Phenalkamine Market
Phenalkamine Market Analysis, By Viscosity (0-10,000 cPS, 10,000-50,000 cPS, Above 50,000 cPS), By Application and Region - Market Insights 2023 to 2033
Analysis of Phenalkamine Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Phenalkamine Market Growth Outlook (2023 to 2033)
The global phenalkamine market is set to estimate a valuation of US$ 699.2 million in 2023 and it is expected to grow at a CAGR of 4.8% to reach US$ 1,117.4 million by the end of 2033.
Growing demand for coating from various end-use industries such as marine, construction, and transportation is likely to boost the demand for phenalkamine in the coming years. Phenalkamines are a distinct range of natural epoxy-curing agents that is been able to provide a very fast cure, even at the lowest temperature.
Report Attributes |
Details |
Estimated Market Value (2023E) |
US$ 699.2 Million |
Forecasted Market Value (2033F) |
US$ 1,117.4 Million |
Global Market Growth Rate (2023-2033) |
4.8% CAGR |
North America Market Share (2023) |
21.2% |
East Asia Market Growth Rate (2023-2033) |
5.1% CAGR |
Europe Market Growth Rate (2023-2033) |
4.7% CAGR |
Key Companies Profiled |
|
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Historic and Future Path for Phenalkamine Market
Phenalkamine possess excellent hardening ability even at extremely lower temperature and excellent chemical resistance, thus used predominantly in the shipbuilding industry but also as a coating for plants, pipes, and viscous steel materials.
- Short Term (2023-2026): Rising demand for epoxy curing agents in various industries, including adhesives, composites, and coatings is likely to drive the phenalkamine market in coming years.
- Medium Term (2026-2029): Thriving construction and infrastructure industries across the globe especially in India and China is likely to drive the market in coming years.
- Long Term (2029-2033): Increasing awareness among consumers regarding the benefits of phenalkamines in protecting surfaces against environmental elements. Further, growing demand for green and sustainable coatings leads to the development of eco-friendly phenalkamines which is likely to drive the demand for the phenalkamines during the forecast period.
On the back of the aforementioned facts, the phenalkamine market is anticipated to grow at a CAGR of 4.8% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.
Market share analysis of phenalkamine based on application and region is provided in a nutshell in the above image. Under the application segment, the coatings sub-segment dominates with a 68.2% market share in 2023.
Market Dynamics Outlook
“Growing Demand for Coatings from Construction Sector to Boost the Markets”
Coatings are widely used in the construction industry. Construction coatings help to protect surfaces from various external and environmental elements such as sunlight, UV rays, corrosion, and acid rain.
Phenalkamines are widely used as a curing agent. These epoxy hardeners share some similar advantages to other petroleum-based mannich-based curing agents such as extremely fast curing even at extremely low temperatures, good surface appearance, good chemical resistance, good moisture tolerance, and non-blushing properties.
In recent years, many developed as well as developing countries have invested heavily in the construction and infrastructure sector. The Asia Pacific region is expected to most significant opportunities for the phenalkamine market players owing to rapid urbanization.
Rising demand for infrastructural development in growing economies such as China, India, and South Korea is anticipated to bolster the demand for phenalkamine in the assessment period. This is likely to open multiple doors for phenalkamine manufacturers.
“From Petroleum to Renewable: The Evolution of Phenalkamines”
As the world becomes more environmentally conscious, there is a growing demand for green and sustainable coatings that have less impact on the environment. This has led to the development of eco-friendly phenalkamines, which are derived from renewable resources and have a lower environmental impact compared to traditional petroleum-based phenalkamines.
Eco-friendly phenalkamines offer several benefits, including reduced carbon footprint, improved sustainability, and enhanced performance. In addition, the development of eco-friendly phenalkamines is expected to support the growth of the phenalkamine market in the long run, as more consumers and industries shift towards sustainable alternatives.
“Lack of Availability of Raw Materials to Hamper the Market”
The availability of raw materials is a crucial factor that affects the phenalkamines market. The production of phenalkamines requires specific raw materials, such as polyamines and cyclic ketones, which are not readily available in large quantities.
As, cyclic ketones such as MIBK and DAA, which are used as solvents in the production of phenalkamines, are produced through complex chemical reactions and are subject to strict regulations. This complexity in the production of raw materials can result in limited availability, leading to a shortage of raw materials in the phenalkamines market.
Furthermore, the demand for raw materials used in the production of phenalkamines is increasing as the market for phenalkamines continues to grow. This increase in demand can lead to a shortage of raw materials as the supply struggles to keep up with demand.
