Methacrylic Acid Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Methacrylic Acid Industry Hit Worst due to Russia-Ukraine War Impact?
The global methacrylic acid market size is expected to surge rapidly during the forecast period. Its increasing applications in electronics, construction, and automobiles are likely to propel the market growth. Fortune Business Insights™ mentions this information in its report titled “Methacrylic Acid Market, 2021-2028.“
Methacrylic acid is a colorless and organic compound with an unpleasant odor. It is soluble in organic solvents and lukewarm water. It is manufactured on a large scale. It is a predecessor to polymethyl methacrylate (PMMA), methyl methacrylate, and others. Methacrylic acid is also used as an adhesive material in electronics, display panels, window panes, and others. It is used in some nail primers because of its efficiency. Therefore, its increasing adoption is likely to propel market growth in the upcoming years.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Methacrylic Acid Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Methacrylic Acid Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
By type, the market is segmented into glacial and liquid. Based on application, it is classified into special additives, paints, adhesives, rubber, electronics, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
- The report provides an analysis of the leading segments and the recent market trends.
- It comprehensively studies the driving and restraining factors and the impact of COVID-19 on the market.
- This report examines the strategies developed by the key players and the regional developments.
Drivers and Restraints
Robust Demand from End-Use Industries to Bolster Market Growth
The demand for methacrylic acid is expected to increase because of its adoption in the automobile, construction, and electronics industry. It is extensively used as an adhesive solution for fitting TV and smartphone display panels, window panels, light panels, and coating and paints. It is used in the automotive sector to make the vehicle lighter in weight and extremely energy efficient. Therefore, the rising adoption of methacrylic acid is expected to boost its product demand. It is used to make fibers, resins, plastic sheets, and other materials due to its durability, resistance, and lightweight properties. Thus, this factor is responsible for driving the methacrylic acid market growth.
However, methacrylic acid is extremely harmful to skin on direct contact because of its corrosiveness and bad effects on skin and eyes, which, in turn, can hamper the market growth.
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Surge in Manufacturing of Electronic Devices to Propel Market Growth in Asia Pacific
Asia Pacific is projected to dominate the methacrylic acid market share due to the spike in manufacturing activities of electronic devices. Thus, this factor is expected to propel market growth.
In Europe, the rising adoption of the lightweight automobile from the transport and automotive sectors is likely to boost methacrylic acid’s demand. Hence, this factor is likely to bolster market growth.
In North America, strict vehicle emission rules imposed by the EPA are likely to boost demand for methacrylic acid, which, in turn, can boost the market growth.
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Companies to Devise Partnership Strategies to Enhance their Market Position
The prominent companies engage in partnership with crucial players to produce innovative products. This strategy can reinforce their market stance. The prominent companies incorporate advanced production methods to enhance their production cycle. For example, several companies used automation in production because of the stringent regulations against manufacturing activities. This strategy enabled the companies to produce high-quality products and eliminate the need for extensive manual labor. In addition, the companies have devised expansion strategies to enhance their global reach in the market.
- April 2021: The Sherwin William Company added methacrylic acid as an acid fit for food contact substance (FCS). This was approved under the FDA based on all safety test and measures to test the acid’s compatibility with food products.
List of Key Players Profiled in the Methacryclic Acid Market Report
- Hefa Ind
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