Escalating demand of coatings in construction and expansive growth of the construction industry are anticipated to boost glycidyl methacrylate market size over 2019-2025. Efforts by the glycidyl methacrylate industry players to expand business and revenue share will support market growth. Manufacturing units and printing sectors that extensively use the chemical compound for its excellent properties are also expected to contribute in the expansion of glycidyl methacrylate market.Some of the top trends which will influence the glycidyl methacrylate market by 2025 are mentioned below:
Printing sector is likely to offer impetus to the glycidyl methacrylate market outlook over the forecast period:
Global printing ink application market size from the <97% purity segment exceeded $2.15 million in the year 2018. The expansion of glycidyl methacrylate market can be credited to significant population growth and growing glycidyl methacrylate uses from packaging and paper media. Glycidyl methacrylate is extensively used as a latex binder and adhesive in printing ink production. In times to come, the printing sector is expected to prove itself a strong end user for glycidyl methacrylate adding significant growth impetus to glycidyl methacrylate market.
For instance, in India, paper printing has been noted to be one of the fastest growing sectors. It has been claimed that since 1989 the growth of printing coupled with packaging printing sector is more than 14%. India has 49,000 publications from which annual revenues totals to around $1.1 billion.
The Indian printing sector, growing at a rate of 12% per annum, comprises more than 250,000 printing companies. The current annual turnover of printing industry in India is over $11 billion. Incidentally, India is the country with largest number of printing presses in the world.
In recent years, the printing sector in India has witnessed record levels of growth, due to globalization, progress in automation, and liberalized regimes. The segment has grown by leaps and bounds due to the introduction of latest machinery and technology, production capacities, and quality standards. Also, the Indian government has been encouraging foreign direct investment into the printing sector. A number of global companies have been investing in the printing sector due to favorable working conditions.
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According to the prominent studies, publishing printing, commercial and marketing printing, and print packaging, are some of the supporting domains which account for a majority of the worldwide printing market. With the contribution of all these domains, printing industry has been projected to expand from $389 billion in 2017 to $421 billion in 2020, increasing 2.7% on average per year, a growth which is projected to reflect on revenue share of glycidyl methacrylate market as well.
Auto production will influence glycidyl methacrylate market growth in future:
Global manufacturing unit glycidyl methacrylate market share from >=97% purity segment will surpass $95 million by 2025 owing to the thriving automotive, electrical & electronics, food & beverage, metals, and chemicals sector. Wide usage of glycidyl methacrylate in automotive sector is going to significantly promote the growth of glycidyl methacrylate industry by 2025 as the automotive industry continues to expand.
For instance in America, automobile production of 20.8 million units in 2018 represents a 21% share of the global production. In Mexico and the United States, production remains high owing to demand for light duty trucks (+4%). In South America, Brazil has represented significant contribution towards automotive industry with 5% growth.
Also, Asia-Oceania still represents more than half of the global production with auto production of 52.5 million units. The African continent shows a marked growth of 12%, to 1.8 million in 2018 with the substantial contribution of Algeria (+17%), South Africa (+4%), and Morocco (+18%).
The U.S. glycidyl methacrylate market share from <97% purity segment is expected to register a CAGR of 9.5% over 2019-2025. The growth of the regional glycidyl methacrylate industry can be accounted to adhesive applications pertaining to rising demand for composite joints from automotive, aerospace and consumer packaging segments.
Glycidyl methacrylate market players are working to expand their footprints:
With considerable efforts of glycidyl methacrylate industry majors to expand their market share worldwide, the business has been experiencing significant progress. Companies have been planning various strategies like, acquisitions, launching new products and plants, market flotations etc. to spread their business globally.
For instance, in 2018, Dow Chemical Company announced the launch of its coating materials plant in western China. The new facility, situated in the Cheng Mei Petrochemical Zone, around 50 kilometers from Chengdu, would be producing additives and acrylic emulsion to answer the growing demand of architectural, constructional and industrial coating segments.
Expanding printing sector owing to not only publication but growth of ecommerce, growing automobile production and increasing application of glycidyl methacrylate in these segments is among the factors affecting glycidyl methacrylate industry. According to a latest research report by Global Market Insights Inc., glycidyl methacrylate market share is set to exceed $250 million by 2025.
Author Name : Anchal Solanki