Methyl 2-methylpropenoate Market - Forecast(2023 - 2028)

Report Code: CMR 1498 Report Format: PDF + Excel

Methyl 2-methylpropenoate Market Overview

The Methyl 2-methylpropenoate market size is estimated to grow at a CAGR of 5.8% during the forecast period 2022-2027. Methyl 2-methylpropenoate also called isobutyric acid is a colorless chemical compound found in liquid and powder form and is made from additional polymerization of propanoic acid. It belongs to a class of organic compounds called methyl esters and has rich properties such as high tensile & flexural strength, transparency and UV tolerance which are influencing its market demand. Due to its advantageous features methyl 2-methylpropenoate has high applicability in sectors like automotive, electrical & electronics, aerospace and medical & healthcare. Factors such as bolstering growth in automotive production, growing semiconductors consumption and an increase in the number of orthopedic surgeries are driving the growth of the methyl 2-methylpropenoate industry. The high price associated with propanoic acid from which methyl 2-methylpropenoate is derived is anticipated to pose a challenge to the growth of the methyl 2-methylpropenoate industry thereby affecting the methyl 2-methylpropenoate market size. 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.

Methyl 2-methylpropenoate Report Coverage

The “Methyl 2-methylpropenaote Market Report – Forecast (2022 – 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Methyl 2-methylpropenoate Industry.

By Form – Liquid and Powder
By ApplicationPaints & Adhesives, Surface Coating, Implants, Bone Cement, Light Lenses, Sanitary Wear and Others
By End-Use Industry – Automotive (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles), Aerospace (General, Military and Others), Medical & Healthcare (Dentistry and Orthopedics), Electrical & Electronics (Smartphones, Television and Others), Cosmetics & Personal Care and Others
By Geography - North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and Rest of the World (the Middle East and Africa)

Key Takeaways

  • Asia-Pacific dominates the Methyl 2-methylpropenoate industry on account of the growing production of automotive & electrical items such as semiconductors which is significantly influencing the demand for methyl 2-methylpropenaote in the region.
  • The flourishing application of methyl 2-methylpropenaote in major end-use industries on account of its rich mechanicals and chemical performance is fueling its market demand, thereby positively impacting the methyl 2-methylpropenoate industry outlook.
  • Bolstering demand for semiconductors in consumers and automotive electronics has propelled the consumption of methyl 2-methylpropenoate for surface coating applications in semiconductors, thereby creating growth opportunities for methyl 2-methylpropenoate industry.
  • The high price associated with propanoic acid will have affected the manufacturing of methyl 2-methylpropenoate thereby negatively impacting the methyl 2-methylpropenoate market size.

Figure: Asia-Pacific Methyl 2-methylpropenoate Market Revenue, 2021-2027 (US$ Million)

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Methyl 2-methylpropenoate Market Segment Analysis – By Form

The powder form held the largest share in the Methyl 2-methylpropenoate market share in 2021 and is forecasted to grow at a CAGR of 5.7% during the forecast period 2022-2027. The powder form of methyl 2-methylpropenoate has high mechanical strength and polish-ability which is driving its demand in the market. The powder form has high applicability in making bone cement, implants and light lenses application in major sectors such as electrical & electronics, medical & healthcare, automotive and aerospace. The advantageous features of the powder form of methyl 2-methylpropenoate coupled with growing developments in its major end-use industries are increasing its preference over the liquid form which is contributing to the segment growth of powder form during the forecast period.

Methyl 2-methylpropenoate Market Segment Analysis – By End-Use Industry

The Electrical & Electronics sector held the largest share in the Methyl 2-methylpropenoate market share in 2021 and is forecasted to grow at a CAGR of 6.2% during the forecast period 2022-2027. Methyl 2-methylpropenoate or isobutyric acid due to its UV tolerance and flexural strength has high applicability in the electrical & electronics sector for exterior light lenses and surface coatings on semiconductors and equipment such as smartphones. The electrical & electronics sector has shown significant growth on account of technological advancements in the sector and the growing consumption of electronics equipment such as semiconductors. For instance, according to World Semiconductor Trade Statistics, in April 2022, global semiconductor sales increased by 21.1% in comparison to April 2021. Such an increase in the consumption of semiconductors has accelerated the demand and usage of methyl 2-methylpropenoate for lenses and surface coating applications, thereby contributing to the market growth in the electrical & electronics sector during the forecast period.

Methyl 2-methylpropenoate Market Segment Analysis – By Geography

Asia-Pacific held the largest share in the Methyl 2-methylpropenoate market share in 2021 up to 45%. Growing demand for methyl 2-methylpropenoate in automotive, electrical & electronics and medical & healthcare sectors is influencing its market growth. Automotive and semiconductor production has increased in countries like China and India on account of an increase in FDI inflows, while the number of orthopedic surgeries has increased in Australia on account of an increase in the number of hip replacement surgeries. According to the International Organization of Motor Vehicle Manufacturers, in 2021, automotive production increased in China by 3% while India’s production increased by 30%. Also, according to the National Bureau of Statistics, in 2021, China’s semiconductor production increased by 33%. Furthermore, according to Organization for Economic Co-operation and Development, in 2019, the number of hip replacement surgeries in Australia stood at 43,375 which showed a 5% increase in comparison to the 2013 number. Such an increase in automotive & semiconductor production and increase in hip replacement surgeries has accelerated the demand for methyl 2-methylpropenoate in automotive, electrical & electronics and medical & healthcare sector for light lenses, surface coatings and bone cement, resulting in a positive growth of methyl 2-methylpropenoate industry. 

