Specialty Monomers Market size was over USD 2.12 Billion in 2023 and is set to cross USD 4.58 Billion by the end of 2036, witnessing more than 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of specialty monomers is estimated at USD 2.24 Billion. This is due to the growing demand for specialty monomers in the production of various products such as adhesives and sealants, paints and coatings, plastics, rubber, and other products. The production of rubber is increasing worldwide owing to its versatility and usefulness in a variety of everyday applications. It is a cost-effective material which can be used to manufacture items such as tires, rubber bands, seals and gaskets, and many other products. In 2018, there were about 14 million metric tons of natural rubber produced worldwide. Approximately 37% of the world's total natural rubber production is produced in Thailand, the world's biggest rubber producing country. Specialty monomers can be used to modify the properties of the rubber, such as its heat resistance, durability, and flexibility. This can be especially beneficial for industrial applications, where rubber needs to be able to withstand extreme temperatures and conditions.
These monomers can also be used to improve the aesthetic properties of a material, like making it shinier or more opaque, or to make it more durable, so it can withstand wear and tear for a longer period of time. In addition, they can be used to reduce the amount of energy needed for production and make the material more biodegradable. These monomers can be tailored to give specific properties such as better adhesion, improved flexibility, better weathering resistance and better heat and chemical resistance.
Specialty monomers can also be used to reduce volatile organic compounds (VOCs) in the finished product. VOCs are pollutants that are released into the air as a result of certain manufacturing processes, and can be harmful to the environment. Specialty monomers are designed to react with the VOCs and reduce their presence, making the finished product more environmentally friendly.
In addition to these, factors that are believed to fuel the market growth of specialty monomers include increasing demand for consumer goods, technological advancements such as 3D printing, and rising demand from various end-use industries such as automotive, electronics, and healthcare. Consumer goods are becoming increasingly sophisticated, requiring new materials to be developed. 3D printing is creating new possibilities for the manufacturing of goods, and industries like automotive, electronics and healthcare are all looking for materials that can provide them with better performance and efficiency. Specialty Monomers are able to meet these demands, and as a result, the demand for them is increasing.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.1% |
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Base Year Market Size (2023) |
USD 2.12 Billion |
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Forecast Year Market Size (2036) |
USD 4.58 Billion |
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Regional Scope |
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End-user (Paints & Coatings, Adhesives & Sealants, Automotive, Pulp & Paper, Water Treatment, Personal Care)
The global specialty monomers market is segmented and analyzed for demand and supply by end use into paints & coatings, adhesives & sealants, automotive, pulp & paper, water treatment, personal care, and others. Out of these segments, the paints & coatings segment is estimated to gain the largest market share by the end of year 2036. Growing demand for coatings from automotive, construction, and other industries, which is expected to drive demand for specialty monomers in paints and coatings. It is estimated that approximately 57% of coats produced worldwide are applied to new construction, as well as to existing buildings for decoration and protection. The increasing demand for water-based paints and coatings, as they are less hazardous than solvent-based coatings along with the rapid expansion of the coatings sector, is also expected to contribute to the growth of the segment. Additionally, the development of advanced technologies such as UV curable coatings and powder coatings is also expected to contribute to the growth of this segment.
Type (Acrylate Monomers, Methacrylate Monomers, Acrylamide Monomers)
The global specialty monomers market is also segmented and analyzed for demand and supply by type into acrylate monomers, methacrylate monomers, acrylamide monomers, and others. Out of these segments, the acrylate monomers segment is estimated to gain the largest market share by the end of year 2036. The growth of the segment can be attributed to the increasing demand for acrylate monomers in the coatings and adhesives industries, as well as its use as a raw material in the production of a variety of products, such as paints, sealants, and plastics. There is an increase in the production of plastic worldwide. From 2000 to 2019, the global production of plastics increased by double to reach 450 million tonnes. Acrylate monomers are used in the production of plastic products because they are lightweight, durable, and highly resistant to chemicals and temperature. Acrylate monomers also have excellent optical properties, making them ideal for the production of clear plastics. In addition, acrylate monomers offer a variety of advantages, such as excellent adhesion properties, good durability, high flexibility, and low cost. As a result, they are increasingly being used in a variety of industries, including the construction, automotive, and electrical and electronics industries.
Our in-depth analysis of the global market includes the following segments:
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By End Use |
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By Type |
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APAC Market Statistics
The Asia Pacific specialty monomers market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The region is home to some of the world's fastest-growing economies and has a large population base, which increases the demand for specialty monomers for a variety of applications. Additionally, there has been a shift in the region towards the usage of biobased and eco-friendly monomers, which is driving the growth of the market. Furthermore, the increased demand for chemical products in the region has caused chemical companies to invest in the research and development of more effective, specialized monomers. These monomers can be used in the production of a variety of products, such as pharmaceuticals and plastics, which are in high demand in the Asia-Pacific region. For instance, IOCL (Indian Oil Corporation) announced in November 2021 that the company would invest USD 494 million in the construction of the nation's first mega-scale maleic anhydride production plant at the Panipat Refinery in Haryana in order to manufacture high-value specialty chemicals. Additionally, the growing demand for lightweight and durable materials in consumer electronics is expected to drive the market growth in the region.
Europe Market Forecast
The European specialty monomers market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed the increasing demand for polyvinyl chloride (PVC) and polyurethane (PU). PVC and PU are two of the most commonly used polymers in the region, and they require specialty monomers in their production. Moreover, automotive manufacturers in the Europe region are increasingly investing in research and development activities to develop new materials that can help improve the fuel efficiency and performance of vehicles. This increased R&D spending is leading to increased demand for specialty monomers that are used in production of these materials, thus driving the growth of specialty monomers market in the Europe region. Based on data for 2018, the European Union's investment in research and development by the automobile and part sectors grew by a significant amount, with 7.4% more than in 2017.
North American Market Forecast
Further, the specialty monomers market in the North America, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The North American market is highly influenced by the presence of large-scale polymer production facilities and the availability of raw materials. Additionally, the region has witnessed significant growth in the automotive and packaging industries, which is expected to drive the demand for specialty polymers. Specialty monomers are an important part of the packaging industry, as they can provide properties such as increased strength, higher heat resistance, and improved barrier properties. In addition, they can provide lower costs and greater sustainability, making them ideal for use in packaging applications.
An Asian company, Mitsubishi Gas Chemical Company, Inc., announced the expansion of its Meta-xylenediamine (MXDA) production in Europe. As a result, the region will have a greater supply of epoxy, polyamide, and isocyanate to meet its growing demand.
A basic agreement was reached between Nippon Shokubai and Sanyo Chemical Industries with a view to forming a holding company and centralizing both companies' activities.
Author Credits: Rajrani Baghel
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