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Methyl Acrylate Market Segmented By Applications such as Surface Coatings, Chemical Synthesis, Adhesives & Sealants, Plastic Additives, Detergents, Textiles, Others
Methyl acrylate (C4H6O2) is a colourless volatile liquid having a slight solubility in the water while, methyl acrylate completely gets soluble into ethers, alcohols and other organic solvents. Methyl acrylate is produced by reacting acrylic acid with methanol in a reactor at elevated temperature, which gives methyl acrylate along with water as a by-product.
Methyl acrylate is used in the formation of photopolymer and copolymer to serve various industrial application such as cleaning and waxing products, synthetic rubbers and latexes etc. Methyl acrylate undergoes an addition reaction with a wide variety of organic and inorganic compounds as well. Methyl acrylate also acts as a reagent in the synthesis of several pharmaceuticals intermediates.
Food packaging and plastic industry, are the influencing factors for the high usage of methyl acrylate where it offers a significant advantage as an additive, which in turn, the demand for Methyl Acrylate is rising significantly.
Moreover, surface coating segment is also considered as the key factor in augmenting the demand of methyl acrylate as methyl acrylate is widely used in water-based coatings such as lacquers and paints to provide low-temperature flexibility, UV and water resistance.
In addition to, leather and textile industry also incorporate methyl acrylate during the formulation of coatings to provide a smooth finish to their final products. Increasingly growing demand for methyl acrylate in emerging market such as technical, and construction adhesives is also boosting the market growth of methyl acrylate as it is used in their manufacturing process, to provide cure too hard and brittle films.
Moreover, increasing demand for water treatment from chemical industries to maintain the sustainability is also propelling the demand for methyl acrylate from the chemical industry as it is used to produce (dimethylaminoethylacrylate) DMAEA- a flocculent in water treatment
However, strict regulatory by the government on the manufacturing industries of methyl acrylate due to the release of harmful gases into the atmosphere during production become hazardous for the human being. Moreover, fluctuation in the price of raw material and consistent challenges in the supply and demand side may act as a restraining factor in the market growth of methyl acrylate.
Asia Pacific region is expected to capture significant market share pertaining to growing automotive, furniture, metal, paints and coatings industries in countries such as China and India which in turn raise the demand for Methyl Acrylate from the end-use industry. However, sluggish growth in the automotive sector in regions like North America and Western Europe leads to the moderate growth of Methyl Acrylate in these regions.
Latin America and Eastern Europe are expected to expand with the significant growth rate over the forecast period due to growing automotive and paint industries.
The demand for methyl acrylate is anticipated to slow down in Japan due to pre-existing facilities that have been facing trouble due to the number of planned and unplanned shut-downs, which cause fluctuation in supply of the product. Whereas, the Middle East & Africa region is expected to grow at significant growth in the coming year, due to the rising construction activities.
Some of the key market participants in the market of Methyl Acrylate are as follows:-