Specialty Monomers Market Trends

  • Report ID: 3848
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Specialty Monomers Market Trends

Growth Drivers

  • The Rising Need for Wastewater Treatment And Cleaning- The wastewater treatment plants in high-income countries are estimated to treat approximately 68% of the wastewater generated by them. Lower-middle-income countries have a water treatment ratio of 27%, upper-middle-income countries have a treatment ratio of 37%, and low-income countries have a treatment ratio of 7%. Specialty monomers are molecules that have been specifically designed to target and remove specific pollutants from water. They are often used in water treatment processes as they are highly efficient at removing contaminants and don't produce any by-products that could be harmful to the environment.
  • Increasing Popularity Of Personal Care Products- It is estimated that 450-500 million consumers in Europe consume cosmetics and personal care products every day in order to maintain their health and wellbeing. Specialty monomers are used in personal care products to provide characteristics such as improved water resistance, improved flexibility, and improved color stability. They can also provide improved solubility, increased UV protection, and increased durability.
  • A Rapid Increase In The Production Of Pulp And Consumption Of Paper- It was observed that around 37% of harvested trees are used to manufacture paper around the world, resulting in a 400% increase in paper consumption over the past 40 years. These Monomers are used to modify the properties of paper produced from pulp. They can be used to increase strength, brightness, opacity, and to reduce the amount of ink absorbed into the paper.
  • Growing Industrial Production Around The World - According to a recent report, it is estimated that the manufacturing output worldwide amounted to approximately USD 16,047 billion in 2021. This represents an increase of 18.25% from 2020. Industrial production requires a wide range of specialty monomers, such as polymers, resins, and plasticizers, for a variety of applications, including automotive, electronics, packaging, and construction. With the increase in industrial production, the demand for these specialty monomers is expected to increase significantly.
  • Global Automotive Industry Demand for Specialty Monomers Along with Increasing Automobile Production - A total of 80 million motor vehicles were manufactured across the world in 2021, an increase of 1.4% over the previous year. For the automotive industry, these monomers are often used to improve the strength and durability of the materials used in the manufacture of vehicles, making them more resilient to wear and tear and harsh weather conditions.

Challenges

  • Availability of cheaper alternatives - Low-cost alternatives are readily available, which makes them more attractive to consumers, who are looking for more affordable options. This competition has caused some manufacturers to reduce their prices, resulting in a decrease in overall profit margins and a slowdown in the market.
  • Stringent government regulations, and environmental concerns
  • Rising costs of raw materials and fluctuating prices of the end-products

Specialty Monomers Market: Key Insights

chemicals Graph

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Base Year

2024

Forecast Year

2025-2037

CAGR

6.2%

Base Year Market Size (2024)

USD 2.25 billion

Forecast Year Market Size (2037)

USD 4.92 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Author Credits:  Rajrani Baghel


  • Report ID: 3848
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of specialty monomers is assessed at USD 2.48 billion.

The specialty monomers market size was valued at USD 2.25 billion in 2024 and is expected to reach USD 4.92 billion by 2037, registering around 6.2% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for advanced materials and an increase in the use of composites in various end-use industries such as automotive, construction, and electronics will boost the market growth.

Asia Pacific industry is set to hold largest revenue share of 39% by 2037, as 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.

The major players in the market are Mitsubishi Corporation, Evonik Industries AG, The Dow Chemical Company, Eastman Chemical Company, Sumitomo Corporation, LG Chem Ltd., Arkema S.A., Hitachi Chemical Co., Ltd., MPD Chemicals LLC, Nippon Chemical Industrial Co., Ltd.
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