Asia-Pacific Methyl Acrylate Market, By Type (Industrial and Pharmaceutical), Purity Grade (Less Than Or Equal To 99% and Greater Than 99%), Application (Surface Coatings, Chemical Synthesis, Adhesives and Sealants, Plastic Additives, Detergents, Textiles, and Others), End User (Paint & Coating, Automobile, Packaging, Construction, Cosmetics, and Others) Industry Trends and Forecast to 2030.
Asia-Pacific Methyl Acrylate Market Analysis and Insights
Methyl acrylate is used as a chemical intermediate in the production of other chemicals such as acrylic acid and acrylamide. It is also used as a solvent for various resins, oils, and waxes.
However, methyl acrylate is a dangerous chemical and must be handled with care. It is flammable and can form explosive peroxides in contact with air. It can also cause skin and eye irritation and is toxic if swallowed or inhaled.
The market for methyl acrylate is primarily driven by the demand for its end uses, particularly in the coating and adhesive industries. Factors such as the availability of raw materials, regulatory policies, and technological advancements also influence the demand for methyl acrylate.
Data Bridge Market Research analyzes that the Asia-pacific methyl acrylate market is expected to reach the value of USD 304,215.39 thousand by 2030, at a CAGR of 7.9% during the forecast period. The type segment accounts for the largest segment in the market due to the growing use of methyl acrylate in various industrial applications.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2020 - 2015)
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Quantitative Units
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Revenue in USD Million, Volumes in Tons, and Pricing in USD
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Segments Covered
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By Type (Industrial and Pharmaceutical), Purity Grade (Less Than Or Equal To 99% and Greater Than 99%), Application (Surface Coatings, Chemical Synthesis, Adhesives and Sealants, Plastic Additives, Detergents, Textiles, and Others), End User (Paint & Coating, Automobile, Packaging, Construction, Cosmetics, and Others)
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Countries Covered
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China, Japan, India, South Korea, Indonesia, Australia, New Zealand, Thailand, Taiwan, Malaysia, Philippines, Singapore and Rest of Asia-Pacific
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Market Players Covered
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Mitsubishi Chemical Group, NIPPON SHOKUBAI CO., LTD., LG Chem, Dow, BASF SE, Arkema, DuPont, EVONIK, Merck KGaA, Solventis, Shanghai Huayi Acrylic Acid Co., Ltd., SIBUR INTERNATIONAL, Nouryon, Jurong Group Su, and SHANGDONG KAITAI PETROCHEMICAL Co., LTD. among others
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Market Definition
Methyl acrylate is an organic compound with the chemical formula CH2=CHCOOCH3. It is an ester of acrylic acid and methanol and is also known as methyl propionate. Methyl acrylate is a colorless liquid with a strong pungent odor that is highly flammable. It is soluble in most organic solvents, including water.
Methyl acrylate is mainly used as a building block in the production of various chemicals such as polymers, coatings, adhesives, and textiles. It is used in the production of poly (methyl acrylate) and poly (methyl methacrylate), which are widely used in the production of paints, adhesives, and coatings. It is also used as a cross-linker for various polymers.
Methyl acrylate is a reactive monomer often used in the preparation of copolymers. It is often copolymerized with other monomers, such as ethyl acrylate, butyl acrylate, or styrene, to improve the properties of the resulting polymer, such as strength and adhesion.
Asia-Pacific Methyl Acrylate Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
DRIVERS
- Increasing Demand for Methyl Acrylate-Based Products
Methyl acrylate, stabilized is a colorless volatile liquid with a pungent odor. Its vapors may irritate the eyes and respiratory system. It is very toxic if inhaled, ingested, or comes in skin contact. It is less dense than water (0.957 g/cm3) and poorly soluble in water, so it floats on water. Its vapors are heavier than air. It is a raw material in applications including acrylic fibers, fiber treatments, molding resins, adhesives, paints, coatings, and emulsions.
Methyl acrylate is used in a variety of industries, including coatings, adhesives, textiles, and plastics. Growth in these industries is expected to increase the demand for methyl acrylate.
Thus, the increase in the demand for methyl acrylate-based products is acting as a driver for market growth.
- Technological Advancement in the Manufacturing Process of Methyl Acrylate
Methyl acrylate is often used in the production of polymers and resins, especially acrylic fibers, coatings, and adhesives. It is also used as a starting material in the synthesis of various chemicals, including agricultural chemicals, medicines, and perfumes.
The traditional method of making methyl acrylate involves the reaction of acrylic acid with methanol in the presence of a catalyst. The reaction is exothermic and usually requires cooling to control the temperature.
