Increasing demand for methyl acrylate in the online retailing business, coupled with high investments in R&D of methyl acrylate, are fueling the market growth.
NEW YORK CITY, NEW YORK, UNITED STATES, March 16, 2020 /EINPresswire.com/ — The global methyl acrylate market is forecast to reach USD 505.1 Million by 2027, according to a new report by Reports and Data. Methyl Acrylate is a clear, colorless, highly flammable, water-soluble industrial and commercial chemical with an arid odor. Acrylic acid methyl ester is another commercial name of this chemical compound. Methyl acrylate is mostly used as a solvent in the manufacturing of surface coating & water-based coating applications and are also widely utilized as an intermediate solvent chemical in the formulation of various chemical processing. Paints, paper coating, surface coating, and flocculant in waste-water treatment processes are some of its chemical applications.
The low temperature flexibility, good water resistance, and sunlight resistance to the latex paint formulations make it highly preferable for the construction coating & painting applications. The continuous expansion of the paint & coatings, adhesives, plastic film formulation, food packaging, acrylate fiber and paper coating applications, are expected to drive the demand throughout the forecast period.
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Asia Pacific region is forecasted to grow the fastest with the highest growth rate of 6.1% in the period 2019 – 2027, owing to high market penetration in paints & coatings and continuous expansion of the textile & leather industries coupled with the extensive demand for the this chemical compound as a solvent and reagent in various industry verticals, especially in regions like India and China.
Further key findings from the report suggest
• Methyl acrylate is a synthetic chemical compound to be used in the direct solvent and are widely used in the direct chemical formulations. Specialty coating, paper coating, surface coating, paint, varnishes, lacquers, finishing resin, plastic film formulation are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 5.6% during the period 2019 – 2027.
• Chemical reagent segment is measured to grow at a CAGR of 4.5% in the forecast period. Methyl Acrylate is used as a chemical reagent in various chemical formulations such as the synthesis of many pharmaceutical intermediates.
• Growing penetration of the online retailing businesses for chemicals and materials, especially in the emerging nations in Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing segment is expected to gain a market share of 34.1% by 2027.
• Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 4.9% in the forecast period. Netherland and Germany have some of the valuable players in this region.
• North America is forecasted to witness a significant growth in the overall market, with 25.7% of market possession by 2027 and CAGR of 5.8% during the forecast period. US possesses the highest market share in this region and some of the vital player of the market.
• Key participants include Mitsubishi Chemical Holdings, Solventis, Dow Chemical Company, NIPPON SHOKUBAI, Arkema S.A, LG Chem Ltd., BASF SE, DuPont de Nemours, Inc., Shandong Kaitai Petrochemical Co Ltd., and Jiangsu Jurong Chemical Co Ltd.
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For the purpose of this report, Reports and Data have segmented the global methyl acrylate market on the basis of the end-use, sales channel, applications, and region:
End-Use Outlook (Revenue: USD Million; Volume: Kilo Tons; 2016-2027)
• Direct Solvent
• Chemical Intermediate
• Chemical Reagents
Sales Channel Outlook (Revenue: USD Million; Volume: Kilo Tons; 2016-2027)
• Online Retailing
• Offline Retailing
Applications Outlook (Revenue: USD Million; Volume: Kilo Tons; 2016-2027)
• Paints & Coatings
• Rubber & Adhesive
• Chemical & Pharmaceuticals
• Textile & Leather Industries
Regional Outlook (Revenue: USD Million; Volume: Kilo Tons; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire