The acid phosphates market in North America is anticipated to expand at a CAGR of ~7% from 2019 to 2027 and cross value of US$ 256 Mn by 2027. Based on volume, the U.S. dominated the acid phosphates market in North America in 2018.
It is estimated to be a leading country of the acid phosphates market in North America during the forecast period. Strong economy and a positive outlook for various sectors such as oil & gas, aerospace, automotive, and electronics in the U.S. have fueled the demand for lubricants, additives, emulsifiers, dispersants, and surfactants in the country.
North America Acid Phosphates Market: Key Drivers and Restraints
Increasing demand for lubricants is projected to drive the North America acid phosphates market during the forecast period. Lubricants play a vital role in the operation of any industrial equipment, engine, or machinery. Lubricants reduce friction between two surfaces, thereby enhancing operational efficiency and providing protection from wear, which extends machine runtimes and prevents wear and tear of machine parts.
Acid phosphate forms an essential part of any lubricant additive, as it helps the lubricant to perform over a wide range of temperatures and operating conditions. It can also be used in water-based hydraulic fluids as a lubricant additive in order to decrease wear of pumps and inhibit corrosion.
North America Acid Phosphates Market: Key Segments
Based on product, the acid phosphates market in North America has been segregated into N-octyl acid phosphate, 2-ethylhexyl acid phosphate/2-ethylhexyl dihydrogen phosphate, butyl acid phosphate, amyl acid phosphate, and ethyl acid phosphate.
In terms of volume, the butyl acid phosphate segment held a major share of the North America acid phosphates market in 2018. Butyl acid phosphate is an odorless solvent and, generally, it is used as a component of aircraft hydraulics and brake fluids. Since it is an odorless solvent, it can be employed as an anti-foaming agent in detergents, paints, and adhesives.
In the paints & coatings industry, N-octyl acid phosphate is widely used as an additive, curing agent, and dispersant. It is employed to harden a surface or material. It is usually applied to polymer surfaces to facilitate the molecular bonding of the polymer. According to a report, the paints & coatings industry in North America is expected to expand at a rate of 4.92% from 2018 to 2023. Increase in the demand for paints and coatings is anticipated to propel the demand for acid phosphates in the region during the forecast period.
Source: Transparency Market Research