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The growing global demand for electrodeposition coatings particularly, arising from the metals production and processing sector is expected to positively influence market growth. Electro-deposition allows for low-cost production of coatings, while maintaining high performance standards, improving the functional properties of the material. Dimethylolpropionic acid is also widely used in electric appliances such as HVAC systems. Consequently, the use of associated coatings will drive growth over the forecast period.
ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) delivers insights into key factors driving the dimethylolpropionic acid market in its latest report. Additionally, an evaluation of the effect of the COVID-19 pandemic on the dimethylolpropionic acid market in general, and an analysis of sales in 20+ high-growth markets and relevant end-use industries has been provided in the report.
How are Historic Trends Comparing to the Future Outlook of Dimethylolpropionic Acid Sales?
As per the Future Market Insights report, the covid-19 pandemic cut into the short-term rate of growth in the dimethylolpropionic acid industry. However, the market is expected to witness a steady recovery through 2021 with an estimated CAGR between 7% and 10%. Countries across the Asia Pacific excluding Japan region will remain major contributors to growth. Increasing awareness and rapid adoption of polyurethane dispersion processes in the United States will provide major impetus to developments of the market in the near future.
How are Developments in the Coatings Sector Influencing Growth?
Manufacturing activity is set to rise in multiple end use sectors including automotive and parts, furniture, chemicals, and the oil & gas industries. Domestic production of automobiles, fabricated parts, durable goods, and healthcare devices are expected to continue growing with upgrades for equipment and processes through 2021, positively influencing applications of DMPA. While the specialty chemicals industry is expected to go through a slight slump, resilience displayed by consumer chemicals and industrial gases among others reflect a potential for positive trends in the near future.
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