Global Methacrylic Ester Market: Overview
An ester is a chemical combination extracted either from an organic or inorganic acid. Esters are usually derived from a carboxylic acid and an alcohol where at least one –OH (hydroxyl) group is replaced by an –O–alkyl (alkoxy) group. Methacrylic acid functions as a carboxylic acid and is used to produce methacrylic ester. Methacrylic acid is a precursor to methacrylic ester. It is a colorless viscous liquid, which is soluble in warm water and miscible with most organic solvents. Methacrylic acid is used in the production of various methacrylic esters such as methyl methacrylate, ethyl methacrylate, n-butyl methacrylate, i-butyl methacrylate, and 2-ethylhexyl methacrylate. These esters are versatile chemicals acting as co-monomers to produce a variety of plastic products. Methacrylic esters are used in diverse applications such as plasticizers, binders, adhesive agents, crosslinking agents, fiber processing agents, water processing agents, paper processing agents, lubricant additives, drilling chemicals, photosensitive materials, and optical materials.
The global methacrylic ester market is primarily driven by the increase in demand for these esters in various end-use industries. Polymerized methacrylic ester provides excellent tensile strength, flexural strength, transparency, UV tolerance, and scratch resistance characteristics. Increase in utilization of polymerized methacrylic esters in the electronics industry owing to their exceptional properties is anticipated to drive the global methacrylic ester market. Methacrylic esters exhibit low VOCs in their formulations. Methacrylic esters are widely used in paints & coatings in the automobile industry, as they help lower VOC emissions. Encouragement of regulatory bodies to reduce VOC emissions in vehicles and rise in utilization of methacrylic esters in the automobile industry are projected to boost the demand for methacrylic esters in the near future. Advancements in material and chemical properties of methacrylic ester in order to make it multifunctional is expected to offer lucrative opportunities to the methacrylic ester market during the forecast period.
Based on type, the methacrylic ester market can be segmented into methyl methacrylate, ethyl methacrylate, n-butyl methacrylate, i-butyl methacrylate, and 2-ethylhexyl methacrylate. The methyl methacrylate segment held key share of the global methacrylic ester market in 2017. Methyl methacrylate is primarily used as sheets in mobile phone screens, LCD screens, and monitors due to its flexural strength and scratch resistance properties.
In terms of application, the methacrylic ester market can be divided into adhesive agent, binders & plasticizers, lubricant additive, chemical processing agent, and others. The binders & plasticizers segment held significant share of the global methacrylic ester market in 2017. Binders and plasticizers enhance the durability and chemical resistivity of end products. This is estimated to boost the demand for methacrylic ester during the forecast period.
Based on end-use industry, the methacrylic ester market can be segregated into automotive, building & construction, electronics, health care, paper & pulp, textile, and others. Electronics and automotive segments accounted for major share of the global methacrylic ester market in 2017. Methacrylic ester is primarily employed in the manufacture of lighting equipment, LED & LCD monitors, mobile phones, and adhesives & protective surface coatings in vehicles.
In terms of geography, the methacrylic ester market can be split into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific constitutes substantial share of the global methacrylic ester market due to the easy availability of raw materials at competitive prices in the region. Growth in end-use industries such as paints & coatings, pulp & paper, building & construction, and textile in China and India is projected to propel the demand for methacrylic esters in the near future. North America and Europe are prominent consumers of methacrylic esters.
Global Methacrylic Ester Market: Key Players
Key players operating in the global methacrylic ester market include Arkema Inc., Asahi Kasei Corporation, BASF SE, CYRO Industries, Evonik Industries AG, Lucite International, Merck KGaA, MITSUBISHI GAS CHEMICAL COMPANY, INC., The Dow Chemical Company, and U-PICA Company 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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.