Decline in Demand and Investments in Coatings Affects Business during COVID-19 Era
Alkoxide bases have become customary in agrochemical, pharmaceutical, and coatings applications. However, end users in the paints & coatings industry are fighting against the COVID-19 (coronavirus) crisis. Factory closures and suspensions have caused a slowdown in the coatings industry, which is dependent on the alkoxide market. Ongoing projects and plans have been disrupted due to lockdown measures. Analysts at the Transparency Market Research (TMR) opine that automotive, being one of the key sector for coatings application, is expected to improve vehicle sales in the first quarter of 2024.
The COVID-19 outbreak has led to disruptions in supply chains pertaining to the alkoxide market. The automotive industry is witnessing a huge drop in demand and investments. In order to keep economies running, alkoxide manufacturers are diversifying their supply chains in regions where governments are relaxing trade restrictions.
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Innovations in Adhesives Benefit Customers Executing Challenging Construction Applications
The construction industry is dominated by various drivers including reducing energy consumption and rapid urbanization. In order to fulfill these demanding applications, manufacturers in the alkoxide market are increasing their production capabilities in sealants and adhesives used routinely in sanitary and construction purposes. For instance, Evonik— a German specialty chemicals company is using alkoxides to manufacture sealants and adhesives, where the former works as catalyst for the synthesis of products.
Smart adhesives are being extensively used to make building and construction applications more safe, reliable, and efficient amidst dynamic environmental challenges. Such innovative products are bolstering the growth of the alkoxide market, which is estimated to surpass the valuation of US$ 3.9 Bn by the end of 2030.
Appropriation of Benefits in Agrochemicals Help Manufacturers Scale New Products
The ever-expanding agrochemical industry is creating stable business avenues for companies in the alkoxide market. Agriculture holds prime importance in the socio-economic fabric of India, and accounts for a significant percentage of the nation’s Gross Domestic Product (GDP). However, the agriculture industry in India is challenged with low crop yields, owing to low quality seeds, crop protection measures, and degrading soil quality. Hence, manufacturers in the alkoxide market should increase their R&D to develop improved agrochemical formulations in order to boost the GDP of India.
Apart from improved agrochemical formulations, manufacturers need to overcome regulatory hurdles associated with registering new products. Patenting authorities typically take longer than expected to register new products, and this period of exclusivity can be used to appropriate the benefits of agrochemicals.
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Alkoxides Aid in Production of Active Pharmaceutical Ingredients Used by U.S. Manufacturers
The alkoxide market is slated to clock a CAGR of ~6% during the forecast period, as manufacturers are entering into strategic distribution agreements to tap into incremental opportunities in the U.S. nutritional and pharmaceuticals segments. They are able to expand their sales and marketing coverage into the preclinical and early phase development processes. As such, alkoxides are being used to produce specialty raw materials, reagents, and ingredients that benefit end users in North America nutritional and pharmaceuticals segments.
High quality alkoxides are being employed to innovate in nutraceutical chemistries. Hence, manufacturers in the alkoxide market are increasing their production capacities to expand their life sciences portfolio. Alkoxides are gaining popularity as active pharmaceutical ingredients. The high prevalence of diabetes and cardiovascular diseases in individuals is acting as a key driver of the market.
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