Mitsubishi Chemical (Japan) and Evonik (Germany) are the Key Players in the Methacrylate Monomers Market
The global methacrylate monomers market is projected to grow from USD 8.85 Billion in 2017 to USD 11.26 Billion by 2022, at a CAGR of 4.9% in terms of value. Factors driving the growing use of methacrylate monomers are the application expansion achieved through the improved quality of methacrylate monomers and increased demand for acrylic sheets, molding compounds, surface coatings, and additives in various end-use industries such as automotive, architecture and construction, electronics, and others globally. Increasing use of methacrylate monomers as a raw material in the manufacturing of caprolactone monomers, acrylic polyols, adhesives, printing plates, sealants, binders, finish coatings, thermosetting paints for appliances and vehicles, and textile fiber gratings are driving the growth of the methacrylate monomers market globally.
Key players in the methacrylate monomers market are Mitsubishi Chemical (Japan), Evonik (Germany), Dow Chemical (US), Sumitomo Chemical (Japan), LG Chem (South Korea), and Arkema (France), among others. These players have adopted various strategies to expand their global presence and increase their shares in the methacrylate monomers market. Agreements, expansions, new product launches, and joint ventures are some of the major strategies adopted by the players to achieve growth in the methacrylate monomers market. These players have established their brands and are associated with different derivatives types of methacrylate monomers, such as methyl methacrylate, butyl methacrylate, ethyl methacrylate, allyl methacrylate, and others.
Mitsubishi Chemical (Japan) has a strong position in the methacrylate monomers market and its polymer business segment has a global presence. The company adopted agreements as a key strategy to enhance its position in the methacrylate monomers market. In June 2014, Mitsubishi Rayon and SABIC announced a joint venture to construct PMMA and MMA production plants in Saudi Arabia. This project is expected to be the world’s largest MMA and PMMA producing plant, having a production capacity of 250,000 tons (MMA) and 40,000 tons (PMMA). Lucite International, a subsidiary of Mitsubishi Rayon, provides chemical products, including MMA, methacrylic acid, methacrylic esters, and plastics, such as acrylic sheets and acrylic molding material. Lucite International has a strong presence in regions such as North America, Europe, and Asia Pacific.
Evonik (Germany) adopted the strategy of agreements, expansions, and new product launches to strengthen its position in the methacrylate monomers market. In 2014, Evonik announced that it will expand its specialty methacrylate monomers manufacturing facility in Alabama, US. This expansion will boost the market of methacrylate monomer in North America, thus providing a competitive edge to the company. The company offers a wide range of methacrylate monomers under the brand names VISOMER for automotive, electronics, and architectural and construction end-use industries. The company has vast experience in the manufacturing of MMA, broad product portfolio, and a huge production, sales, logistics, and technical service network.
Related Reports:
Methacrylate Monomers Market by Derivative (Methyl, Butyl, Ethyl), Application (Acrylic Sheets, Molding, Paints & Coatings, Additives), End-Use Industry (Automotive, Architetcure & Construction, Electronics), and Region - Global Forecast to 2022
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