Global Methyl 2-methylpropenoate Market size (2024 – 2030)

The global Methyl 2-methylpropenoate Market size is estimated to grow from USD 94.99million in 2023 to USD 138.54 million by 2030. The market is witnessing a healthy CAGR of 5.54 % from 2024 - 2030. An increase in the usage in Automation and Orthopedic industry is the major factor that is driving the growth of the industry.

Industry Overview:

Methyl 2-methyl propanoate, also known as isobutyric acid, is a colorless compound that comes in liquid and powder form and is produced by the additional polymerization of propanoic acid. It belongs to a class of organic compounds called methyl esters and has a wealth of properties such as high tensile and flexural strength, transparency, UV resistance, etc., impacting market demand. Due to its beneficial properties, methyl 2-methylpropenoate has high applicability in industries such as automotive, electrical and electronic, aerospace, medical, and healthcare. Factors such as accelerating growth in automobile production, increasing semiconductor consumption, and increasing number of orthopedic surgeries are boosting the growth of the methyl 2-methylpropenoate industry.

The high price of propanoic acid from which methyl 2-methylpropenoate is derived is estimated to challenge the growth of the methyl 2-methylpropenoate industry, thereby affecting the market size of methyl 2-methylpropenoate. Poly(methyl-2-methylpropenoate) is commonly known as Lucite, Plexiglas, Altuglas (sheet form), and Diacon (powder form). Cast sheets are used in bathrooms and other plumbing fixtures, which are the biggest applications for polymers, along with illuminated signs. A high molecular weight cast sheet (Plexiglas) is also used as a lightweight alternative to glass. Suspension and solution polymerized low molecular weight products (deacon) are used in automotive and domestic lighting. 

Special grades are used in various applications such as dentures, artificial eyes, and the main component of bone cement.

COVID-19 impact on the Methyl 2-methylpropenoate Market

The disruptions caused by the COVID-19 pandemic reduced the market demand for methyl 2-methylpropenoate on account of global lockdown resulting in a negative impact on the methyl 2-methylpropenaote industry outlook. The market faced a downfall during the pandemic and it is still facing a downfall in the market. The chemical is used in many things and there are a lot of applications of the chemical in the market which is why this market is disrupted during the pandemic. During the pandemic, the material was in great demand due to the fact that the material is used in the making of sanitary wares' outer surface which provides shine to the material, and also it is used in the making of false teeth and other materials that are used in the eyes fixture process.

MARKET DRIVERS:

An increase in the usage of the Automation industry is driving the growth of the market

Methyl 2-methylpropenoate is a methyl ester formed by the additional polymerization of propanoic acid due to its UV resistance and bending strength, which has high applicability in car light lens production and paints and adhesives in the automotive field. The automotive sector has experienced tremendous growth over the years due to technological improvements in manufacturing processes coupled with increased demand for commercial and passenger vehicles with increased production levels.

An increase in the usage of the Orthopedic industry is driving the growth of the market

Methyl 2-methylpropenoate, also known as isobutyric acid due to its flexural strength and abrasive properties, is mainly used in the medical and healthcare field to produce bone cement, and for creating bone structures in orthopedic surgery. Due to the rapid aging of the population and the increase in acute or chronic trauma, the number of orthopedic surgeries is increasing year by year.

MARKET RESTRAINTS:

Prices of raw materials are restraining the growth of the market

Methyl 2-methylpropenoate, which belongs to the methyl ester family, is mainly polymerized by propanoic acid. However, the price of propanoic acid is shown to be rising due to high demand in the market. Such an increase in propanoic acid price has made the production process of methyl 2-methylpropenoate very expensive and will challenge the growth of methyl 2-methylpropenoate during the forecast period, leading to the market growth of methyl 2-methylpropenoate. It can affect scale.

GLOBAL METHYL 2-METHYLPROPENOATE MARKET REPORT COVERAGE:

This research report on the global Methyl 2-methylpropenoate Market has been segmented and sub-segmented based on the Form, End-Use, and region.

