Rockville, MD, Nov. 19, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global performance monomer market is estimated to reach a valuation of US$ 2,274 million in 2024 and is expected to grow at a CAGR of 4.6% during the forecast period of (2024 to 2034).
The performance monomer market is witnessing a predominant trend as a result of the higher demand generated across several industries such as coatings, adhesives, and plastics. Performance monomers are specific chemicals with enhanced polymer properties such as being tough, elastic, and resistant to various environmental factors. Majority of this market has been driven by the growing demand for high-performance materials within the automotive, aerospace, and construction sectors. The innovation key driver includes the development of new monomers, which boast improved performance characteristics: better adhesion, UV resistance, and thermal stability. This still does not come amiss with encouragement for sustainability and environment-friendly materials, where manufacturers are striving to keep environmental impact to the lowest possible extent within an industry.
Geographically, Asia-Pacific will top the list as this region is expected to grow fast based on the high rate of industrialization and manufacturing across countries like China and India. The electronics industry in the same region drives performance monomer demand.
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Key Takeaways from Market Study
- The global performance monomer market is projected to grow at 6% CAGR and reach US$ 3,558 million by 2034
- The market created an opportunity of US$ 1,284 million between 2024 to 2034
- East Asia is a prominent region that is estimated to hold a market share of 8% in 2024
- Industrial/Technical grade segment is estimated to grow at a CAGR of 4% creating an absolute $ opportunity of US$ 775 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 797.4 million collectively
"The performance monomer market is expected to grow and expand robustly, led by growth in demand in sectors such as automotive and coatings. Improvements in sustainable materials and properties of products are some of the notable trends. Industrial growth and increased manufacturing activities drive this market mainly in the Asia-Pacific region, making it a significant driver of this market.” says a Fact.MR analyst.
Leading Players Driving Innovation in the Performance Monomer Market:
BASF SE; The Dow Chemical Company; Evonik Industries AG; Arkema Group; Mitsubishi Chemical Corporation; Nippon Shokubai Co., Ltd.; Sumitomo Chemical Co., Ltd.; Solvay S.A.; Mitsui Chemicals, Inc.; Eastman Chemical Company; Other Prominent Players
"Ecosystem of Advanced Manufacturing and Innovation"
According to projections, the performance monomer market in the United States is expected to reach US$ 503 million in 2024 and grow at a compound annual growth rate (CAGR) of 4.4% through 2034, creating an absolute potential of US$ 272 million.
The United States' robust innovation pipeline and established manufacturing sector contribute to the country's impressive performance monomer adoption rates. great-performance materials are in great demand due to a strong industrial foundation, notably in sectors like electronics, automotive, and aerospace. These sectors are constantly looking for cutting-edge ways to boost productivity, guarantee sustainability, and enhance product performance—all of which provide the perfect conditions for performance monomers.
One of its advantages is that the United States has a well-established infrastructure for research and development. Innovation in monomer technology is promoted by cooperative relationships between academic institutions, research centers, and private businesses. This keeps the United States at the forefront of material science by facilitating the rapid development and marketing of novel performance monomers. The adoption of new monomer technologies, together with their innovative culture, is accelerated even further by the presence of major chemical corporations.
Performance Monomer Industry News:
- Evonik unveiled VISIOMER® HEMA-P 100, a phosphate methacrylate monomer, in January 2024. It adds flame retardancy and improves adhesion and corrosion.
- The BASF Monomers division unveiled a sustainability roadmap in January 2023 that aims to expand the product line while reducing its carbon footprint. The division pledged to provide a circular option for every major product line by 2025 in this regard.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Performance Monomer market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of Product Type (Acrylates, Methacrylates, Acetates, Styrene, Vinyl Acetate), Technology, (Solution Polymerization, Suspension Polymerization, Emulsion Polymerization, Bulk Polymerization), Grade (Industrial/Technical Grade, Food Grade, Pharmaceutical Grade), End-Use Industry(Automotive, Construction, Electronics, Healthcare, Packaging, Textile, and Others), Application (Adhesives, Coatings,Plastics, Elastomers,Textiles, Personal Care Products, and Others) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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