Global Methacrylic Acid Market Expected to Grow at a CAGR of 5% by 2032, Driven by the Rising Demand for Electronics

The market growth of methacrylic acid is driven by the fast-growing electronics segment. This, along with the rising per capita incomes in emerging economies, is supporting the growth of electronic equipment demand and consequently adding to the demand for methacrylic acid. In addition, various favourable properties of methacrylic acid, such as energy efficiency and being lightweight, are significantly contributing to its enhancing demand from several industries like transportation and automotive. The rising demand for lightweight vehicles with reduced emissions and improved efficiency has witnessed a significant boost owing to stringent regulatory laws implemented in Western Europe and North America.

Evonik Industries A.G. (OTCMKTS: EVKIF), a prominent industry player of methacrylic acid, announced in January 2017, that the Evonik segment Performance Materials would increase the prices of VISIOMER® GMAA (methacrylic acid) and VISIOMER® MMA (methyl methacrylate) in the European region from February 2017. As the market is driven by the price developments of raw materials, this is estimated to have influenced the market development. Factors, such as high living standards and inclination toward quality products available in the market, are also expected to aid the market growth.

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Market Analysis by Application, End Use, and Region:

• The methacrylic acid industry, on the basis of application, is divided into paint, adhesive, fibre processing agent, rubber modifier, leather treatment, paper processing agent, lubricant additive, and cement mixing agent, among others.
• By end use, the industry is segmented into construction, automobiles, electronics, textiles, and pharmaceutical, among others.
• Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for methacrylic acid is being driven by the rising construction activities across the globe.
• The market is further influenced positively by the rising per capita incomes, increasing living standards, and rapid urbanisation, as people invest in better amenities.
• The industry is aided by the thriving MNCs and growing building structures.
• In addition, the increasing demand for electronics from the developing economies is encouraging the market growth of methacrylic acid.
• The rising demand for environment-friendly products, such as bio-based methacrylic acid, is expected to accelerate the market growth over the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for methacrylic acid for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the applications, end-uses, and major regions of methacrylic acid. 
• It gives an in-depth look at the regional price trends in the global market for methacrylic acid.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Evonik Industries A.G., Mitsubishi Gas Chemical Company, Inc, BASF SE, and Kuraray Co., Ltd, among others, are the key players in the global methacrylic acid market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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