Global Benzyl Methacrylate Market: Overview
Methacrylate is a salt or ester of methacrylic acid, which functions as a carboxylic acid and is used to produce benzyl methacrylate. Benzyl methacrylate is a colorless transparent liquid with a distinctive odor. It is insoluble in water and possesses the capacity of polymerizing under sunlight and heat. C11H12O2 is the molecular formula of benzyl methacrylate. It is also known as 2-Propenoic acid, 2-methyl-, phenylmethyl ester; methacrylic acid benzyl ester; benzyl 2-methylprop-2-enoate; and phenylmethyl 2-methylprop-2-enoate. These esters are versatile chemicals acting as co-monomers to produce a variety of plastic products. Benzyl methacrylate is used in various applications in acrylic & polyester resins, adhesives & sealants, industrial coatings, inks & toners, and composites.
Global Benzyl Methacrylate Market: Drivers and Restraints
The global benzyl methacrylate market is primarily driven by the increase in demand for these esters in end-use industries. Polymerized benzyl methacrylate offers excellent characteristics such as high impact resistance, high hardening stability, low viscosity, and high refractive index. Increase in utilization of polymerized benzyl methacrylate in automotive and chemical industries owing to its exceptional properties is anticipated to drive the global benzyl methacrylate market. Benzyl methacrylate adhesives are extensively employed in wood composites and leather industries. It offers hydrophobic, water resistive, and corrosion resistive properties to wood and leather applications. Increase in demand for wood composites and leather garments is projected to boost the demand for benzyl methacrylate. Advancements in chemical properties of benzyl methacrylate in order to make it multifunctional are estimated to offer lucrative opportunities to the benzyl methacrylate market during the forecast period. Research and development activities are being carried out in terms of usage of copolymers of benzyl methacrylate in the manufacture of solid electrolytes for lithium batteries. Increase in adoption of solid electrolytes in the electronics industry is anticipated to drive the demand for benzyl methacrylate. Technological advancements in chemical properties of benzyl methacrylate in order to make it multifunctional are projected to offer lucrative opportunities to the benzyl methacrylate market during the forecast period.
Global Benzyl Methacrylate Market: Key Segments
Based on purity, the benzyl methacrylate market can be bifurcated into <98% and =>98%. The =>98% segment held key share of the global benzyl methacrylate market in 2017. =>98% benzyl methacrylate is primarily used for polymerization process in enhancing the attributes of polymerized products.
In terms of application, the benzyl methacrylate market can be divided into acrylic & polyester resins, adhesives & sealants, industrial coatings, inks & toners, composites, and others. The acrylic & polyester resins segment held significant share of the global benzyl methacrylate market in 2017. Benzyl methacrylate is used an intermediate in the production of polymers in various end-use applications owing to its corrosion resistance, heat stabilization, and low viscosity properties.
In terms of geography, the benzyl methacrylate market can be split into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific constitutes large share of the global benzyl methacrylate market due to the easy availability of raw materials at competitive prices in the region. Rapid industrialization in China, Taiwan, and India; and growth in end-use industries such as paints & coatings, adhesives & sealants, and polymers are projected to propel the demand for benzyl methacrylate in the near future. North America and Europe are prominent consumers of benzyl methacrylate.
Global Benzyl Methacrylate Market: Key Players
Key players operating in the global benzyl methacrylate market include Evonik Industries, Geo Specialty Chemicals, KOWA AMERICAN CORPORATION, Kowa India Pvt.Ltd, MITSUBISHI GAS CHEMICAL COMPANY, INC., Polysciences, Inc., and Tokyo Chemical Industry Co., Ltd.
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