Methacrylic acid also known as MAA is an organic compound which is colourless and has an unpleasant odour. It is a form of carboxylic acid and is mixable with organic solvents. MAA is extensively used in the production esters which are further used as raw materials in the production of wide range of plastic products. The growing technological advancements across the globe along with the increasing application of MAA in the electrical and electronics sector is expected to significantly contribute to the growth of the global methacrylic acid market during the forecast period.
METHACRYLIC ACID MARKET: Rising application in end use industries will boost the market during the assessment period.
The growing demand from end use industries such as electrical and electronics, construction and automotive among others is projected to be one of major factor driving the global methacrylic acid market during the forecast period. MAA is widely used in windows, facades, light panels, display panels among others. Moreover, MAA is also used as a precursor compound for wide range of ester products used in the pharmaceutical industry. Furthermore, the growing demand in dental applications is also expected to boost the global methacrylic acid market during the forecast period. Additionally, the growing polymer industry is also projected to have a positive impact in the methacrylic acid market growth. However, the fluctuating raw material prices has led to the shift towards the use of bio based MAA alternatives which is expected to be a major down side to the growth of the global methacrylic market.
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The global methacrylic acid market has been segmented on the basis of end use industry and region. On the basis of end use industry, the methacrylic acid market has been segregated into healthcare, paints and coatings, textile, electrical and electronics and others. Among the various end use industries, the electrical and electronic industry is anticipated to show the highest growth during the forecast period. The growing applications in electronics coupled with the increasing electronics sale mainly in the developing countries is hugely attributing to the growth of the segment. Moreover, the paints and coatings segment is also expected to generate substantial revenue to the global methacrylic market during the forecast period. The rising construction expenditure and the increasing penetrations of automobiles in the developing countries are anticipated to add to the growth of the paints and coatings segment. MMA is extensively used in decorative coatings, coil coatings and release coatings among others. The use of MMA in coatings improves the gloss retention, corrosion resistive abilities and also provides with excellent gasoline resistance.
On the regions the global methacrylic acid market is segmented into; North America, Europe, Asia Pacific, Latin America, Middle East and Africa. According to Insights and Reports, Asia Pacific was the largest and the fastest growing methacrylic acid market in 2017 and is expected to show the same trend during the forecast period. The growing demand for paints and coatings in the region coupled with the rising electrical and electronic industry especially in China, India and Japan is expected to surge the demand for MAA during the review period. Europe is projected to be another dominant methacrylic acid market during the forecast period. The developed pharmaceutical industry coupled with the presence of major MAA manufacturers such as BASF SE, Evonik Industries and Opes International Ltd among others is the region is projected to boost the market growth.
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The methacrylic acid market remains highly competitive with several players emphasizing on product innovation, new launches, merger and acquisitions and geographical expansions to increase market share. Some of the proficient players operating in the global methacrylic acid market include Asahi Kasei Corporation, Evonik Industries AG, Mitsubishi Chemical Holdings Group, The Dow Chemical Company, BASF SE, Zhejiang Union Chemicals Industry Co., Ltd, and Opes International Ltd among others.
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