Triallyl Isocyanurate Market is forecast to reach $182 million by 2025, after growing at a CAGR of 7.3% during 2020-2025. Triallyl isocyanurate (TAIC) has excellent heat resistance and chemical resistance properties and is used as a cross-linking agent in extensive applications such as electronic materials, liquid crystals, semiconductors, and solar cells. Globally, the development of efficient and advanced technology, rising demand from the industrial sector, flourishing automotive industry, and advantageous properties of triallyl isocyanurate such as heat resistance, mechanical characteristics, hydrolytic resistance, and weather resistance are the prime growth drivers of the triallyl isocyanurate industry in the forecast era.
Triallyl Isocyanurate Market Segment Analysis – By Application
Plastic and rubber sector held the largest share in the triallyl isocyanurate market in 2019 and is projected to grow at a CAGR of 6.8% during the forecast period 2020-2025. Triallyl isocyanurate is used as a cross-linking agent for rubber products and plastics products. Isocyanurates and their derivatives are speciality resins primarily used in elastomers and plastics products as co reactants for other resins. It is regulated by the Food and Drug Administration’s Code of Federal Regulations as triallyl isocyanurate is used as a plastic cross-linking agent that is used in food packaging. Triallyl isocyanurate also acts as a flame retardant in vinyl cured rubber and plastic products. Application areas are the manufacture of rubber and plastic goods in industrial environments. Additionally, growth in the footwear industry across the globe is anticipated to boost the market. For the manufacturing of soles and for use as an elastomer in the raw materials of the footwear synthetic rubbers manufactured using triallyl isocyanurate are used.
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Triallyl Isocyanurate Market Segment Analysis – By Geography
Asia Pacific held the largest share with 42% in the triallyl isocyanurate market in 2019. Growth for synthetic rubbers from the footwear and automotive industries is expected to boost the demand for triallyl isocyanurate in the Asia Pacific region. Countries in this region such as China, India, Japan, South Korea, and Malaysia are witnessing significant increase in the use of triallyl isocyanurate in rubber industry leading to an increase in the automotive applications. According to the International Trade Administration, China is the largest automotive market in the world, with the Chinese government predicting 30 million vehicles to be produced by 2020. Also, according to the India Brand Equity Foundation, India became the fourth largest car market in 2018, with sales increasing 8.3 percent year-on-year to 3.99 million units. Thus, with the growth of automobile industries in the Asia-Pacific region the market for triallyl isocyanurate is estimated to boost in the forecast period.
Triallyl Isocyanurate Market Drivers
Growing need of triallyl isocyanurate in the electronics sector
The growing electronics sector globally is expected to drive the triallyl isocyanurate market. Triallyl isocyanurate is useful as a cross-linking agent with excellent heat and chemical resistance, and is intended to be used in comprehensive applications such as electronic devices, liquid crystals, semiconductors, and solar cells. Triallyl isocyanurate is present in the form of a viscous liquid and is used as a liquid sealing material. In printed circuit boards, i.e. plate or film-shaped components forming electronic circuits in which several electronic components such as integrated circuits, resistors and condensers are fixed on a surface of the circuit and connected by wiring to each other, to prevent the penetration of substances such as liquids and gases into the respective electronic parts triallyl isocyanurate is used as sealing material. Also, the triallyl isocyanurate market is expected to drive because of the lesser metal corrosion found in TAIC due to the presence of impurities.
Increasing use of triallyl isocyanurate in automotive
Triallyl isocyanurate has special properties that provide a polymer with improved properties, including mechanical properties, heat tolerance and tolerance to hydrolysis and weathering. In addition, growing demand from the automotive industry is expected to boost the market for triallyl isocyanurates. Furthermore, rising demand for triallyl isocyanurate for the production of tire and other small components such as gaskets, soles and others, in automotive industry is expected to drive the triallyl isocyanurate market. The cost of synthetic rubber is low relative to natural rubbers and also offers high performance, ease of production and beneficial properties. Efficient and advanced technology will be created, with growing demand from the industrial sector, flourishing automotive industry.
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Triallyl Isocyanurate Market Challenges
Health effects and toxicity of the triallyl isocyanurate
Triallyl isocyanurate has moderate acute toxicity by oral and dermal exposure. After repeated exposure, the substance causes toxic effects in the target organ liver. In short terms, repeated-exposure toxicity effects on the kidneys, liver, lungs, gastrointestinal tract, and spermatogonia cells were observed. The most sensitive and significant effects caused by inhalation of manganese specks of dust are neurological deficits with a progressively increased injury with prolonged exposures. Worker sensitivity to this chemical in processing plants is small since it includes process, storage, and managing operations. Specifications operational requirements and steps to mitigate risk ensure minimal on-the-job exposures. And such procedures require good ventilation treatment.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the triallyl isocyanurate market. In 2019, the market of triallyl isocyanurate market has been consolidated by the top five players accounting for xx% of the share. Major players in the triallyl isocyanurate market are The DOW Chemical Company, PAN Asia Chemical Corporation, Croda International PLC., Idemitsu Kosan Co., Huntsman International Llc., Evonik Industries AG, YanTai HengNuo Chemical Co. Ltd, Chemarc among others.
An increase in the adoption of triallyl isocyanurate for application in new industrial verticals and emerging economies are the driving force which will accelerate the Triallyl Isocyanurate industry in the forecast era.
Since triallyl isocyanurate is free from metal corrosion due to impurities in it, it can therefore be used as a sealing material for printed circuit boards in electronics industry.
Effect of COVID-19 has a direct impact on the chemical industry, impacting supply of raw materials, upsetting the value chain of the triggering commodity inflation risks. The disruption has led to a retardation of remote work and will affect the growth of triallyl Isocyanurate Market in the forecast period.
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A. Plastic Additives Market
B. Rubber Additives Market
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