Methacrylate Monomers Market Expected to Reach $16.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Methacrylate Monomers Market," The methacrylate monomers market was valued at $10.1 billion in 2021, and is estimated to reach $16.2 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.

Methacrylate monomers are fundamental industrial monomer, which are utilized in various industries such as architectural, automotive¸ aerospace, marine, construction, and so forth. Basically, methyl methacrylate (MMA) is also utilized as PVC modifier, chemical intermediate, and cement in hip & knee replacements. It is used in the manufacturing of ethyl and butyl methacrylate compounds. Methacrylate is the ascending block for a massive range of acrylic utilizations that are found in various businesses across the globe. Methacrylate monomers are advanced specialty chemicals used for very definitive applications such as coatings, paints, inks, adhesives, and others.

Rise in urbanization and increase in luxurious lifestyle have contributed to growth of the global automotive industry where methacrylate monomer-based acrylic sheets are widely used in electronic consoles, tail-lights, and others. For instance, according to a report published by the India Brands Equity Foundation in February 2022, domestic automobile production increased at a compound annual growth rate (CAGR) of 2.36% from 2016 to 2020, with 26.36 million vehicles manufactured in India in 2020. This is expected to foster the demand for methacrylate monomers market during the forecast period. Furthermore, growth in population coupled with rapid urbanization have surged the growth of the architecture & construction sector in both developed and developing economies such as the U.S., China, India, and others, where methacrylate monomers are widely used as a binder for concrete admixtures, reactive road making, industrial flooring, and liquid waterproofing applications. This is expected to boost the demand for methacrylate monomers market in the growing building & construction sector.

However, health hazards associated with the use of methacrylate monomers may hamper the market growth during the forecast period.

On the contrary, factors such as rise in population coupled with emergence of advanced polymers have made customers more linear toward using polymer-based products. Furthermore, polymer offers various significant advantages such as low cost, its lightweight, its high strength, and increased lifecycle that make several end use sectors use polymers as a building block in product manufacturing where methacrylate monomers are used in production of homo- and copolymers in polymer sector. This is anticipated to surge the popularity of methacrylate monomers in the growing polymer sector; thus, creating lucrative opportunities for the market.

The methacrylate monomers market is segmented on the basis of derivative, end use industry, and region. By derivative, the market is segregated into methyl methacrylate, butyl methacrylate, ethyl methacrylate, and others. The methyl methacrylate segment is anticipated to grow at a highest CAGR of 5.4% during the forecast period. This is attributed to increase in young population coupled with rise in disposable income, which have led the automobile sector to witness a significant growth where methyl methacrylate-based acrylic sheets are widely used in tail-lights, instrument clusters, and other electronic components.  In addition, the surge in import export activities in both developed and developing economies has surged the demand for various commercial vehicles, where methacrylate monomer-based acrylic sheets are used in glasses, instrument clusters, armrests, and other automotive parts.

By end use industry, the market is divided into automotive, architecture & construction, electrical & electronics, paints & coatings, and others. The paints & coatings segment dominated the global market in terms of revenue in 2021, with 27.05% of the total share. This is attributed to the increasing demand for paints & coatings from construction, automotive, and wood industries which in turn have led the paints manufacturing sector to witness an increase in demand where methacrylate monomers are widely used as a prime raw material during paint manufacturing process. Furthermore, increasing trend for high-tech coatings such as cationic coatings, covering all the crevices and corners of multi-faced metal parts, thereby protecting them from corrosion where n-butyl methacrylate is used to impart anti-corrosive properties in coatings may aid the market growth.

Region-wise, the methacrylate monomers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific methacrylate monomers market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major methacrylate monomers market share in 2021, owing to the rise in building & construction, automotive, electronics, and other sectors, which have enhanced the performance of the methacrylate monomer in Asia-Pacific. In addition, China's consumer electronics sector has grown rapidly, which in turn has enhanced the performance of the methacrylate monomer market in the region. According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer electronic products in 2019. Moreover, countries such as India and Australia have witnessed a rapid increase in automotive sectors where methacrylate monomer-based extruded acrylic sheets are used in producing taillights, thermoplastic mirrors, and other car accessories. This may boost the growth of methacrylate monomers market in the Asia-Pacific region. For instance, according to a report published by the Indian Ministry of Commerce and Industry, the automotive sector in India is expected to grow at a compound annual rate (CAGR) of 5.9% by 2025.

Key players operating in the global methacrylate monomers market include, Arkema S.A., BASF SE, DOW INC, Eastman Chemical Company, Evonik Industries AG, Jamorin International, Kowa Company, Ltd., Merck KGaA, Mitsubishi Chemical Holdings, and TCI America.

COVID-19 analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The methacrylate monomers market has been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on building & construction, automotive, electrical & electronics, and other sectors. According to a report published by Society of Indian Automobile Manufacturers (SIAM), sale of passenger vehicles, commercial vehicles and two‐wheeler vehicles has been declined by 51%, 88%, and 40% respectively in March 2020. Also, several automotive companies have either shutdown or shrank their operations due to the risk of infections among the workforce where methacrylate monomers is used to produce extruded acrylic sheets used in electronic consoles, tail-lights, and others. This has temporarily hampered the demand for methacrylate monomers market amid the COVID-19 pandemic. According to an article published by The Economic Times, the exports of electronic devices such as computers, smartphones, and others have dipped due to supply chain issues. In addition, the methacrylate monomers market has witnessed a downfall in demand among the construction sectors, owing to temporary halt on various building and construction project amid the COVID-19 period.

In 2020, methacrylate monomers prices were high in Asia-Pacific region. The price rise was due to continued regional demand trends and tight product availability. Firm downstream demand for methacrylate monomers and stronger upstream costs are expected to sustain the price gain.

However, the healthcare sectors have shown an impressive growth during the pandemic, where polymerized methacrylate monomers are used in dentistry and orthopedic surgery. For instance, according to a report published by India Brand Equity Foundation, the healthcare sectors is expected to reach $372 billion by 2022, driven by rise in health awareness and increase in income. Furthermore, the building & construction and transportation activities are projected to get back on track and start functioning with full capacity post COVID-19 period, which in turn may enhance the performance of the methacrylate monomers market.

Key findings of the study

• By derivative, the others segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.5% from 2022 to 2031.
• By end use industry, the paints & coatings segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.1% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 37.5% in 2021, in terms of revenue, growing at a CAGR of 5.4%