Ethylene Methyl Acrylate Market - Forecast(2023 - 2028)

Ethylene Methyl Acrylate Market Overview

The Ethylene Methyl Acrylate Market size is estimated to grow at a CAGR of 5.9% during the forecast period 2022-2027 and reach US$11.3 billion by 2027. Ethylene methyl acrylate copolymers can be processed using various methods such as extrusion coating lamination, blown/cast monolayer and coextruded films, injection molding, sheet or profile extrusion, blow molding and foam extrusion. They are primarily used in a wide range of industries, including paints & coating, automotive, packaging and other industries. In 2020, the surge in the COVID-19 pandemic negatively impacted the growth of the ethylene methyl acrylate industry as a result of the country-wide shutdown of manufacturing sites, shortage of labor and the decline of the supply and demand chain all across the world. The growth of the automotive and packaging industries is expected to drive the growth of the Ethylene Methyl Acrylate Market size in the upcoming years. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total global automobile production reached 80.2 billion units in 2021, an increase of 3% as compared to 77.7 billion units in 2020. Meanwhile, the fluctuating prices of raw materials may confine the growth of the Ethylene Methyl Acrylate Market.

Ethylene Methyl Acrylate Market Report Coverage

The "Ethylene Methyl Acrylate Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Ethylene Methyl Acrylate Market.

Key Takeaways

• The injection molding processing method held a significant share of the Ethylene Methyl Acrylate Market in 2021. Its wide range of characteristics and higher efficiency made it stand out in comparison to other types of processing methods in the market.
• The Paints & coating industry held the largest share in the Ethylene Methyl Acrylate Market in 2021, owing to the increasing demand for Ethylene Methyl Acrylate from the coating sector across the world.
• Asia-Pacific dominated the Ethylene Methyl Acrylate Market in 2021, owing to its increasing demand from the coating sector in the region. In July 2019, Asian Paints commenced the commercial production of coatings and intermediaries at the Mysore plant in India, with a total capacity of 211,888 tons per annum.
• A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Ethylene Methyl Acrylate Market Report.

Figure: Ethylene Methyl Acrylate Market Share, by Geography, 2021 (%)

For More Details on This Report - Request for Sample

Ethylene Methyl Acrylate Market Segment Analysis – by Processing

The injection molding segment held a significant share of over 20% in the Ethylene Methyl Acrylate Market in 2021. It was due to its increasing demand because of the benefits it offers over other types of processing methods. For instance, the injection molding method aids in faster production along with higher efficiency as compared to sheet or profile extrusion, blow molding, foam extrusion and other types of processing methods. This is why it is commonly used in the production of ethylene methyl acrylate, which is further utilized in multiple industries. Moreover, the injection molding method is more cost-effective in comparison to other methods and has low labor cost, high-output production and low scrap rate. Hence, all of these benefits are driving its demand over other types of processing methods, which in turn, is expected to boost the market growth during the forecast period.

Ethylene Methyl Acrylate Market Segment Analysis – by End-use Industry

The paints & coating industry held the largest share of the Ethylene Methyl Acrylate Market in 2021 and is expected to grow at a CAGR of 6.2% during the forecast period 2022-2027. It is due to the increasing production of paints and coatings across the globe. In 2021, Nippon Paints Group made medium to long-term investments for upgrading and streamlining industrial facilities in Japan between 2021 and 2023 to boost the production of paints and coatings in the country. Moreover, according to the British Coatings Federation (BCF), the first 5 months of 2021 achieved significant sales. This resulted in higher production of both industrial and decorative coatings in the United Kingdom, owing to strong consumer demand for DIY commodities such as paints and coatings in the country. Ethylene methyl acrylate is primarily used in the production of paints and coating, owing to its excellent thermal stability, toughness, flexibility and adhesion across a range of temperatures. Thus, such surging growth of the paints & coating sector is expected to expand the Ethylene Methyl Acrylate Market size during the forecast period.

Ethylene Methyl Acrylate Market Segment Analysis – by Geography

Asia-Pacific dominated the Ethylene Methyl Acrylate Market with a share of over 35% in 2021. The consumption of ethylene methyl acrylate is particularly high in this region due to its increasing demand from the coating sector. According to Japan Paint Manufacturers Association (JPMA), the total paints and coatings production in Japan reached 1487.7 million tons in 2020. Moreover, in 2020, the government of Vietnam announced its plan to develop the paint and coating industry with a vision for 2030. The average growth rate in the production value of the paint and coating industry is expected to reach up to 14% during the period from 2021 to 2030. Thus, such surging growth of the coating sector in the region is anticipated to propel the growth of the Ethylene Methyl Acrylate Market during the forecast period.

Ethylene Methyl Acrylate Market Drivers

An increase in automotive production:

Ethylene Methyl Acrylate copolymers are primarily used in the automotive industry for the production of interior and exterior automotive components such as windows, bumpers, lampshades and more. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automobile production in 2021 in Europe, America, Asia and Africa increased by 25%, 17%, 28% and 37%, respectively, in comparison to 2020. Moreover, according to International Energy Agency (IEA), the total production of electric cars at the global level reached 2,089,366 units in 2020, an increase of around 39% in comparison to 1,502,985 units in 2019. Hence, such an increase in global automotive production is anticipated to drive the growth of the Ethylene Methyl Acrylate Market in the upcoming years.

Growth of the packaging industry:

Ethylene Methyl Acrylate copolymers are used in the production of films and sheets utilized in the packaging sector. Their properties such as excellent thermal stability, toughness, flexibility and adhesion across a range of temperatures make them ideal for use in such applications. According to the Packaging Industry Association of India, the packaging sector in India is considered to be one of the top industries with a high growth rate in the country and is rising at 22%-25% per year. Moreover, according to PMMI (the Association for Packaging and Processing), the North American beverage packaging industry is expected to increase by 4.5% from 2018 to 2028. Thus, such surging growth of the packaging industry is expected to increase the demand for Ethylene Methyl Acrylate, owing to its above-mentioned usage. This is expected to fuel the growth of the market in the upcoming years.

Ethylene Methyl Acrylate Market Challenge

Fluctuating prices of raw materials:

Some of the raw materials used in the production of Ethylene Methyl Acrylate are obtained from crude oil. As a result, fluctuations in the prices of crude oil may hinder the growth of the market. For instance, in 2020, the international benchmark for petroleum prices across the world, also known as Brent crude prices, decreased to US$9.12 per barrel, which was the lowest record since December 10, 1998. Likewise, in April 2020, India’s Crude Oil Basket (COB) reached US$19.90 per barrel, which was the lowest record since February 2002. Furthermore, as per revised estimates for 2020-21, the COB has increased by around 35% from its initial budget estimate. In this way, such uncertainty regarding the price of crude oil may affect the prices of raw materials that are used in the production of ethylene methyl acrylate. Thus, such instability and fluctuating prices of raw materials may limit the growth of the Ethylene Methyl Acrylate industry during the forecast period.

Ethylene Methyl Acrylate Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Ethylene Methyl Acrylate Market. The top companies in the Ethylene Methyl Acrylate Market are:

1. Asahi Kasei Corp
2. ExxonMobil
3. Chi Mei Corp
4. China National Petroleum Corporation
5. Dynasol Elastomers
6. En Chuan Chemical
7. Firestone Polymers LLC
8. INEOS Styrolution Group GmbH
9. Kraton Performance Polymers
10. LCY Chemical Corp

Relevant Reports

Acrylate Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 23703

Acrylic Ester Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 0625

Methacrylate Monomers Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 76284

For more Chemicals and Materials Market reports, please click here