Triglycidyl Isocyanurate (TGIC) Market By Grade (Electronic Grade, Industrial Grade) , By Application (Powder Coating, Printed Circuit Board (PCB) , Electrical Insulation, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The triglycidyl isocyanurate (TGIC) market was valued at $1.1 billion in 2023, and is projected to reach $2.8 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
Triglycidyl isocyanurate is a curing agent used in powder coatings, particularly in the automotive, furniture, and appliance industries. TGIC facilitates the cross-linking process during the curing stage, which results in a hard, resilient finish that is resistant to weathering, chemicals, and physical wear & tear.
The growth of the global triglycidyl isocyanurate (TGIC) market is majorly driven by expansion of the automotive industry. This is attributed to the fact that the automotive sector continues to be a significant consumer of TGIC-based powder coatings due to their superior performance in high-temperature and harsh environmental conditions. In addition, increase in R&D activities have led to the advent of smart coatings that exhibit additional functionalities such as self-healing, anti-corrosion, and anti-microbial properties, which are expected to notably contribute toward the growth of the global market.
However, health and environmental concerns associated with TGIC hamper the growth of the global market. For instance, the potential of TGIC to cause skin sensitization and respiratory issues and implementation of safety guidelines pertaining to the use of chemicals in manufacturing are shifting the preference of industries to non-TGIC powder coatings, thus restraining the market growth.
On the contrary, increase in adoption of sustainable practices withing the coatings industry is notably contributing toward the growth of the market. For instance, manufacturers are focusing on the formulation of bio-based and low-VOC coatings.
The global triglycidyl isocyanurate (TGIC) market is segmented market into grade, application, and region. By grade, the market is bifurcated into electronic grade and industrial grade. By application, the market is categorized into powder coating, printed circuit board (PCB) , electrical insulation, and others. Region-wise the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy grade, the industrial grade segment held the highest market share in 2023 and is expected to maintain its leadership status throughout the forecast period.
Depending on application, the powder coating segment was the major shareholder in 2023.
Region wise, Asia-Pacific was the major revenue generator in 2023.
Competition AnalysisThe competitive analysis and profiles of the major players in the global triglycidyl isocyanurate (TGIC) Market include Akash Coating Speciality, ATAMAN Kimya A.S., Bellrock Chemical Inc., Henan GP Chemicals Co., Ltd., Hoyonn Group, Huangshan Huahui Technology Co., Ltd., HUANGSHAN JINFENG INDUSTRIAL CO.,LTD., Silver Fern Chemical Inc., SimSon Pharma Limited, United Mineral, and Chemical Corp. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy GradeElectronic Grade
Industrial Grade
By ApplicationPowder Coating
Printed Circuit Board (PCB)
Electrical Insulation
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Rest of LAMEA
Key Market Players
Akash Coating Speciality
ATAMAN Kimya A.S.
Bellrock Chemical Inc.
Henan GP Chemicals Co.,Ltd
Hoyonn Group
Huangshan Huahui Technology Co., Ltd.
HUANGSHAN JINFENG INDUSTRIAL CO.,LTD.
Silver Fern Chemical Inc
SimSon Pharma Limited
United Mineral and Chemical Corp.