July 03, 2020
According to the research report titled ‘Global Glycidyl Methacrylate Market Size study with COVID-19 impact, by Type (Concentration Above 97% and Concentration Below 97%), by Application (Plastics, Adhesives, Polymer Coating and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global glycidyl methacrylate market was worth USD 149.53 million in 2019 and is expected to expand with a CAGR of 9.8% through 2027.
Glycidyl methacrylate, an ester derived from glycidol and methacrylic acid, is a common monomer used for producing epoxy resins. Owing to its dual monomer functionality and high purity, it is ideal for coating and resin applications. Glycidyl methacrylate also offers epoxy functionalization to several acrylate resins like polyolefins as epoxies comprise of diglycidyl ether of bisphenol A, which favors its usage in adhesives and polymer industry. Furthermore, it is widely used with other monomers for production of robust polymers with superior strength, hardness and thermal resistance. Hence, extensive use of glycidyl methacrylate in the rapidly growing plastic industry is projected to drive the market growth over the anticipated timeline.
On the contrary, with drastic rise in coronavirus cases around the globe, lockdowns have been imposed by governments which led to shutdown of several end-user manufacturing plants, thereby negatively impacting the growth of glycidyl methacrylate market.
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According to Plasticseurope.org, worldwide plastic production reached 348 million tons in 2017, which increased to 359 million tons in 2018. Therefore, booming plastic industry, along with escalating demand for sealants & adhesives to address the rising packaging requirements of e-commerce and food & beverage industries are expected to boost the industry growth in the coming years. However, strict government regulations on the labelling, sale, and use of the product is impeding the market growth.
Considering the geographical hierarchy, global glycidyl methacrylate market is fragmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. North America currently holds a significant market share pertaining to robust demand of glycidyl methacrylate from e-commerce and packaging sectors.
Meanwhile, Asia Pacific market is slated to grow substantially over the anticipated timeline, owing to the rapid growth of adhesives and plastics industries in the region.