Global Methacrylic Acid Market Report and Forecast 2023-2028

Global Methacrylic Acid Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global methacrylic acid market is projected to grow at a CAGR of 5% between 2023 and 2028. Aided by the burgeoning needs for specialised polymers and the widening applications of methacrylic acid in multiple sectors, the market is expected to grow significantly by 2028.

Methacrylic acid, a versatile organic compound, is a crucial ingredient in the production of polymethyl methacrylate (PMMA) resins. These resins are extensively incorporated into applications ranging from automotive parts to display screens due to their optical clarity and resilience to outdoor weather conditions. Additionally, methacrylic acid finds its presence in sectors due to its capacity to co-polymerise with other monomers, facilitating a spectrum of product attributes that cater to diverse industry needs.

The spike in the global methacrylic acid market demand is anchored to the soaring demands for durable and high-performance plastics. As industries evolve and consumer demands shift towards lightweight yet robust materials, methacrylic acid-based products such as PMMA have found a remarkable niche, especially in automotive, construction, and electronics sectors. The rising aesthetic appeal of transparent plastics in architecture and interior design also acts as a catalyst for the escalating demand for methacrylic acid.

As per the methacrylic acid market analysis, methacrylic acid's role is expanding into innovative verticals. In the medical industry, methacrylic acid-derived products are making headway as dental and orthopaedic prosthetics, underlining their biocompatibility and strength.

The cosmetic world, on the other hand, is exploiting methacrylic acid's prowess to formulate high-quality nail paints that promise longevity and shine. Furthermore, the adhesive potential of this compound makes it a staple in creating powerful industrial adhesives and further increase value of the methacrylic acid market size.

A parallel trend giving impetus to the market is the surge in sustainable practices and green chemistry. As industries focus on reducing their carbon footprint and fostering environmentally friendly methods, methacrylic acid is eyed for its potential in producing bioplastics. Researchers are delving into feasible ways to synthesise methacrylic acid using renewable resources, promising a shift away from petrochemical sources which further propels the methacrylic acid market growth. This approach not only endorses the sustainability ethos but also potentially mitigates price volatility due to oil market fluctuations.

Market Segmentation

The market can be divided based on application, end use, and region.

Market Breakup by Application

• Paint
• Adhesive
• Fibre Processing Agent
• Rubber Modifier
• Leather Treatment
• Paper Processing Agent
• Lubricant Additive
• Cement Mixing Agent
• Others

Market Breakup by End Use

• Construction
• Automobiles
• Electronics
• Textile
• Pharmaceutical
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global methacrylic acid market. Some of the major players explored in the report by Expert Market Research are as follows:

• Evonik Industries A.G.
• Mitsubishi Gas Chemical Company, Inc
• BASF SE
• Kuraray Co., Ltd
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.