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.
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.
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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