Triallyl Isocyanurate Market 2021 Highlights Recent Trends, Growth, Business Opportunities till 2031

COVID-19 Impact on Triallyl Isocyanurate Market

The COVID-19 outbreak hindered the demand for triallyl isocyanurate in several ways. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for triallyl isocyanurate.

The automobile industry contributes a major share of triallyl isocyanurate consumption. During Covid-19 lockdown, all the manufacturing activities were closed down. The automobile sector experienced a massive drop in the sales and supply chain was disrupted. Slowdown in the automobile industry also adversely affected tire and rubber industries, which resulted in the negative impact on the demand for triallyl isocyanurate.

Triallyl isocyanurate is an important part of the agrochemical industry. Therefore, its production was not stopped completely. However, production of triallyl isocyanurate was hampered due to the drop in demand.

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Key Drivers of Triallyl Isocyanurate Market

Triallyl isocyanurate is used in manufacture of synthetic rubber. Major application of rubber is in the making of tires and other automobile parts such as gaskets and break-pads. Synthetic rubber, being cheaper than natural rubber, has variety of applications. The automobile industry is expected to expand at a rapid pace during the forecast period. This is a driving factor of the triallyl isocyanurate market.

Another major application of triallyl isocyanurate is in the agrochemical industry. The agrochemical industry is expanding at a rapid pace owing to rising demand for food from less fertile land. Triallyl isocyanurate is used in making pest and weed control chemicals. Thus, it is an important part of the agrochemical industry. Growth of the agrochemical industry is likely to drive the triallyl isocyanurate industry.

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Competitive Landscape of Global Triallyl Isocyanurate Market

The triallyl isocyanurate market has been expanding significantly since the last few years. Various mergers and acquisitions have taken place in the market. Major players dominate the market. Some of the key players are as follows:

Evonik Industries

Hunan Yixian chemical industrial

Mitsubishi chemicals

The DOW chemical company

PAN Asia chemical corporation

Huntsman International LLC

Global Triallyl Isocyanurate Market: Research Scope

Global Triallyl Isocyanurate Market, by Product Type

Powder

Liquid

Restraints of Triallyl Isocyanurate Market

Acute toxicity of triallyl isocyanurate can be a major challenge for the industry. Use of triallyl isocyanurate is monitored by the Food and Drug Administration department, as it is also used in food packaging plastic materials. This is hampering the market.

Asia Pacific to Constitute Significant Share of Global Triallyl Isocyanurate Market

In terms of region, the global triallyl isocyanurate market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

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Asia Pacific dominated the global market in 2020. Asia Pacific is likely to be a prominent market for triallyl isocyanurate in the near future due to the significant expansion of the automobile sector in the region. Sales in the automobile industry have been rising owing to the presence of developing countries such as India and China. Triallyl isocyanurate consumption in the region is also expected to rise due to the increase in demand for vehicles.

North America and Europe are also key regions of the global triallyl isocyanurate market. The automobile market is saturated in these regions; however, presence of large numbers of vehicles ensures continuous demand for tires and other rubber parts. This is driving the triallyl isocyanurate market in these regions.

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