Global Trimellitic Anhydride Market Application and Segment Forecast 2021 to 2027 | Rising Demand For Coating Resins

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Trimellitic Anhydride (TMA), which is a trifunctional, reactive aromatic anhydride, has been gaining a high prominence over the past few years on account of its numerous industrial applications across major industries including automotive, chemical, pharmaceutical, healthcare and others. On account of such wide applications, trimellitic anhydride market is projected to witness a tremendous growth over the upcoming years.

It finds important usage as a curing agent for epoxy resins, as an embossing agent for vinyl flooring and as an intermediate for synthesizing surface coatings chemicals, polymers, adhesives, dyes printing inks, etc.

An overview of some of the prominent applications of TMA that are positively influencing the business space is outlined as below:

Application of TMA in coating resins

Coating resins is known to be the most important application of trimellitic anhydride as it enhances the crosslinking and branching which further improves the resistance and hardness of coatings, especially in coil coatings and powder coatings. TMA is used for manufacturing high temperature, high performance wire enamels and magnet wire coatings for aluminum and copper wire used for making tight coils in inductors, transformers, motors and generators.

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Growing energy demand coupled with increasing initiatives for the development of electricity infrastructure is driving the demand for the above-mentioned electrical components, especially transformers. Citing an instance, in 2021, the U.S. government announced allocating $100 billion for upgrading and developing the country’s aging electric transmission system.

Automotive application of TMA

Automotive industry is one of the major end-user segments across trimellitic anhydride market on account of the huge product demand for manufacturing automobile interiors, especially for the removal of window fogging and retention of softness.

With the continuous expansion of the global automotive industry, demand for TMA is further increasing. According to the credible reports, the overall automotive market is estimated to grow from the current valuation of $2,755 billion to $3,800 billion by 2030 at a CAGR of 3%. With such positive outlook of automotive market, Trimellitic Anhydride market is expected to register substantial gains over the ensuing years.

TMA in medical products

TMA, which serves as a highly permanent plasticizer for PVC based medical products offers good extraction resistance and very low volatility. This makes it suitable for the applications like neonatal care, hemodialysis tubing and blood platelet storage across the medical fraternity.

With regards to the product application in hemodialysis tubing, the product is estimated to witness a notable growth driven by increasing adoption of hemodialysis procedure due to rising incidences of kidney failure across the world. According to University of California San Francisco statistics of 2018, around 2 million people suffer from kidney failure globally, with the number of patients diagnosed with the disease continuing to rise at 5-7% rate annually. This will foster the product demand significantly in the upcoming years, providing lucrative growth prospects for the market.

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The industry, however, faced certain restraints due to the COVID-19 pandemic during 2020, owing to the enforcement of lockdown restrictions, leading to the closure of manufacturing operations across several industry verticals. However, with gradual easing of the lockdown restriction in certain countries, companies are focusing on restoring the business activities. This will enhance the business scenario in the next few years.

Company Profiles:

  • DOW Chemical
  • BASF
  • Monsanto
  • Syngenta
  • Nufarm
  • Lonza
  • Land O’lakes
  • UPL
  • Platform Specialty Products
  • Sepro Corporation
  • Albaugh
  • Valent
  • Sanco IndustriesClariant

 

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