glycidyl methacrylate market By Major Eminent Players, Latest Innovations, Research Analysis And Forecast 2021 To 2027
Market Scope
Market
Research Future (MRFR) believes that the glycidyl methacrylate market 2020 can
expect to gain impetus at a rate of close to 5.36% between 2016 and 2027, which
is the evaluation period. We will provide COVID-19 impact analysis with the
report, along with all the extensive key developments in the market post the
coronavirus disease outbreak.
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Main Drivers and Key Deterrents
The rising
need for polymers in industries like electronics, building and construction and
consumer goods are working in favor of the glycidyl methacrylate market. Glycidyl
methacrylate is extensively deployed along with various other monomers to
produce polymers with extreme strength, hardness, solvent, thermal and water resistance.
It is projected that the growing preference for bio based plastics in light of
the mounting environmental concerns along with the advancing sector of medical
devices could lead to further business growth worldwide.
The
escalating demand for sealants and adhesives for the rising packaging needs in
the e-commerce and food & beverage industries could also accelerate the
market growth in the years to follow. Other factors enhancing the market size
include the emerging trend of lightweight aircraft and automobiles that adhere
to regulations coupled with the frequent technical innovations with regard to
green adhesives, which boosts the demand for glycidyl methacrylate.
The market
for glycidyl
methacrylate is inundated with several firms that vying for growth
opportunities. These firms are trying to outrival other companies by developing
products with better quality, higher affordability, and are more innovative. With
the rising use of advanced technologies as well as best practices, leading
manufacturers are increasingly creating products with better features. Also,
the growing acceptance of glycidyl methacrylate across countries, especially in
the food and beverage industry has caused the product demand to soar
significantly in the global market. For
instance, in June 2020, National Health Commission (China) approved new resins
and their applications as food-contact materials, which include glycidyl
methacrylate for use in coatings, coatings layers, ink and adhesives.
Regional Insight
APAC or Asia
Pacific, North America, Europe along with the Middle East and Africa or MEA are
the key markets for glycidyl methacrylate.
APAC, led by
India, China and Japan, stands as the most profitable market for glycidyl
methacrylate. Some of the favorable aspects can be the evolving lifestyles and dietary
habits that induce growth in consumption of packaged food. The food and
beverage in the region is emerging as one of the top end-users in the market,
with glycidyl methacrylate being used to coat the interior surfaces of cans as
well as food packaging. The market growth is also enhanced by the growing demand
for bakery products and cereals in the residential sector combined with the
escalating consumption of tobacco products.
As the second
in lead, North America is touted to touch USD 3,358.9 million by 2027. The
market growth in North American has been caused by the expanding construction and electrical & electronics sectors. The rising
use of glycidyl methacrylate in casting, resins, impregnation composites and coating
in the region’s electronics industry contributes to the business growth. The
soaring prevalence of automation and the increasing uptake of consumer
electronics such as tablets and smartphones also boost the requirement for glycidyl
methacrylate in the region.
It is
believed that the skyrocketing demand for plastics can help Europe procure the
fastest growth rate of 5.05% between 2016 and 2027. Glycidyl methacrylate is
progressively being used as a base material in automotive topcoats as it is
highly resistant to acid rain and scratch. Another favorable factor can be the
escalating demand for an alternative to power automobiles such as plug-in
hybrid, full-electric and hybrid cars as well as autonomous vehicles.
Market Segmentation
The MRFR
report extensively outlines the global glycidyl methacrylate industry,
considering a few key segments, namely application and end users.
The main application
areas of glycidyl methacrylate include adhesives, polymer coating as well as
plastics.
Some of the
prominent end-users covered in the market study are packaging units and manufacturing
units. Between these, the packing units segment is currently leading due to the
high demand from food & beverage, retail and healthcare industries. The
product has gained traction in a number of industries as it helps boost the copolymerisation
ability of in non-aqueous and aqueous solutions, making it ideal for packaging
applications.
Leading Industry Contenders
The leading
industry contenders profiled in the report are Sumitomo Chemicals, Estron
Chemicals, Dow Chemicals, Lianyungang Ningkang Chemical Co., Ltd, Evonik
Industries, Wuhan Sincere-star Chemical Co. Ltd, Mitsubishi Gas Chemical
Company Inc., to mention a few.
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