Thus, technological advancement in the manufacturing process of methyl acrylate is acting as a driver for market growth.
RESTRAINT
- The Fluctuating Cost of Raw Materials used in Methyl Acrylate Production
Methyl acrylate is mainly obtained from petrochemicals, and any fluctuations in the price of crude oil can significantly affect the production costs of methyl acrylate.
One of the most important raw materials for the production of methyl acrylate is propylene, which is obtained from crude oil or natural gas. As a result, fluctuations in the prices of these goods can significantly affect the price of propylene and therefore, the total cost of production of methyl acrylate.
Crude oil is the main raw material used in the production of many chemicals, including propylene, which is used in the production of methyl acrylate. Therefore, fluctuations in the price of crude oil can significantly affect the production costs of methyl acrylate.
OPPORTUNITY
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Increasing Demand for Sustainable and Ecofriendly Products
Developing trends in the production of sustainable and environmentally friendly methyl acrylate products are increasing the demand for methyl acrylate in the market.
The increasing use of sustainable and environmentally friendly methyl acrylate products reflects a growing awareness of the importance of environmental sustainability in chemical production. By adopting more sustainable practices and developing ecological products, the industry strives to minimize its environmental impact and respond to the changing needs of customers.
Growing concern for the environment increases the demand for sustainable and environmentally friendly products. Methyl acrylate is a sustainable alternative to traditional petrochemicals and may offer growth opportunities in this area.
Thus, increasing demand for sustainable and eco-friendly products acts as an opportunity for market growth.
CHALLENGE
- Stringent Government Regulations Regarding the use of Methyl Acrylate
Government regulations regarding the use of methyl acrylate vary by country and region. However, some jurisdictions have imposed strict regulations due to concerns about the potential health and environmental effects of the compound.
According to the REACH regulation, companies that produce or import more than one ton of methyl acrylate per year must register it with the European Chemicals Agency (ECHA). The registration process involves providing information on the properties and uses of the substance, as well as the potential danger it may present to human health or the environment.
In general, the REACH regulations for methyl acrylate aim to ensure that its production, import, and use are safe and do not pose a risk to human health or the environment. Companies using or producing methyl acrylate in the EU must comply with these regulations to avoid possible legal and financial penalties.
Hence, the stringent government regulations regarding the use of methyl acrylate act as a challenge to market growth.
Recent Development
- In June 2020, Merck KGaA received approval for BAVENCIO, a PD-L1 targeted NK–cell therapy for the treatment of locally advanced or metastatic urothelial carcinoma. This approval helped the company to enhance its product portfolio for cancer treatment.
Asia-Pacific Methyl Acrylate Market Scope
The Asia-Pacific methyl acrylate market is segmented into four notable segments such as type, purity grade, application, and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
By Type
- Industrial
- Pharmaceutical
On the basis of type, the market is segmented into industrial and pharmaceutical.
By Purity Grade
- Less Than Or Equal To 99%
- Greater Than 99%
On the basis of purity grade, the market is segmented into less than or equal to 99% and greater than 99%.
By Application
- Surface Coatings
- Adhesives And Sealants
- Textiles
- Plastic Additives
- Chemical Synthesis
- Detergents
- Others
On the basis of application, the market is segmented into surface coatings, chemical synthesis, adhesives and sealants, plastic additives, detergents, textiles, and others.
By End User
- Paint And Coating
- Automobile
- Packaging
- Construction
- Cosmetics
- Others
On the basis of end user, the market is segmented into paint and coating, automobile, packaging, construction, cosmetics, and others.
Asia-Pacific Methyl Acrylate Market Regional Analysis/Insights
The Asia-Pacific methyl acrylate market is segmented into four notable segments based on type, purity grade, application, and end user.
The countries covered in this market report are China, Japan, India, South Korea, Indonesia, Australia, New Zealand, Thailand, Taiwan, Malaysia, Philippines, Singapore and Rest of Asia-Pacific.
China is dominating the market due to the increasing investment in R&D, which is expected to boost market growth.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Methyl Acrylate Market Share Analysis
The Asia-Pacific methyl acrylate market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, and technology lifeline curve. The above data points provided are only related to the company’s focus on the market.
Some of the major market players operating in the Asia-Pacific methyl acrylate market are Mitsubishi Chemical Group, NIPPON SHOKUBAI CO., LTD., LG Chem, Dow, BASF SE, Arkema, DuPont, EVONIK, Merck KGaA, Solventis, Shanghai Huayi Acrylic Acid Co., Ltd., SIBUR INTERNATIONAL, Nouryon, Jurong Group Su, and SHANGDONG KAITAI PETROCHEMICAL Co., LTD. among others.
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