Glycidyl Methacrylate Market – Overview
The global glycidyl methacrylate market is growing with the impulsive pace; mainly due to growing polymer and adhesives industries. According to a recent study report published by the Market Research Future, the global market of glycidyl methacrylate is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for glycidyl methacrylate is driven by the region Asia pacific, owing to the growth in the population resulting in to increasing demand for plastic modifiers in paints & coatings, automotive and construction industries among others. Glycidyl methacrylate is used in various applications such as adhesives, electrical laminates, waterborne coatings resins, and others due to their superior performance and enhanced mechanical properties. Moreover, glycidyl methacrylate improves the structural properties of the final product.
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Rapid urbanization coupled with technology signifies the growth of automotive, paper, paints & coatings and construction industries. Moreover growing industries such as consumer goods, and packaging provide impetus to the glycidyl methacrylate market growth.
On the other hand, the increasing consumption of glycidyl methacrylate in major end-use industries is projected to drive the market growth during the forecast period.Glycidyl methacrylate is used in numerous applications such as waterborne coating resins, industrial & protective finishes to improve the chemical and physical properties of the product. The plastic sector has observed a higher growth in the market due to extensive use of the product in industrial coatings, adhesives, latex, and others. Additionally, the growing investments and rise in the disposable income have resulted into a notable growth in the market in the last couple of years.
Glycidyl Methacrylate Market – Competitive Analysis
The glycidyl methacrylate market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Glycidyl methacrylate market is set to grow at a higher CAGR rate which is likely to attract many entrants to the market resulting into strong competition in the future. Manufacturers functioning in the glycidyl methacrylate market are struggling to respond to the growing demand for the product from automotive, construction, packaging, electrical & electronics and paints & coatings attributed to the recent plant expansion, and growing popularity in major sectors. They ensure to deliver the best quality products based on innovative technologies, and best practices.
Industry/ Innovation/ Related News:
December 11, 2015 – The Dow Chemical Company (U.S.), one of the key manufacturers of glycidyl methacrylate, announced that the company has decided to complete the debottleneck project at Freeport, Texas, in order to increase the production capacity of glycidyl methacrylate. One of the sources of the company, said that a rise in the production rate is set to drive the market on a large scale during the forecast period. Due to this expansion process, it is estimated that the demand for glycidyl methacrylate in developed and emerging economies is set to grow at a higher rate due to its excellent chemical resistance and weather ability. Therefore, owing to these extraordinary features, these coatings are widely utilized in automotive, paints & coatings, and construction industries to impart high- standard performance to the product.
April 25, 2016 – MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan), one of the prominent manufacturers of glycidyl methacrylate in the world, announced that the company is set to increase the production capacity at Niigata plant, Niigata city, Japan. Glycidyl methacrylate is used as a raw material to produce industrial and automotive coatings. Moreover, it is also used in the production of modifiers, adhesives, engineering plastics, and others. Moreover, one of the sources of the company said that their product is widely used one in end-use applications due to its better properties than the other products. Therefore, the recent developments and innovations about the product in the leading company are set to drive the market over the assessment period.
Glycidyl Methacrylate Market – Regional Analysis
Geographically, Asia-Pacific region holds the majority of global glycidyl methacrylate market. China is the leading country in the market owing to rapid urbanization coupled with technology and growing investments in heavy end-use industries. Increasing demand for glycidyl methacrylate in automotive, construction, paints & coatings, and packaging has boosted the market demand in China, India, Malaysia and Thailand. North America has witnessed significant growth owing to growing consumption of high purity products and this has led to a surge in the demand for industrial coatings in the industries. The market in the European region has received a significant growth due to increasing demand for the product in automotive, electrical & electronics, and other sectors. Additionally, due to increasing demand for glycidyl methacrylate from the plastic and other industries, the market is projected to grow at a higher CAGR in Europe over the forecast period.
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