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Specialty Methacrylate Market Future Trends and Scope Analysis Report
According to the latest research by InsightAce Analytic, the Global Specialty Methacrylate Market is valued at US$ 210.50 Mn in 2022, and it is expected to reach US$ 314.67 Mn by 2031, with a CAGR of 4.7% during the forecast period of 2023-2031.
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Methyl Methacrylate (MMA) and other acrylic-based resins serve as lightweight and durable alternatives to conventional materials such as glass, metals, and various polymers. The reduction in vehicle weight facilitated by these specialized methacrylates contributes to improved fuel efficiency and lower emissions, thereby driving their adoption within the automotive sector. Consequently, expansion in the automotive industry is a key factor propelling the growth of the specialized methacrylate market.
In addition, the exceptional optical clarity and transparency of acrylic-based materials make them highly suitable for applications in the electronics industry. These materials are widely utilized in the production of screens, lenses, light guides, and other optical components for electronic devices. The robust impact resistance offered by specialty methacrylates is particularly valuable in both automotive and electronics applications. In the automotive sector, these materials are employed in manufacturing exterior parts, interior trims, and headlamp lenses, while in electronics, they serve as protective covers and screen protectors for smartphones and other devices. Consequently, the ongoing growth of the electronics industry is also expected to significantly contribute to the expansion of the specialized methacrylate market in the foreseeable future.
List of Prominent Players in the Specialty Methacrylate Market:
• Dow
• Sumitomo Chemical Co., Ltd.
• LG Chem
• Arkema
• BASF SE
• Bimax Chemicals Ltd.
• Evonik Industries AG
• Fushun Anxin Chemical Co. Ltd.
• GEO Specialty Chemicals Inc.
• Hitachi Chemical Co. Ltd.
• Keisha Chemical Co. Ltd.
• Millipore Sigma
• Mitsubishi Chemical Holdings Corporation
• Miwon Specialty Chemical Co. Ltd.
• Nippon Shokubai Co. Ltd.
• Sartomer (Arkema Group)
• Shin Nakamura Chemical Co. Ltd.
• Röhm GmbH
Market Dynamics:
Drivers-
Specialty methacrylate adhesives and sealants are extensively utilized in the building and construction industry for bonding and sealing diverse materials, including metals, composites, concrete, and plastics. These adhesives offer robust and durable connections that enhance the structural integrity of buildings and infrastructure projects. Due to their excellent optical clarity, impact resistance, and weatherability, acrylic-based methacrylates are preferred for glazing applications in windows, skylights, and facades.
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Challenges:
A significant challenge faced by MMA manufacturers and consumers is the aging infrastructure and technologies that depend on cyanide as a feedstock in the traditional acetone-based production process. With commercially viable alternative production methods available, industry stakeholders are motivated to reduce reliance on cyanide to improve sustainability and operational efficiency.
Regional Trends:
The Asia Pacific region is projected to hold the largest market share in the specialty methacrylate segment. Key markets within this region include Japan, China, India, and South Korea, driven by growth in automotive manufacturing as well as expansion in the electronics, building, and construction sectors. In North America, the well-established automotive and electronics industries, alongside increased construction spending, are propelling market growth, with the United States and Canada serving as primary contributors. In Europe, heightened focus on sustainability, technological advancements, and strong manufacturing capabilities are positively influencing market performance. Germany, France, and the United Kingdom represent the leading markets for specialty methacrylates within the region.
Recent Developments:
• In Aug 2023, Evonik signed a contract to scale up and make special catalyst for Rohm's new methyl methacrylate (MMA) production plant in Texas, USA, which is set to open in 2024. Evonik makes Rohm's custom catalyst for the new LiMA method on a larger scale.
• In Aug 2021, Sumitomo Chemical Co. decided to build a prototype plant for the chemical recycling of acrylic resin like PMMA, poly-methyl-methacrylate at its Ehime Works in Niihama City, Japan. Parallel to this initiative, the Company worked to develop a recycling system for PMMA, including the collection of used acrylic resin, its recycling, and its reprocessing into products, with the goal of achieving rapid commercialization of chemically recycled PMMA.
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Segmentation of Specialty Methacrylate Market-
By Derivative-
• Methyl Methacrylate
• Butyl Methacrylate
• Ethyl Methacrylate
• Others
By Application-
• Acrylic Sheets
• Molding
• Paints & Coatings
• Additives
• Others
By End-Use-
• Automotive,
• Architecture & Construction
• Electronics
• Advertisement & Communication
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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