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Country-wise Insights
Why the US Likely Increase Demand for Phenalkamine in the Coming Years?
Over the years, the demand for marine transportation has increased rapidly in US. Annually, the marine industry in the US contributes to over US$ 350 billion in gross domestic product. Marine transportation is always preferred for heavy volume transportation as it is possible with low rates, maximum efficiency, and green and sustainable transportation.
The United States has a presence of some of the leading ship manufacturing companies such as Monterey Boats, Bertram Yachts, Master Boat Builders, and Back Cove Yachts. These companies are likely to increase the use of phenalkamine as it is widely used in coating formulations for the marine industry.
Why China is Emerging as a Lucrative Market for Phenalkamine?
The growing infrastructure and construction sector across China is likely to create significant opportunities for the phenalkamine market players during the forecast period.
- China’s construction sector is valued at over US$ 4.5 trillion in 2022 and is projected to move further at 4.0% CAGR. The Chinese government is spending over 7.0% of its GDP on the construction and infrastructure sector.
Phenalkamine is widely used in the construction industry for floor coatings to protect concrete from deterioration. Floors can get easily attacked by carbon dioxide, chemicals, fungi, and acids. Phenalkamine gives superior protection in a chemical environment.
China is likely to capture over 60% of the phenalkamine market in the East Asia region.
Category-wise Insights
Which Application is Likely to Capture the Prominent Market Share?
Coatings are anticipated to capture a prominent share of the market during the forecast period. Growing demand for coatings from various applications such as marine, protective, industrial, transportation, and pipe is expected to boost the demand for phenalkamine during the assessment period.
Marine coatings are a type of protective coatings that are widely used in the marine environment to protect ships, vessels, tankers, and other materials from saline atmospheres. The marine coating can also be used in new construction, OEM, maintenance, and repair. These coatings protect submerged surfaces as well as above sea water surfaces.
Phenalkamine provides a range of epoxy curing agents for a high level of corrosion protection with distinct advantages in the application via fast cure, surface tolerance, low-temperature cure, and low solvent emission.
Which Viscosity Range is Likely to Capture Maximum Market Share?
0-10000 (cPS) is likely to capture the maximum share in the phenalkamine market. It possesses properties such as higher reactivity, chemical resistance, and low cost due to which it is widely used in the applications such as marine coatings, protective, industrial, and transformational coatings.
0-10000 (cPS) is likely to grow at a CAGR of over 5.0% to reach a valuation of US$ 556.5 million by the end of the assessment period.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Market Titans Key Strategies
Phenalkamine market prominent players are Aditya Birla Group, Huntsman Corporation, DIC Corporation, Cardolite Corporation, Kudo Chemicals, K2P Chemicals, Vijai Poly Products, Admark Polycoats, D.R. Coats Inks & Resins, Acorrphen Coating Private Limited, Paladin Paints & Chemicals Pvt. Ltd., and Ark Golden India.
Some of the leading players in the phenalkamine market are focusing on investing in research and development activities for developing newer technologies and processes to meet the ever-changing industry. Market players are also looking for increasing their product portfolio for use in various end-use applications. Some of the market players are focusing on increasing their global presence.
Fact.MR has provided detailed information about the price points of key manufacturers of phenalkamine positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Phenalkamine Industry Research
-
By Application :
- Coatings
- Marine
- Protective
- Industrial
- Transportation
- Pipe
- Building & Construction Adhesives
- Coatings
-
By Viscosity (cPS) :
- 0-10,000
- 10,000-50,000
- Above 50,000
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- FAQs -
What is the Global Phenalkamine Market Size?
The global phenalkamine market is estimated at US$ 699.2 million in 2023.
How will the market perform over the forecast period?
During 2023-2033, sales of phenalkamine increased at 4.8% CAGR.
What is North America Market Outlook?
The North American market is estimated to capture nearly 25.0% of the market.
Which Region is Expected to Capture Maximum Market Share?
Asia Pacific region is likely to capture over 50.0% of the phenalkamine market.
Which Application Holds the Highest Market Share?
Coatings application is likely to hold the maximum share in the phenalkamine market.
At What Percentage is Phenalkamine Going to Register Growth in Europe?
Phenalkamine going to register a growth rate of 4.7%. in Europe in the coming years.
Who are the Major Players in the Phenalkamine Market?
Aditya Birla Chemicals, Huntsman Corporation, DIC Corporation, Cadolite Corporation, Kudo Chemicals, k2P Chemicals, Vijay Poly Products, Admark Polycoats, and D.R. Coats Inks & Resins are some of the leading players in the phenalkamine market.