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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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