The global specialty monomers market is estimated to garner a hefty amount of revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand for specialty monomers in paints & coatings industry, and rising usage of these materials for making adhesives. Along with these, specialty monomers have built-in functionality that helps in customizing the functional design of polymers to meet specific physical, chemical, and performance requirements of a product. This in turn is projected to offer ample growth opportunities to the market in the upcoming years. Furthermore, increasing sales and technological advancements in the chemicals industry, and development of new manufacturing processes for specialty monomers are also expected to drive market growth in the near future. In 2020, Asia Pacific accounted for the highest sales of chemicals across the world, amounting for about USD 2 trillion, followed by Europe with a sale of about USD 690 billion.
The market is segmented by end use into paints & coatings, adhesives & sealants, automotive, pulp & paper, water treatment, personal care, and others, out of which, the paints & coatings segment is anticipated to hold the largest share in the global specialty monomers market. This can be accounted to the high usage of specialty monomers in the industry to improve chemical and physical properties in acrylic polyols, caprolactone monomers, printing plates, adhesives and thermosetting paints. Apart from these, low volatility and low to high range of molecular weight of these monomers is also predicted to raise its utilization in the coatings industry in the future. Additionally, on the basis of type, the acrylate monomers segment is assessed to grab the largest share during the forecast period owing to the high resistance to acids and excellent abrasion properties of acrylate monomers. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global specialty monomers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth and gather the largest share over the forecast period on the back of the increasing demand for specialty monomers in the paints & coatings sector. In addition, high manufacturing output, and rapidly rising demand of the product from construction sector as a result of growing population are also expected to boost the market growth in the region in the near future. According to the World Bank, the population of South Asia in 2020 was valued at 1.857 billion, up from 1.836 billion and 1.814 billion in 2019 and 2018 respectively. Moreover, the market in Europe is also anticipated to acquire notable share during the forecast period, which can be credited to the staggering demand for the material from automotive industry in the region.
The global specialty monomers market is further classified on the basis of region as follows:
Our in-depth analysis of the global specialty monomers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for specialty monomers in paints & coatings industry, and rising usage of these materials for making adhesives.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
Stringent regulations regarding the manufacturing of specialty monomers are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing demand for specialty monomers in the paints & coatings.
The major players in the market are Mitsubishi Corporation, Evonik Industries AG, The Dow Chemical Company, Eastman Chemical Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end use, and by region.
The acrylate monomers segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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