Do. Okt 21st, 2021
Methacrylate Monomers Market Size Forecast to Reach $12.11 Billion by 2025

Methacrylate Monomers Market size is forecast to reach $12.11 billion by 2025, after growing at a CAGR of 4.50% during 2020-2025. Methacrylate is a family of compounds that originates from methacrylic acid. Methacrylate is produced by reacting methacrylic acid with appropriate alcohol. Methacrylate monomers are primarily used as building blocks of acrylic-based polymerization products. They are polymerized to form polymethylacrylate, which is further employed in several applications. It can be derived to form a wide range of compounds, which can be used in industries such as paints & coatings, adhesives & sealants, and plastics.

Methacrylate Monomers Market Segment Analysis – By Type

Methyl Methacrylate segment held a significant share in methacrylate monomers market in 2019. Methyl methacrylate is the basic molecule, or monomer, from which polymethyl methacrylate and many other acrylic polymer plastics are formed. Acetone cyanohydrin (ACH) is an organic compound used in the production of methyl methacrylate, the monomer of the transparent plastic polymethyl methacrylate (PMMA), also known as acrylic. Methacrylate monomers like polymethyl methacrylate (PMMA) provides superior transparency, weather resistance, and other characteristics, which increases its demand for the use in signboards and displays, lighting equipment, automotive parts, construction materials and more. PMMA is also used as molds to make lenses used in airport landing lights and glasses for commercial buildings. Increase in the demand for PMMA-based molds by several end-use industries has augmented the growth of the methacrylate monomer market, globally. Stearyl methacrylate is primarily used as a coating compound, adhesive compound, and fiber treatment agent. The demand for stearyl methacrylate from chemical, automotive, marine, and other industries will boost the growth of the market.

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Methacrylate Monomers Market Segment Analysis – By Application

Molding segment held a significant share in methacrylate monomers market in 2019. Rising demand for acrylic resins in products such as instrument clusters and taillights for cars and trucks is driving the growth of this segment. Methacrylate monomers are polymerized into Polymethylmethacrylate (PMMA) in the form of pellets and beads, which are further molded into several end-use products. PMMA can be molded into knobs on the faucets of sinks, contact lenses, and lenses for sunglasses and eyeglasses. Demand for methacrylate compounds in electronics and paints & coatings industries is rising owing to its scratch resistance ability.

Evonik Industries supplies PMMA products under the brand name PLEXIGLAS to be used in aircraft passenger cabins, helicopters, submarines, automotive windshields, and as glazing systems for rear side windows, roofs, and rear windows. PLEXIGLAS glazing, launched by Evonik, is 40% to 50% lighter than conventional glass, which is of great interest to vehicle manufacturers

Methacrylate Monomers Market Segment Analysis – By End-Use Industry

Automotive segment held a significant share in methacrylate monomers market in 2019 growing at a CAGR of 5% during the forecast period. This is due to the different requirements of manufacturers, such as reduced emissions of volatile organic compounds (VOCs) by methacrylates that play a role in the formation of smog and to achieve durable protective surface coating on vehicles. Methacrylate monomers, such as Methyl Methacrylate (MMA) and butyl methacrylate, are widely used in the automotive industry. One of the uses of methacrylate monomers in the automotive industry is mainly for automotive glazing.

According to OICA, the number of passenger vehicles production increased from 68,539,516 units in 2015 to 71,750,946 units in 2018. Hence, growing automotive industry is expected to drive the methacrylate monomers market. However, due to the outbreak of the novel coronavirus (COVID-19), automobile and component manufacturing plants are being shuttered around the world, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically and almost every major industry event is either being cancelled or going the digital way. The impact of coronavirus on other markets, and particularly China, has also led to disruption in supply chains. This is particularly concerning considering that the global automotive industry reportedly imports more than $34 billion in parts from China.

Methacrylate Monomers Market Segment Analysis – Geography

Asia Pacific dominated the methacrylate monomers market with a share of more than 39%, followed by North America and Europe. This is primarily because of higher demand from the automotive sector and construction sector due to a growing population. The rapidly increasing population and the presence of developing economies are expected to boost residential construction. Many methacrylate monomers manufacturers are setting up or expanding their manufacturing bases in Asia Pacific to capitalize on the low manufacturing costs. The huge demand from signs & displays, architectural and construction, and automotive industries is driving the growth of the methacrylate monomer market in Asia Pacific. Rapid urbanization and industrialization in the emerging nations, such as Japan, China, India, and others will fuel the growth of the market in the Asia Pacific region.

Methacrylate Monomers Market Drivers

Increase in demand from various end-users of the product.

The wide range of applications of methacrylate-based monomers in the automotive sector will fuel the growth of the market. For example, these products can be used to create interior accessories like holders for yachts and sailing boats; acrylic sheet for caravan window glazing; coatings for automotive topcoats & refinishing; and interior & exterior panels, trim, bumpers, fenders and other molded parts. The rapid expansion of the IT and telecommunication industry has increased the demand for methacrylate-based products due to their excellent optical characteristics, for example in light-guiding plates and light diffusion plates for flat panel displays.

Methacrylate is also used to manufacture a wide range of medical and dental applications, where purity and stability are critical. Some examples include intravenous (IV) tubing connectors, medical pump, filter housings, & heart valves, hyperbaric chambers, baby incubators, artificial teeth, dentures, bridges, and dental prosthetics, among others. Cement containing methacrylate-based polymers and liquid monomer is used by physicians in hip replacements and by dentists in white dental fillings with liquid monomers polymerized in situ.

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Methacrylate Monomers Market Challenges

Strict regulations and raw material prices.

Stringent regulations laid in some countries are expected to hinder the methacrylate monomers market. For instance, the use of VOC-containing products inadvertently releases volatile organic compounds (VOCs), causing air pollution and smog. To improve air quality, many governments have implemented a series of various control measures. In addition, vulnerability in the prices of raw material used in the production is expected to act as a restraint to the market growth.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the methacrylate monomers market. In 2019, the market of methacrylate monomers has been consolidated by the top five players accounting for xx% of the share. Major players in the methacrylate monomers market are Mitsubishi Chemical, Evonik Industries, Dow Chemical, Eastman Chemical Company, Sumitomo Chemical, LG Chem, Arkema, Hitachi Chemical, Nippon Shokubai, among others.

Acquisitions

In January 2018, MPD Chemicals LLC has completed the acquisition of Norquay Technology. With the completion of this acquisition, MPD are expected to have expanded their product offerings and solutions portfolio for organic and inorganic chemicals significantly.

Key Takeaways

Asia-Pacific is expected to dominate the global market during the forecast period, owing to low production costs in the region.

Methacrylate monomers are used to create molded parts, with outstanding surface hardness, UV, and abrasion resistance.

Recycling ability and inexpensive nature of methacrylate compounds are estimated to boost the methacrylate monomers market in the forecast period.

Related Reports :

A. Methyl Methacrylate Adhesive Market

https://www.industryarc.com/Report/16163/methyl-methacrylate-adhesive-market.html

B. Two Part Adhesive Market

https://www.industryarc.com/Report/16542/two-part-adhesive-market.html

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