Redding, California, Nov. 30, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Specialty Methacrylate Market By Derivative (Lauryl Methacrylate, 1,4 Butylene Glycol Dimethacrylate), Application (Paint & Coating, Special Plastic, Construction, Additives), and End User (Automotive, Plastic & Chemical)- Global Forecasts to 2028”, published by Meticulous Research®, the specialty methacrylate market is expected to grow at a CAGR of 4.1% from 2021 to 2028 to reach $2.91 billion by 2028.
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The growth of this market is mainly attributed to the rising demand for lightweight vehicle parts & low carbon-emitting vehicles; increasing R&D into specialty methacrylates for various applications; increasing demand for specialty methacrylates in the construction, packaging, and paper industries; and growing focus on sustainable low-VOC products. However, volatile raw material prices are expected to restrain the growth of this market to some extent. In addition, the rising focus on bio-based methacrylate monomers and untapped markets in emerging economies are expected to hold significant opportunities for various stakeholders in this market. Also, supply chain shortages are expected to pose major challenges for the market’s growth.
Impact of COVID-19 on the Specialty Methacrylate Market
The specialty methacrylates market was negatively impacted by the COVID-19 pandemic mainly due to many countries declaring complete lockdowns, with restrictions on the travel, transport, manufacturing, and education sectors, and all non-essential trade. These restrictions affected operations across many industries globally, with a profound impact on manufacturing and distribution. Manufacturers in the automotive, transport, and construction sectors faced disruptions in raw material supply. Also, imports and exports were restricted or delayed in many countries.
According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of cars reached 77,621,582 units in 2020, from 92,175,805 units in 2019. Further, the COVID-19 pandemic has had a significant impact on the construction sector. In some countries, construction activities were deemed essential as the timely construction of emergency facilities and hospitals was crucial during the pandemic. In other countries, containment measures included a total or partial shutdown of construction sites.
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Therefore, decreased demand and revenues across the automotive, construction, and industrial sectors have negatively impacted the specialty methacrylates market during the COVID-19 pandemic
Specialty Methacrylate Market Overview
The overall specialty methacrylate market is mainly segmented on the basis of derivative (1, 4 butylene glycol dimethacrylate, Benzyl methacrylate, Methoxy (PEG)-Methacrylate, Lauryl Methacrylate, Tridecyl methacrylate, Methacrylic ester 13.0, Triethyleneglycol dimethacrylate, Polyethylene glycol dimethacrylate, Diethylene glycol dimethacrylate, Iso-Decyl methacrylate, Ethylene glycol dimethylacrylate, 1,3 butylene glycol dimethacrylate, Trimethylolpropane trimethacrylate, Cyclohexyl Methacrylate, 2-Ethylhexyl Methacrylate, Stearyl methacrylate, Tetrahydrofurfuryl methacrylate, Isobornyl methacrylate, Neopentyl glycol dimethacrylate, BPA(EO)N Dimethacrylate, 1,6-Hexanediol dimethacrylate, 3,3,5-Trimethylcyclohexyl methacrylate, and Tetraethylene glycol dimethacrylate), application (paints & coatings, adhesives & sealants, waterproofing membrane, special plastics, electrical insulation, water treatment, construction, paper & packaging, health & personal care, oil & gas, additives, textile auxiliaries, electronics, and other applications), end user (automotive & transportation, architecture and construction, chemical and plastics industry, packaging and paper, paint, coatings, and adhesives, advertisement & communication, electronics, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on derivative, in 2021, the lauryl methacrylates segment is estimated to account for the largest share of the overall specialty methacrylate market. The large share of this segment is mainly attributed to its widening applications in floor waxes, textiles, coating, adhesives, & sealants and its rising demand from the growing construction, textile, automotive, paper & packaging, and consumer goods industries.
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Based on application, in 2021, the paints & coatings segment is estimated to account for the largest share of the overall specialty methacrylate market. The large share of this segment is mainly due to its growing demand for enhanced industrial paints and coatings with growing manufacturing industries such as automotive, electrical & electronics, and other commercial industries. In addition, the growing demand for architectural coatings from the building & construction industry is also supporting the large share of this segment. However, the paper & packaging application is expected to grow at a rapid pace over the forecast period, mainly due to rising health & hygiene awareness among consumers, new regulatory requirements on packaging recycling, and rising demand for packaging from growing food & beverages, pharmaceuticals, and chemicals sectors.
