Wilmington, Delaware, United States, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global specialty methacrylate market is projected to flourish at a CAGR of 5.5% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 323.2 million is anticipated for the market in 2031. As of 2023, the market for specialty methacrylate is expected to close at US$ 220.8 million.
Increasing application of specialty methacrylates, such as methyl methacrylate (MMA) and other acrylic-based resins, in the automotive & electronic industry to drive the market demand during the forecast period, owing to the reducing vehicle weight can improve fuel efficiency and reduce emissions, making specialty methacrylates an attractive choice for certain automotive components.
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Competitive Landscape
The specialty methacrylate market is highly competitive with the presence of several established market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global specialty methacrylate market report:
- Mitsubishi Chemical
- Evonik
- Dow
- Sumitomo Chemical Co., Ltd.
- LG Chem
- Arkema
- Others
Key Developments in Global Specialty Methacrylate Market
- LG Chem offers a range of specialty methacrylate products tailored for various applications in industries such as automotive, electronics, construction, and more. With a strong emphasis on research and development. LG Chem is developing new formulations of specialty methacrylates that offer improved properties and better performance for specific applications.
- In May 2022 - Evonik extends a strategic distribution partnership with Vimal Intertrade and Nordmann for its VISIOMER® Specialty Methacrylates in India. Evonik has chosen a new distribution setup for its VISIOMER® Specialty Methacrylates to efficiently support the diverse market needs.
Increasing application of specialty methacrylates as corrosion-resistant, which is beneficial for automotive applications where exposure to moisture, chemicals, and road salts is common. Automotive components made from specialty methacrylates exhibit high impact resistance, providing enhanced safety in the event of collisions or accidents. Thus, the increased demand in the automotive industry drives the market growth
The growing demand for specialty methacrylate in the construction industry for application as sealants, adhesives, and coatings for their weather resistance and adhesion properties, drives the market growth. Specialty methacrylates are utilized for signage, lighting fixtures, decorative panels, and other architectural features, adding aesthetic appeal to buildings and interior spaces.
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Key Takeaways from the Market Study
- As of 2022, the specialty methacrylate market was valued at US$ 210.6 million
- By type, the thermoset segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on the coating method, the electrostatic spray segment accounts for the highest market share
- Based on application, the general metal segment is expected to generate high revenue during the forecast period, due to the increased acceptance of powder coatings in the metal industry.
Specialty Methacrylate: Key Trends and Opportunistic Frontiers
- Specialty methacrylates with excellent optical clarity and UV resistance are used for manufacturing headlamp lenses. Thus they are highly utilized in the automotive industry. These lenses provide clear visibility, enhance lighting efficiency, and protect against environmental factors.
- Specialty methacrylates offer a wide range of colors, textures, and finishes, making them ideal for decorative elements in the building & construction sector, thus the rapidly growing
- construction sector offers the opportunity for market expansion during the forecast period.
- In the electronic industry specialty methacrylate found its application in protective covers and screen protectors for mobile devices and other gadgets
- Manufacturers are continuously working on developing new formulations of specialty methacrylates with improved properties to meet specific industry requirements.
Specialty Methacrylate Market – Regional Analysis
- North America remains a significant market for specialty methacrylates during the forecast period due to their widespread use in industries such as automotive, electronics, and construction. The United States and Canada have robust manufacturing and research capabilities, which contribute to the growth of the specialty methacrylate market in the region.
- The Asia-Pacific region is experiencing rapid growth in the specialty methacrylate market due to expanding industrialization, urbanization, and infrastructure projects. The growing demand from the end-use industries like automotive, electronics, and construction from the countries like China, Japan, South Korea, and India, drives the market demand.
Specialty Methacrylate Market – Key Segments
Derivative
- Methyl Methacrylate
- Butyl Methacrylate
- Ethyl Methacrylate
- Others
Application
- Acrylic Sheets
- Molding
- Paints & Coatings
- Additives
- Others
End-use
- Automotive
- Architecture & Construction
- Electronics
- Advertisement & Communication
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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