iCrowdNewswire Jan 15, 2021 4:10 PM ET
Asia Pacific is predicted to dominate the market during the forecast period due to increasing consumption of methacrylic ester in end use industries such as pulp & paper, lubricant, paint & coatings, textile, construction and others. Increasing demand for lightweight passenger vehicles and heavy duty commercial vehicles has promoted automotive production, which in turn is contributing to the methacrylic ester market growth. Moreover, rapid industrialization in China, India, Australia, and Vietnam has boosted up the market growth. Commercial as well as industrial construction sector in Asia Pacific shown a speedy growth in the past few years and is expected to grow with the same pace in near future which is likely to fuel market growth. Increase in middle-class population in developing regions is another important factor driving the methacrylic ester market.
North America is predicted to hold the second largest market share followed by Europe and the Middle East. North America is anticipated to witness moderate growth in the utilization of methacrylic ester due to the increasing R&D activities and innovations in textile business. Moreover, consumers are influence towards the products which have “Made in the USA” label in textile goods which is likely to fuel the market growth. U.S. and Canada are among the major contributors in the regional growth and is expected to dominate in region in near future. Other developed and nearly saturated countries such as Germany, Italy, France, and Spain are registering moderate growth owing to increasing output from end use industries. Furthermore, rising number of working professionals coupled with increasing disposable income are boosting consumers to follow latest fashion trends, thus raising the consumption of textile fabrics which in turn drive the methacrylic ester market growth. The major companies operating in the industry are engaged in R&D activities to achieve product innovation and gain a competitive edge.
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The Middle East & Africa is anticipated to witness a significant growth due to increasing construction activities specifically in United Arab Emirates (UAE), Qatar, and Saudi Arabia. In Qatar, government implement strategic plan to reduce its carbon footprint and achieving sustainable development which in turn has boost up the local building construction sector and further improve the market growth. Additionally, increase in building construction includes residential, commercial, sports facilities, hotels and recreational facilities, and industrial projects is set to propel the market growth.
Global methacrylic ester market has been segmented on the basis of application, end use industries, and regions. On the basis of application, the market is segmented into sizing agent, adhesives, oil additives, binder, and others. Based on the end use industries, the market is categorized into pulp & paper, lubricant, paint & coatings, textile, construction and others. Based on region, methacrylic ester market is segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa.
Key industry participants include BASF SE (Germany), The Dow Chemical Company (U.S.), Evonik (Germany), U-PICA Company.Ltd. (Japan), Sigma-Aldrich Co. LLC. (U.S.), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), Fushun Anxin Chemical Co., Ltd. (China), NOF CORPORATION. (Japan), Michelman, Inc. (U.S), Lucite International (UK), and others
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