Methacrylate Monomers Market to Garner $16.2 Billion, Globally, By 2031 at 4.9% CAGR, Says Allied Market Research

Rise in implementation by original equipment manufacturers (OEMs) in the automotive sector and surge in usage in the paints and coatings sector drive the growth of the global methacrylate monomers market.

PORTLAND, Ore., Aug. 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Methacrylate Monomers Market by Derivative (Methyl Methacrylate, Butyl Methacrylate, Ethyl Methacrylate, Others), by End Use Industry (Automotive, Architecture and Construction, Electrical and Electronics, Paints and Coatings, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global methacrylate monomers industry generated $10.1 billion in 2021, and is expected to reach $16.2 billion by 2031, witnessing a CAGR of 4.9% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Rapid urbanization, growth of the architecture & construction sector, rise in implementation by original equipment manufacturers (OEMs) in the automotive sector, and surge in usage in the paints and coatings sector drive the growth of the global methacrylate monomers market. However, side effects related to the use of methacrylate monomer restrain the market growth. On the other hand, the emergence of advanced polymers and usage as a building blocks in product manufacturing present new opportunities in the coming years.

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Covid-19 Scenario

• The methacrylate monomers market was impacted negatively during the COVID-19 pandemic, owing to its application in sectors such as building & construction, electrical & electronics, automotive, and others.
• Many companies operating in the automotive and electrical & electronics sector were closed down partially or completely during the initial stages of the lockdown. This, in turn, reduced the demand for methacrylate monomers that are utilized for manufacturing extruded acrylic sheets for tail lights, consoles, and other parts.
• Owing to stoppage of manufacturing of electronic gadgets such as smartphones, computers, and others with supply chain issues and ban on import and export activities, the demand for methacrylate monomers reduced considerably.
• In 2020, the prices of methacrylate monomers were significantly high in the Asia-Pacific region. The prices increased with continuous regional demand and low availability of product. High downstream demand for methacrylate monomers and high upstream costs continued the trend of price gains.
• The polymerized methacrylate monomers are utilized in dentistry and orthopedic surgeries. Dental clinics were closed during the lockdown and non-urgent orthopedic surgeries were postponed. This reduced the demand further.

The methyl methacrylate segment to grow at the fastest growth rate

Based on derivative, the methyl methacrylate segment is estimated to manifest the highest CAGR of 5.4% from 2022 to 2031. This is due to rise in young population and increase in disposable income that led to high purchasing power and preference for modern automobiles. This, in turn, led to the significant growth in the automobile sector in which methyl methacrylate-based acrylic sheets are utilized in tail-lights, instrument clusters, and other electronic components. The global methacrylate monomers market report also analyzes the segments including butyl methacrylate, ethyl methacrylate, and others.

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The paints and coatings segment to maintain its dominant share during the forecast period

Based on end use industry, the paints and coatings segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global methacrylate monomers market, and is expected to maintain its dominant share during the forecast period. This is due to increase in demand for paints & coatings from the construction, automotive, and wood industries. Methacrylate monomers are widely used as a raw material during the paint manufacturing process. So, increase in demand for paints raises the demand for methacrylate monomers. However, the electrical and electronics segment is estimated to manifest the highest CAGR of 5.4% from 2022 to 2031, owing to rise in demand for various consumer electronic gadgets from emerging economies. Methacrylate monomers are utilized in the production process of diodes, sensors, and other electronic components. So, rise in demand for electrical devices led the electrical & electronics sector adopt methacrylate monomers in huge volume.

Asia-Pacific to offer lucrative opportunities

Based on region, Asia-Pacific held the largest market share in 2021, accounting for nearly two-fifths of the global methacrylate monomers market, and is expected to maintain its lead status by 2031. Moreover, the same region is estimated to manifest the highest CAGR of 5.4% from 2022 to 2031. This is due to increase in adoption from the building & construction, electronics, automotive, and other sectors the Asia-Pacific region. Moreover, rapid rise of the China's consumer electronics sector also drives the demand for methacrylate monomers. The research also analyzes regions including North America, Europe, and LAMEA.

Leading Market Players

• BASF SE
• TCI America
• Arkema S.A
• Merck KGaA
• Evonik Industries AG
• Mitsubishi Chemical Holdings
• Dow Inc.
• Kowa Company, Ltd.
• Jamorin International
• Eastman Chemical Company

The report analyzes aforementioned leading players of the global methacrylate monomers market. These players have adopted different strategies including new product launches, expansion, partnerships, and others to raise their market stakes and consolidate their position in the industry. The report provides operating segments, business performance, product portfolio, and key developments by every player.

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