Overview:
The Diacetone Alcohol (DAA) Market is making significant progress as the use of solvent in industrial and consumer products are witnessing a rise. Diacetone alcohol is a highly soluble oxygenated solvent which gets derived from non-ethanol components. It generally finds use in the purification process, and as a component in the manufacturing of adhesives, paints, thinners, and household cleaners. The Global Diacetone Alcohol Market is touted to witness 4.85% CAGR during the forecast period (2016-2023) and can reach an estimated value of USD 1,594.5 million by 2023, reveals Market Research Future (MRFR) in a report published on the same market.
The report further includes several factors such as diacetone alcohol’s increasing demand for paints & coatings, textile, automotive sectors as main market drivers. Other segments such as manufacturing of nitrocellulose, acrylic and cellulose acetate lacquers can propel the growth of diacetone alcohol market growth as DAA gets extensively used in these sectors as solvent blends.
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However, the alternative solvent market can be a significant threat to the Diacetone Alcohol Market growth as the former has the potential to dampen the latter’s market prospect. But changing strategies of the companies and willingness to penetrate the previously untapped developing regions can boost the Diacetone Alcohol Market growth.
Segmentation:
The Global Diacetone Alcohol Market can be segmented by Application and End-Use Industry.
Application-wise segmentation of the Diacetone Alcohol Market includes solvents, chemical intermediates, cleaning, drilling fluids, and preservatives, and others. Solvents segment hold the maximum market share and is expected to enjoy growth by 5.70% CAGR during the forecast period. Chemical intermediate assumes the second position with around 21% of the entire market share.
Based on End-Use Industry, the Diacetone Alcohol can be segmented into paints & coating, textiles, automotive, and oil & gas, and other. Paints & coating industry hogs the maximum share and is expected to grow with the fastest CAGR and reach a valuation of USD 610 million by 2023. Textile and automotive industry are also providing much needed thrust to the market.
Regional Analysis:
Geographically, the Diacetone Alcohol Market comprises regions namely North America, Asia Pacific (APAC), Europe, Latin America (LATAM), and Middle East & Africa (MEA).
The APAC region accounts for the maximum market share and is expected to retain its premier position by expanding the horizon with the fastest CAGR of 5.34% during the forecast period. Increase in export, booming industries, and favorable industrial ambiance are triggering the growth of the regional market.
North America is the second largest market with a projected valuation of USD 331.4 million by 2023. The U.S. accounts for the maximum market share and is anticipated to dominate in the coming years as well owing to its densely packed end-user industries. Europe, with almost 18% of the global market share, is doing well in the Global Diacetone Alcohol Market. Germany is the dominant country in the region.
Competitive Insights:
Several strategies have been employed by major market influencers for better Diacetone Alcohol Market exposure. These strategies include merger, acquisition, collaboration, and other methods that not only help companies in cementing their stronghold but the market gains momentum as well.
Arkema JV’s decision to buy Nitta-Gelatin Inc. to expand and strengthen their adhesive business presence in Japan is expected to drive the Diacetone Alcohol Market forward in the region.
Recochem Inc.’s acquisition by the H.I.G Capital is also indicative of expansion strategies as the latter’s global presence would help Recochem Inc. in gaining worldwide presence.
Prominent players in the Global Diacetone Alcohol Market are Solvay S.A (Belgium), Arkema Group (France), Monument Chemical Inc. (U.S.), Recochem Inc. (Canada), Prasol Chemicals Pvt. Ltd. (India), KH Neochem Co., Ltd. (Japan), Galaxy Chemicals (India), Shanghai Jianyuan Chemical Co.,Ltd. (China), Aareydrugs & Pharmaceuticals Ltd. (India), and SRI NEELIMA LABORATORIES (India), and others.
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