TAGS: Environmentally Friendly Coatings
In terms of volume, the global HEA, HPA, HEMA, & HPMA market is anticipated to expand at a CAGR of ~3% from 2020 to 2030. The rise in usage of water-based coatings in architecture and construction industries across the globe is expected to boost the global HEA, HPA, HEMA, & HPMA market during the forecast period.
Shift Towards Use of Low-VOC and Environment-friendly Technologies
The paints & coatings industry is shifting toward the use of
low-VOC and environment-friendly technologies such as water-based coatings and powder coatings. Water-based coatings are also odorless compared to solvent-based coatings. Thus, water-based coatings are preferred over solvent-based coatings.
HEMA Product Type Dominated HEA, HPA, HEMA, & HPMA Market
Based on product type, the global HEA, HPA, HEMA, & HPMA market has been divided into Hydroxypropyl Acrylate (HPA), 2-Hydroxyethyl Acrylate (HEA), Hydroxypropyl Methacrylate (HPMA), and 2-Hydroxyethyl Methacrylate (HEMA). In terms of value, the HEMA segment dominated the global HEA, HPA, HEMA, & HPMA market in 2019. The segment is anticipated to expand at a CAGR of more than 3.2% during the forecast period.
Paints & Coatings Lead HEA, HPA, HEMA, & HPMA Market
Based on end use, the global HEA, HPA, HEMA, & HPMA market has been classified into paints & coatings, construction, plastics & rubbers, personal care, adhesives, printing inks, chemical intermediates, and others. In terms of value, the paints & coatings segment led the global HEA, HPA, HEMA, & HPMA market in 2019. The segment is anticipated to expand at a CAGR of more than 2.8% during the forecast period.
Volatility in Prices of Raw Materials to Hamper HEA, HPA, HEMA, & HPMA Market
The HEA, HPA, HEMA, & HPMA market is anticipated to be hampered by volatility in prices of raw materials and competing uses of raw materials. Raw materials such as crude oil, natural gas, and cellulose are employed in the manufacture of HEA, HPA, HEMA, and HPMA. These products are petrochemical derivatives.
Therefore, they are subject to the volatility in prices and supply of crude oil. Acrylic acid serves as the starting point to produce HEA, HPA, HEMA, and HPMA. The price of acrylic acid has varied significantly across regions since 2007. The price of acrylic acid in Asia Pacific increased in September 2012–2013, due to accidental damage caused at the Nippon Shokubai’s Himeji facility in Japan.
The fluctuation in supply as well as prices of raw materials is adversely affecting the global HEA, HPA, HEMA, & HPMA market. The rise in cost of energy and fluctuations in prices of raw materials destabilize supply chains. This adversely affects the global HEA, HPA, HEMA, & HPMA market.
Source: TMR