Methyl 2-methylpropenoate Market - By Form:

• • Liquid

  • Powder

Based on form, Powder form will hold the largest share of the methyl 2-methylpropenoic acid market share in 2021 and is projected to grow at a CAGR of 5.7% during the forecast period of 2023 - 2030. The powder form of methyl 2-methylpropenoate is highly demanded in the market due to its high mechanical strength and abrasiveness. The powder form has high applicability in manufacturing bone cement, implants, and lightweight lens applications in important fields such as electrical and electronic, medical and healthcare, automotive, and aerospace. The beneficial properties of the powder form of methyl 2-methylpropenoate coupled with the increasing development progress in the major end-use industries are increasing its priority over the liquid form, contributing to the growth of the powder form segment during the forecast period.

Methyl 2-methylpropenoate Market - By End-Use:

• Paints and Adhesives

• Surface coating

• Implants

• Bone Cement

• Light Lenses

• Sanitary ware

• others

Based on End-Use, the electrical and electronics sector will hold the largest share of the methyl 2-methylpropenoic acid market share in 2021 and is estimated to grow at a CAGR of 6.2% during the forecast period 2023 - 2030. Due to its UV resistance and flexural strength, methyl 2-methylpropenoate or isobutyric acid has high applicability in electrical and electronic fields for surface coating of outdoor lighting lenses and devices such as semiconductors and smartphones. The electrical and electronics sector is experiencing significant growth due to technological advancements in the industry and the increasing consumption of electronic devices such as semiconductors.

For example, according to World Semiconductor Trade Statistics, global semiconductor sales increased by 21.1% in April 2022 compared to April 2021. Such an increase in semiconductor consumption has fueled the demand and use of his methyl 2-methylpropenoate in lens and surface coating applications. It will contribute to the market growth of the electrical and electronics sector during the forecast period.

Methyl 2-methylpropenoate Market - By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, Asia-Pacific accounted for the largest share of the methyl 2-methylpropenoic acid market share in 2021, accounting for up to 45%. Increasing demand for methyl 2-methylpropenoate in the automotive, electrical and electronic, medical, and healthcare sectors is influencing the market growth.

Automotive and semiconductor production increased in countries such as China and India due to increased FDI inflows, while orthopedic surgeries increased in Australia due to rising hip replacement surgeries. According to the International Organization of Motor Vehicle Manufacturers, China's car production will grow by 3% in 2021, while India's production will grow by 30%.

According to the National Bureau of Statistics, China's semiconductor output will grow by 33% in 2021. Additionally, according to the Organization for Economic Co-operation and Development, there were 43,375 hip replacement surgeries in Australia in 2019, a 5% increase compared to 2013. With such increased automotive and semiconductor production and increased hip replacement surgery, the automotive, electrical and electronic, and medical and healthcare sectors are using methyl 2-methylpropenoate for lightweight lenses, surface coatings, and bone cement. Demand is accelerating, resulting in positive growth. of the lead methyl 2-methylpropenoate industry.

Methyl 2-methylpropenoate Market Share by Company

Companies like

1. SIgma Aldrich

2. Merck

3. Tokyo Chemical Industry

4. Eastman Chemicals

5. DOW Chemicals

6. Mitsubishi Chemicals

7. Evonik Chemicals

8. Sumitomo Chemical

9. Hitachi Chemical

10. Arkhema

Recently, Techno Paints set up a new paints production plant near Hyderabad, Telangana. The new plant will have a production capacity of 2.5 lack tones enabling the company to achieve its production capacity of 5 lakh tones by 2025.

BASF SE started construction of a new surface coating manufacturing plant in Pinghu, China. The new plant is aimed to meet the growing demand for surface coating in China.

Prominent operational techniques of the market players consist of positioning in high-growth international locations such as India and Vietnam, acquisitions, alliances, investments, and constructing and working absolutely optimized provide chains. Companies are continuously making efforts in the market to come up with new products that will benefit the companies in making a great comeback after the pandemic.

NOTABLE HAPPENINGS IN THE GLOBAL METHYL 2-METHYLPROPENOTE MARKET IN THE RECENT PAST:

• New Inauguration - In December 2021, Sika opened a new technology and manufacturing center in Pune for developing high-quality adhesives. The new production plant is aimed at meeting the rapidly growing demand for adhesives in Indian Market.