Based on end user, in 2021, the paint, coatings, and adhesives industry is estimated to account for the largest share of the overall specialty methacrylate market. The growth of this segment is mainly due to the higher penetration of paint, coatings, and adhesives in the construction, industrial manufacturing, and paper & packaging industry.
Based on geography, Asia-Pacific region is expected to account for the largest share of the global specialty methacrylate market in 2021. The large share of this region is mainly attributed to the rapid growth in industrialization & infrastructural development, rising private & government investment in these sectors, and significantly growing automotive & construction sectors. In addition, high economic growth rate of various countries in this region, significant growth in the manufacturing sector, and rising consumption capacities in emerging markets owing to the large population base, rising income level, and growing urbanization further propel the growth of the Asia-Pacific specialty methacrylates market. However, the Latin America is expected to grow at the highest CAGR during the forecast period. The fast growth of the region is mainly due to the increasing investment in infrastructural developments and the growing automotive & electronics industry.
The report also includes an extensive assessment of key strategies adopted by leading market participants over the past four years (2018–2021). Some of the key players operating in the global specialty methacrylate market are Evonik Industries AG (Germany), BASF SE (Germany), Mitsubishi Chemical Holdings Corporation (Japan), Nippon Shokubai Co. Ltd. (Japan), Arkema Group (France), Showa Denko Materials Co., Ltd. (Japan), Merck KGaA (Germany), Miwon Specialty Chemical Co., Ltd. (South Korea), Fushun Donglian Anxin Chemical Co., Ltd. (China), Kyoeisha Chemical Co., Ltd. (Japan), Shin Nakamura Chemical Co., Ltd. (Japan), and CPS Performance Materials Corp. (U.S.) among others.
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Scope of the Report
Specialty Methacrylate Market, by Derivative
- Lauryl Methacrylates
- 1,4 Butylene Glycol Dimethacrylates
- Methoxy PEG Methacrylates
- Methoxy PEG 550 Methacrylate
- Methoxy PEG 350 Methacrylates
- Other Methoxy-PEG-Methacrylates
- Benzyl Methacrylates
- Tridecyl Methacrylates
- Methacrylic Ester 13.0
- Triethyleneglycol Dimethacrylates
- Polyethylene Glycol Dimethacrylates
- Polyethylene Glycol 200 Dimethacrylates (PEGDMA 200)
- Polyethylene Glycol 400 Dimethacrylates (PEGDMA 400)
- Polyethylene Glycol 600 Dimethacrylates (PEGDMA 600)
- Other Polyethylene Glycol Dimethacrylate Derivatives
- Diethylene Glycol Dimethacrylates
- Isodecyl Methacrylates
- Ethylene Glycol Dimethacrylates
- 1,3 Butylene Glycol Dimethacrylates
- Trimethylolpropane Trimethacrylates
- Cyclohexyl Methacrylates
- 2-Ethylhexyl Methacrylates
- Stearyl Methacrylates
- Tetrahydroforfuryl Methacrylates
- Isobornyl Methacrylates
- Neopentyl Glycol Dimethacrylate
- BPA (EO)N Di Methacrylate
- 1,6-Hexandiol Dimethacrylates
- 3,3,5 Trimethyl Cyclohexyl Methacrylate
- Tetraethylene Glycol Dimethacrylate
- Other Derivatives
Specialty Methacrylate Market, by Application
- Paints & Coatings
- Adhesives & Sealants
- Waterproofing Membranes
- Special Plastics
- Composites
- Artificial Stones
- Resin/Aggregate Flooring
- PMMA Sheets
- Rubber Modification
- Other Special Plastics
- Electrical Insulation
- Water Treatment
- Construction
- Paper & Packaging
- Health & Personal Care
- Oil & Gas
- Additives
- Textile Auxiliaries
- Electronics
- Other Applications
Specialty Methacrylate Market, by End User
- Paint, Coatings, and Adhesives Industry
- Architecture and Construction Industry
- Chemical and Plastics Industry
- Packaging and Paper Industry
- Automotive & Transportation Industry
- Advertisement & Communication Industry
- Electronics Industry
- Other End Users
Specialty Methacrylate Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Russia
- Benelux
- Scandinavia
- Eastern Europe
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- New Zealand
- South Korea
- Taiwan
- Southeast Asia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa (MEA)
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