Methyl 2-methylpropenoate Market Drivers

Bolstering Growth in Automotive Production

Methyl 2-methypropenoate which is methyl esters formed from additional polymerization of propanoic acid due to its UV tolerance and flexural strength has high applicability in the automotive sector in making car light lenses and in paints & adhesives. The automotive sector has shown tremendous growth over the years on account of technological upgradation in the manufacturing process coupled with growing demand for commercial as well as passenger vehicles which have increased production levels. According to the International Organization of Motor Vehicle Manufacturers, in 2021, global automotive production stood at 80.1 million units which showed a 3% increase over the 2020 production level. Furthermore, according to European Automobile Manufacturer Association, in 2021, passenger vehicle production in US increased by 3.1% in comparison to 2020. Such an increase in automotive production has boosted the usage of methyl 2-methylpropenoate in the automotive sector for light lenses and paints & adhesives applications resulting in a positive growth of the methyl 2-methylpropenoate industry.

Increase in Number of Orthopedic Surgeries

Methyl 2-methylpropenoate also termed isobutyric acid due to its flexural strength and polish-ability is majorly used in the medical & healthcare sector for making bone cement which is used during orthopedic surgeries for making bone structure. Due to the fast aging of the population and growing acute or chronic trauma cases, the number of orthopedic surgeries has increased over the years. According to the report published by the America Academy of Orthopedic Surgeons, in 2021, the number of orthopedic surgeries increased by 18.3% in comparison to 2020. Furthermore, according to Organization for Economic Co-operation and Development, in 2019, the number of hip replacement surgeries in Germany stood at 244,590 showing a 3.2% increase. Such an increase in orthopedic surgeries has boosted the demand for methyl 2-methylpropenoate in the medical & healthcare sector for bone cement application resulting a positive market growth.

Methyl 2-methylpropenoate Market Challenge

Growing Price of Propanoic Acid

Methyl 2-methylpropenoate which belongs to the family of methyl esters is majorly driven by propanoic acid through its polymerization. However, the price of propanoic acid has been shown to increase due to its high demand in the market. For instance, Eastman Chemicals, in April 2022, increased the price of propanoic acid by US$0.05/LB in North and Lain America. Also, BASF, in November 2020, increased the price of propanoic acid to US$180/ton in Asia, US$110/ton in South America and US$100/ton in China. Such an increase in the price of propanoic acid will make the process of making methyl 2-methylpropenoate very costly which could pose a challenge in the growth of methyl 2-methylpropenoate during the forecast period, thereby affecting the methyl 2-methylpropenoate market size.

Methyl 2-methylpropenoate Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Methyl 2-methylpropenoate market. The top 10 companies in Methyl 2-methylpropenoate Market are:

  1. Sigma Aldrich
  2. Merck
  3. Tokyo Chemical Industry
  4. Eastman Chemicals
  5. DOW Chemicals
  6. Mitsubishi Chemicals
  7. Evonik Industries
  8. Sumitomo Chemical
  9. Hitachi Chemical
  10. Arkema

Recent Developments

  • 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.
  • In December 2021, 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.
  • In September 2019, 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.

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1. Methyl 2-methylpropenoate Market- Market Overview
    1.1 Definitions and Scope
2. Methyl 2-methylpropenoate Market - Executive Summary
    2.1 Key Trends by Form
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Methyl 2-methylpropenoate Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Methyl 2-methylpropenoate Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Methyl 2-methylpropenoate Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Methyl 2-methylpropenoate Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Methyl 2-methylpropenoate Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Methyl 2-methylpropenoate Market – By Form (Market Size – US$ Million/ Billion)
    8.1 Liquid
    8.2 Powder
9. Methyl 2-methylpropenoate Market – By Application (Market Size - US$ Million/Billion)
    9.1 Paints & Adhesives
    9.2 Surface Coating
    9.3 Implants
    9.4 Bone Cement
    9.5 Light Lenses
    9.6 Sanitary Wear
    9.7 Others
10. Methyl 2-methylpropenoate Market – By End-Use Industry (Market Size - US$ Million/Billion)
    10.1 Automotive
        10.1.1 Passenger Vehicles
        10.1.2 Light Commercial Vehicles
        10.1.3 Heavy Commercial Vehicles
    10.2 Aerospace
        10.2.1 General
        10.2.2 Military
        10.2.3 Others
    10.3 Medical & Healthcare
        10.3.1 Dentistry
        10.3.2 Orthopedics
    10.4 Electrical & Electronics
        10.4.1 Smartphones
        10.4.2 Televisions
        10.4.3 Others
    10.5 Cosmetics & Personal Care
    10.6 Others
11. Methyl 2-methylpropenoate Market - By Geography (Market Size - US$Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Belgium
        11.2.8 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Methyl 2-methylpropenoate Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Methyl 2-methylpropenoate Market – Industry/Competition Segment Analysis Premium 
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Methyl 2-methylpropenoate Market – Key Company List by Country Premium Premium 
15. Methyl 2-methylpropenoate Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
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