Specialty Monomers Market Share

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.