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.
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