Fiber Drum Market Size, Share, and Industry Analysis By Closure Type (Plastic Closure, Metal Closure, Fiber/Cardboard Closure, and Others), By Capacity (Below 25 Gallon, 25-50 Gallon, 51-75 Gallon, and Above 75 Gallon), By End-Use Industry (Chemical, Food & Beverage, Pharmaceutical, Building & Construction, and Others), and Regional Forecast till 2032

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Phenyl Methacrylate Market Report Overview

The global phenyl methacrylate market size was USD 0.0075 billion in 2023 and the market is projected to touch USD 0.0089 billion by 2032 at a CAGR of 1.9%during the forecast period.

The global phenyl methacrylate market is witnessing robust growth, primarily fueled by the escalating demand for adhesives and coatings in industries such as construction, automotive, and electronics. The compound's exceptional adhesive properties, low viscosity, and weathering resistance contribute to its popularity in these sectors. Furthermore, the thriving dental industry, driven by increased disposable income and growing dental health awareness, amplifies the demand for phenyl methacrylate in dental applications like bone cement and artificial teeth. These factors collectively drive the market's upward trajectory, ensuring continued growth in the foreseeable future.

COVID-19 Impact: Demand Declined Due to Delays in Construction and Infrastructure Projects

The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic significantly impacted the phenyl methacrylate market. Supply chain disruptions were notable, with lockdowns and travel restrictions hampering raw material supplies and production processes, resulting in temporary shortages and price fluctuations. Moreover, the economic slowdown caused reduced consumer spending, particularly in non-essential sectors, which could potentially affect the demand for products utilizing phenyl methacrylate. Additionally, large-scale construction and infrastructure projects faced delays due to lockdown restrictions and workforce shortages, further contributing to the overall market challenges during the pandemic.

Latest Trends

"Exploration of Bio-Based Options to Reduce Carbon Footprints"

A notable trend in the phenyl methacrylate market is the growing emphasis on environmental sustainability, driving manufacturers to explore bio-based options. The emergence of bio-based phenyl methacrylate, derived from renewable sources such as sugarcane, is gaining considerable momentum. Major companies in this market are collaborating to commercialize this eco-friendly option. This shift towards bio-based production not only aligns with increasing environmental concerns but also aims to substantially reduce the carbon footprint associated with traditional phenyl methacrylate manufacturing processes.

Phenyl Methacrylate Market Segmentation

By Type

Based on type, the global market can be categorized into >90%, 90%-95%, and >95%.

• >90% purity: This segment caters to the most common applications like adhesives, coatings, and building materials. It offers a balance between cost and performance, making it the most widely used grade.
• 90%-95% purity: This segment finds use in applications demanding slightly higher purity, such as dental materials and medical devices. It balances good properties with a slightly higher cost than the >90% grade.
• >95% purity: This segment caters to high-end applications requiring exceptional purity and precision, like optical lenses and liquid crystals. It offers the highest quality but comes at the highest price point.

By Application

Based on application, the global market can be categorized into liquid crystal, fine chemicals, and others.

• Liquid crystal: This segment utilizes phenyl methacrylate's precise control over light polarization for display technologies like LCD screens and televisions.
• Fine chemicals: This segment employs phenyl methacrylate in various chemical syntheses, acting as a key building block for pharmaceuticals, agrochemicals, and specialty materials.
• Others: This diverse segment encompasses a wide range of applications, including adhesives, coatings, building materials, medical devices, and dental restorations.

Driving Factors

"Increasing Demand for Adhesives and Coatings to Foster Market Growth"

The phenyl methacrylate market growth is propelled by the rising demand for adhesives and coatings across diverse industries. Phenyl methacrylate stands out for its outstanding adhesive properties, low viscosity, and excellent weathering resistance. These characteristics make it a preferred choice for adhesives in sectors such as construction, automotive, and electronics. Furthermore, its utilization in protective coatings for a variety of materials contributes substantially to the overall growth of the market.

"Booming Dental Industry to Act as Catalyst for Product Demand"

A pivotal driving force for the phenyl methacrylate market is the thriving dental industry. With an increase in disposable income and a growing awareness of dental health, particularly in emerging economies, there is a surge in demand for dental materials. Phenyl methacrylate plays a crucial role in meeting this demand, being a key component in dental applications such as bone cement and artificial teeth. The market benefits significantly from the rising need for these dental materials in response to the evolving landscape of dental healthcare.

Restraining Factor

"Competition from Polyvinyl Acetate and Polymethyl Methacrylate to Hinder Market Expansion"

A significant restraining factor for the phenyl methacrylate market is the intense competition posed by alternative materials. Polyvinyl acetate (PVA) emerges as a formidable alternative, particularly in adhesive applications within the construction industry, offering a cost-effective and readily available substitute for phenyl methacrylate. Additionally, polymethyl methacrylate (PMMA) presents itself as a competitive option in transparent plastic applications where the high precision characteristics of phenyl methacrylate may not be imperative, providing a more cost-effective solution. The presence of these alternatives in the market poses a challenge, as they offer viable options that may be preferred based on specific application requirements and cost considerations.

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Phenyl Methacrylate Market Regional Insights

"Asia Pacific to Lead Due to Region’s Strong Presence of Major Manufacturers and Suppliers"

The market is primarily segregated into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.

Asia Pacific currently reigns supreme in the phenyl methacrylate market share, driven by a booming construction sector and a strong presence of major manufacturers and suppliers. This region's insatiable demand for adhesives, coatings, and other phenyl methacrylate-based products fuels the market's overall growth, solidifying its position as the undisputed leader.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP PHENYL METHACRYLATE COMPANIES

• Shanghai HeChuang Chemical (China)
• Zhejiang Tu-poly (China)
• Beijing Huanling Technology (China)
• Sigma-Aldith (U.S.)
• Alfa Aesar (U.S.)
• TCI (Japan)
• Wako (Japan)
• Shanghai DiBai Chemicals (China)
• Skyrun Industrial (China)
• J&K Scientific (U.S.)
• Shanghai Meryer (China)
• Scientific Polymer Products (U.S.)
• ISChemical Technology (U.S.)
• ABI Chem (U.K.)
• Aladdin (U.S.)
• Bide Pharmatech (China)
• Shanghai Jianglai Reagent (China)
• Polysciences (U.S.)

INDUSTRIAL DEVELOPMENT

December 2023: Lucite International, a leading producer of methacrylates, announces a partnership with SABIC, a petrochemical giant, to develop and commercialize bio-based phenyl methacrylate from renewable sources like sugarcane. This collaboration aims to significantly reduce the carbon footprint of phenyl methacrylate production.

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.