H1 2023: In H1 2023, prices of Meth Acrylic Acid fluctuated in the Asia Pacific region. Methacrylic acid prices increased in the Asian market in January. Suppliers were able to keep their pricing the same since the costs of the feedstock, acetone cyanohydrin, sulfuric acid and the operating rates involved in the process, remained high. The production of paints and adhesives appeared to consume a huge sum of MAA, which resulted in a decrease in both product and feedstock stocks of acetone, cyanohydrin, and sulfuric acid. In the period of April-June 2023, the state of the market remained optimistic in China. The market value of MAA increased in the Chinese region, mostly as a result of an increase in the product's production costs. There were low inventory levels in China, and the supply of MAA in the Chinese market remained less, creating a demand-supply gap that supported the high price trend. Methacrylic acid prices surged in response to the upsurge in product purchases from the adhesives, paints, and coatings downstream industries. Methacrylic acid's market value increased continuously in the North American market in H1 2023. Product inventories decreased and US’ demand for MAA for the production of adhesives and paints rose. The primary end-use markets for MAA, the construction and automotive sectors, witnessed high demand for the commodity in the US.
The global Meth Acrylic Acid market stood at approximately 448 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 3.14% during the forecast period until 2034. Development activities are stimulating demand for Meth Acrylic Acid due to rising disposable incomes, rising living standards, and increasing urbanization. Moreover, one of the main factors influencing the growth of the industry as a whole is the growing need for electronics in emerging economies.
Methacrylic acid, or MAA, is a carboxylic acid with a strong smell that is commonly used to make essential derivatives for the paint and coatings industry. MAA was discovered to be a colorless liquid that was fully soluble in organic solvent and only slightly soluble in cold water. It is mostly utilized in the synthesis of other acrylates, such as MMA (Methyl Methacrylate), which is then used to create PMMA (Polymethyl Methacrylate) plastics, adhesives, paints, coating chemicals, and leather treatment chemicals.
It is anticipated that growing end-user sectors including electronics, construction, and automotives will propel the methacrylic acid market. The substance finds usage in various applications such as lighting panels, Television display panels, windows, facades, protective coatings, and emulsions. The industry's technical advances are also anticipated to cause a rise in the market. Additionally, it is anticipated that methacrylic acid's expanding range of uses will bolster market expansion. Numerous new product introductions and developments are boosting the market's expansion. Profitable growth opportunities in emerging nations will mostly arise from the quick expansion of building projects and the rapid expansion of infrastructure. Furthermore, the automobile and electronics industries are the main market drivers for the product's growth. Furthermore, rapid industrialization in the globe along with increased funding for glacial product type exploration and expansion will support the market's overall growth. The increased demand for bio-based substitutes in the coming years due to their environmental friendliness will further support the growth rate of the worldwide market. Owing to these reasons, the global Meth Acrylic Acid market is likely to reach approximately 627 thousand tonnes in 2034.
In terms of geography, the methacrylic acid market is rather large in the Asia Pacific region During the projection period, the market is anticipated to grow at one of the fastest rates. There will be most likely a hike in the construction activities as people invest in better amenities due to rising disposable incomes, improving living standards, and growing urbanization in developing nations. Furthermore, the demand for methacrylic acid is being driven up by growing usage in the construction sector. Additionally, one of the key factors driving the growth of the methacrylic acid market is the growing demand for electronics, particularly from developing nations like India and China. Europe is next largest consuming region. Europe is anticipated to account for a sizable portion of the adoption of lightweight cars in the transportation and automotive industries. North America is anticipated to experience significant growth because of the EPA's strict regulations pertaining to car emissions. Because of its lightweight and fuel-efficient characteristics, MAA complies with carbon emission regulations.
The global market for methacrylic acid is divided into two segments on the basis of type: Liquid and Glacial. Moreover, the liquid sector is expected to increase at the fastest rate in the years to come. The increase in the use of liquid methacrylic acid across a range of end-use industries may have contributed to the segment's growth throughout the evaluation period.
Based on the end-user industry, the global Meth Acrylic Acid market is divided into Paint & Adhesives, Fiber Processing Agent, Leather Treatment, Rubber Modifier, and Others. Among these, Paint & Adhesives is dominating the global Meth Acrylic Acid market and held about 50% of the global Meth Acrylic Acid market in 2023 and is anticipated to prevail the similar trend in the upcoming years.
Major players in the Global Meth Acrylic Acid market are BASF SE, Mitsubishi Gas Chemical Company, Biesterfeld AG, Formosa Plastics, Dow, Evonik Industries AG, KH Chemicals, Kowa India, Kuraray, LG Chem, , Dhalop Chemicals, Petrochemicals Europe.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Meth Acrylic Acid which covers production, demand and supply of Meth Acrylic Acid market in the globe.
• To analyse and forecast the market size of Meth Acrylic Acid
• To classify and forecast Global Meth Acrylic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Meth Acrylic Acid market in the globe.
To extract data for Global Meth Acrylic Acid market, primary research surveys were conducted with Meth Acrylic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Meth Acrylic Acid market over the coming years.
ChemAnalyst calculated Meth Acrylic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Meth Acrylic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Meth Acrylic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Meth Acrylic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Meth Acrylic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Meth Acrylic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
|
Details
|
|
Market size Volume in 2023 |
448 thousand tonnes |
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Market size Volume in 2034 |
627 thousand tonnes |
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Growth Rate |
CAGR of 3.14% from 2024 to 2034 |
|
Base year for estimation |
2024 |
|
Historic Data |
2015 – 2023 |
|
Forecast period |
2025 – 2034 |
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Quantitative units |
Demand in thousand tonnes and CAGR from 2024 to 2034 |
|
Report coverage |
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process. |
|
Segments covered |
By End-Use: (Paint & Adhesives, Fiber Processing Agent, Leather Treatment, Rubber Modifier, and Others)
By Sales Channel: (Direct Sale and Indirect Sale) |
|
Regional scope |
North America, Europe, Asia Pacific, Middle East and Africa, and South America. |
|
Pricing and purchase options |
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Q1.
What was the net market size of Meth Acrylic Acid in terms of volume in 2022?
Ans:
The global market size of Meth Acrylic Acid has reached approximately 4900 thousand tonnes in 2022.
Q2.
Which industry is the leading consumer of Meth Acrylic Acid?
Ans:
Paint & Adhesives industry is the leading consumer of Meth Acrylic Acid globally.
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