According to the research report titled ‘Global Trimmer Acid Market Size study, by Source (Canola Based, Tall Oily Fatty Acid (TOFA)), by Function (Rheology Modifier, Polymer Building Block, Viscosity Modifier, Corrosion Inhibitor, Asphalt Binder), by Application (Coating, Adhesive & Sealants, Elastomers, Synthetic Lubricants, Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global trimmer acid market is anticipated to expand at a CAGR of 3.9% through the analysis timeframe, to be worth USD 377 million by 2028.
As per report findings, global trimmer acid market growth can be attributed to increasing product adoption in the construction industry, along with rising popularity of bio-based lubricants and adhesives.
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For those unaware, trimmer acid is a viscous liquid that is comprised of three functional fatty acid molecules. It is also known as trimerized fatty acid and is widely utilized in a wide range of applications.
Furthermore, escalating utilization of trimmer acid in wallpapers and exterior insulation systems is likely to improve revenue flow for the market in the ensuing years.
However, certain challenges with respect to environmental regulations and highly expensive raw material prices may impede the growth dynamics of the industry over the forecast timeframe.
Speaking of source, worldwide trimmer acid industry sphere is segregated into canola-based, and tall oily fatty acid (TOFA). In terms of function, the business landscape is categorized into asphalt binder, rheology modifier, viscosity modifier, polymer building block, and corrosion inhibitor. On the basis of application, the marketplace is segregated into elastomers, coatings, adhesives & sealants, synthetic lubricants, and others.
Regionally, North America is poised to attain a significant market share during the assessment period, owing to expanding construction and industrial sectors across the region.
Meanwhile, Asia Pacific industry is slated to showcase a promising growth rate over the forecast duration, backed by increasing disposable income, and rise in product demand from several end-use verticals.
Considering the competitive framework, Wilmar International Ltd., Soofi Enterprises, Triveni Chemicals Pvt. Ltd., Flora Chemicals Pvt. Ltd., Kraton Corporation, Oleon NV, Pranav Agro Industries Ltd., Chemfe Chemicals Corporation LLP, Tokyo Chemical Industry (TCI) Co. Ltd., and Croda International plc are the key players influencing global trimmer acid market trends.