring demand for these adhesives will propel the market to $853.7 million by 2025 from $592.0 million in 2020.
Thus, the expansion of the adhesives industry is one of the key factors contributing to the crotonic acid market growth. The acid is used as a comonomer with vinyl acetate, to produce copolymers that are primarily utilized in the formulation of adhesives. For example, hot-melt adhesives are usually developed by grafting crotonic and acrylic acids onto metallocene ethylene–octene copolymers. Additionally, technological advancements have led to the preparation of improved adhesives that offer exceptional flexibility, performance, and bond strength under a wide temperature range.
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The categories under the application segment of the crotonic acid market include coatings, fungicides, adhesive resins, plasticizers, and intermediates. Among these, the adhesive resins category dominated the market in 2020, and it is expected to maintain its lead throughout the forecast period. This is due to the rising application of crotonic acid in the manufacturing of copolymer dispersions for adhesive resins. Thus, the spurring demand for these adhesive formulations in the electronics, textile, packaging, and automobile industries will define the positive growth outlook for this category.
Globally, China dominated the crotonic acid market during the historical period (2016–2020), and it is expected to reflect the same trend in the forecast years. Additionally, the Chinese market is also projected to demonstrate the fastest growth throughout the forecast period. This can be ascribed to the magnifying demand for adhesives and paints and coatings for the repair and renovation of residential and commercial buildings. Moreover, the growing application of crotonic acid as a plasticizer, fungicide, and intermediary in the chemical, agriculture, and pharmaceutical industries will boost the market growth in China.
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Major global crotonic acid market players are Kono Chem co. Ltd., Tianjin Jinhui Pharmaceutical Group Co. Ltd., Zhengzhou Tuozhixiang Trading Co. Ltd., WeylChem International GmbH, Central Drug House (P) Ltd., EUCLID, ALB Technology Limited, Henan Tianfu Chemical Co. Ltd., Spectrum Chemical Manufacturing Corporation, and Penta Manufacturing Company.
Market Size Breakdown by Segments
- Adhesive Resins
By End User
- Paints and Coatings
- Southeast Asia
- Middle East & Africa
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