Methacrylic Ester Industry to Signify Strong Growth by 2023-2030
Methacrylic Ester Industry
Most commonly known to be used in monomer industries, Methacrylic can easily form polymers. They are very reactive to double bonds, and they exist in multiple forms. This includes butyl methacrylate, methyl methacrylate, glycidyl methacrylate, and stearyl methacrylate. They are used in several industries, including architecture, electronics, paintings and coatings, and the automotive industry. The Methacrylic Ester Industry is known to collect a standard value in the global market.
With a global market value of $10.1 billion at the beginning of its forecast period, the market is estimated to have healthy and substantial growth in its forecast period. With a growth rate of 4.9% of CAGR, the market is predicted with a forecast period from 2022 to 2030. The market is also estimated to stand at $16.2 billion by the end of its forecast period. There are so many potential factors in the market dynamics that have been driving the growth and development of the Methacrylic Ester market. The rapid urbanization with the increase in population has led to an increase in the construction activity in both commercial as well as industrial sectors. There has been a linear inclination of customers towards polymer-based products. Several properties of the product, like high strength, low cost and lightweight, have driven the usage of the same in multiple industries. Factors like such have fostered the growth and development of the industry in the global dynamics. However, there also have been factors that have restrained the market growth and development.
There are several cases that have come into view which showcased the side-effects of using the Methacrylic Ester polymer. It was seen that many laborers suffered from skin-related diseases when they were exposed to the same. Some diseases like skin irritation and breathing-related issues were also there. The Methacrylic Ester market was majorly degraded by the installation of setups releasing mist and vapor that was badly known to cause nose, throat and lung irritation and was even fatal in some cases. The market was also negatively affected due to the restrictions imposed by the government during the global pandemic.
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Market segmentation
The Methacrylic Ester market is majorly segmented into application and its end-use industry.
The market is divided into adhesives, binders, oil additives, and sizing agents. The market is majorly segmented into textile and constructions, lubricants, paintings and coatings and pulp and paper based on its end-user industry.
Regional Analysis
Geographically, the Methacrylic Ester market is segmented into parts of Latin America and North America, like the U.S. and Mexico. It also covers parts of Asia-Pacific like India, Japan, China and Indonesia. The market has enhanced global dominance all over.
Recent Developments
The Methacrylic Ester Market Expansion Strategies has several key players functioning in its market dynamics. BASF SE (Germany), NOF CORPORATION. (Japan), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan) and the Dow Chemical Company (U.S.) are a few of them.
- In June 2016: One of the market firms, Dow Chemical Company, coped with the global market production of GMA by increasing its glycidyl methacrylate production by 30% per year. This resulted in a healthy specialty coating for resins and other polymers.
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