Methacrylate Monomer Market to Reach USD 11,672 Million by 2028
Published | 15 March 2022
As there is no substitute for methacrylate monomer in the industry, the methacrylate monomer market is expected to increase due to high demand from various industries such as automotive, electronics, architecture, and construction…
e expansion in the global methacrylate monomer market is primarily due to the huge demand from end-user industries such as automotive, architecture & construction, and electronics. Additionally, methacrylate is the building block for a wide range of acrylic applications that are found in various industries worldwide. Moreover, there is no substitute for methacrylate monomer in the market, which is positively influencing the global methacrylate monomer growth.
Rising Demand from Various End-Users Industry Propelling Market Growth of Global Methacrylate Monomer Market
The wide range of applications of methacrylate-based monomers, which are used in different industries, including the automotive sector, is supposed to fuel market growth in the coming years. For instance- Interior accessories such as holders for yachts and sailing boats, acrylic sheets for caravans, window glazing, coatings for automotive topcoats and reconditioning, and interior & exterior panels, trim, bumpers, fenders, and other molded parts can all be made from methacrylate monomer. Apart from that, the rapid expansion of the IT and telecommunication industry has also increased the demand for methacrylate monomer products due to their excellent optical characteristics, such as flexibility and elasticity. For flat panel displays, for example, light-guiding and light-diffusion plates are used. As a result, the worldwide methacrylate monomer market is growing at a rapid pace.
Expansion of Dental and Medical Industry to Enhance Growth of Methacrylate Monomer Market
Methacrylate is also used in various medicinal and dental applications that require high purity and stability. Intravenous (IV) tubing connectors, medical pumps, filter housings, and heart valves are just a few examples of hyperbaric chambers, infant incubators, artificial teeth, dentures, bridges, and dental prostheses. Furthermore, surgeons employ cement containing methacrylate-based polymers and liquid monomers in hip replacements, and dentists use liquid monomer polymerized in situ in white dental fillings. As a result, the rising dentistry and medical industries are driving up demand for methacrylate monomers.
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Impact Of COVID-19 On The Global Methacrylate Monomer Market
Covid-19 had a mixed impact on the global methacrylate monomer market. The market faced a huge loss in terms of revenue due to the emergence of the COVID-19 pandemic. The lockdowns in major countries of the world completely shut down methacrylate monomer industries for several months. COVID -19 had disrupted the supply channels and reduced the workforce in various automotive and IT companies due to social distancing. Also, it lowered the market demand due to decreased per capita expenditure in several countries.
Moreover, the restrictions on movement during lockdown played the main role in lowering the growth of the methacrylate monomer market. However, markets have begun to return to sanity soon after the lockdowns have ended. As a result, there is still a reason to be optimistic about the future. On the other hand, during COVID-19, a huge demand for medical safety and precautions instruments such as medical pumps, IV tubing connectors, etc., was created. This equipment is mainly produced from the methacrylate monomers. This will lead to the rise in demand for the methacrylate monomer, especially in the healthcare and medical sector, consequently accounting for substantial growth of the global methacrylate monomer market.
The Asia-Pacific Region Accounted for the Largest Market Share in Global Methacrylate Monomer Market
In terms of regional analysis of global methacrylate, the monomer market is fragmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region accounted for the major market share in 2021. The market growth can be attributed to the growing demand for methacrylate monomers in various applications such as coatings, paints, inks, elastomers, adhesives, and others. This high growth is due to the rising demand from the region's automotive, construction, and aerospace industry. Many methacrylate monomers manufacturers are setting up or expanding their manufacturing bases in the Asia-Pacific to capitalize on the low manufacturing costs. In addition, players are coming up with technological advancement in production coupled with automation, providing and positive edge to the market growth in upcoming years.
The global methacrylate monomer market is a highly competitive market, with all the players continually competing to gain a larger market share. The key players operating in the global methacrylate monomer market are Mitsubishi Chemical, Evonik Industries, Dow Chemical, Eastman Chemical Company, Sumitomo Chemical, LG Chem, Arkema, Hitachi Chemical, Nippon Shokubai, Chi Mei Corporation, BASF SE Esstech Inc., Melrob Group, Fushun Anxin Chemical Co. Ltd., MPD Chemicals LLC, Norquay Technology, GELEST INC., KURARAY CO. LTD., Chi Mei Corporation, Ted Pella Inc. and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global methacrylate monomer market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global methacrylate monomer market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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