United States, Rockville MD, July 18, 2022 (GLOBE NEWSWIRE) -- As per a new report on pure monomer resins by Fact.MR, a market research and competitive intelligence provider, the global market has reached a valuation of US$ 1.26 billion and is expected to progress at a CAGR of 5.8% over the 2022-2032 forecast period.
Market growth is attributed to factors such as the ability of pure monomer resins market to enhance the ability of adhesives to maintain their cohesion at extreme temperatures and provide fine-tune adhesive formulations to fulfil specific end-use application requirements without affecting or interchanging other key performance properties.
A pure monomer resin is basically prepared from the identical type of aromatic monomer as the basic C9 formulation of aromatic resins with one critical distinction. As the name implies, these resins are prepared from feedstock that has been extremely filtered to eradicate colour-causing contaminants and to specifically control the composition of the product.
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Increasing production and consumption of light vehicles, rising number of electric vehicles, and transition from mature to emerging markets in the long-term forecast are set to drive the consumption of sealants for gearboxes and engines, which will bolster the market for pure monomer resins.
The global chemical industry is set to witness growth at more than 3% over the coming years. The rise in chemical demand across industries such as consumer goods, electronics, and automotive is anticipated to provide strong support to the growth of the pure monomer resins market.
Which Form of Pure Monomer Resin is Most Widely Utilized?
Styrene is prominently used for the production of plastics, paints & coating, synthetic rubber compounding, and styrene-alkyd coatings. Styrene is essential in the creation of various consumer and industrial products that are used daily. Consumers prefer styrene-based products rather than alpha-methyl styrene-based products due to the cost differentiation and level of purity.
As such, styrene-based pure monomer resins are anticipated to remain the prime growth generator in the market during the forecast period. Demand for styrene-based pure monomer resins is anticipated to surge at a CAGR of 6.3% to reach a market value of US$ 1.39 billion by 2032.
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Key Segments Covered in Pure Monomer Resins Industry Survey
- Pure Monomer Resins Market by Resin Type :
- Styrene-based Pure Monomer Resins
- Alpha-methyl Styrene-based Pure Monomer Resins
- Others
- Styrene-based Pure Monomer Resins
- Pure Monomer Resins Market by Application :
- Adhesive Production
- Sealant Production
- Polymer Modification
- Rubber Compounding
- Wax Formulations
- Coating Production
- Others
- Adhesive Production
- Pure Monomer Resins Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- North America
Competitive Landscape
Prominent pure monomer resins manufacturers are Eastman (Synthomer), TOTAL Cray Valley, Rain Carbon Germany GmbH, Guangzhou Xinhuayue Resin Technology Co., Ltd, Kolon Industries, Yasuhara Chemical Co. Ltd, Songwon, and Puyang Tiancheng Chemical Co. Ltd.
Pure monomer resin producers should concentrate on resource and cost optimization, which will eventually cut miscellaneous expenses and upsurge their overall profitability. Prominent manufacturers of pure monomer resins should tie up with end-use industries such as automotive and food processing to drive their sales in terms of volume.
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Key players in Pure Monomer Resins Market
- Eastman (Synthomer)
- TOTAL Cray Valley
- Rain Carbon Germany GmbH
- Guangzhou Xinhuayue Resin Technology Co., Ltd
- Kolon Industries
- YASUHARA CHEMICAL CO., LTD.
- Songwon
- Puyang Tiancheng Chemical Co., Ltd.
Key Takeaways from Pure Monomer Resins Market Study
- By resin type, styrene-based pure monomer resins are expected to projected to provide an absolute $ opportunity of US$ 639.8 million over the forecast period (2022-2032).
- Alpha-methyl styrene-based pure monomer resins, on the other hand, are anticipated to account for 37.6% market share by 2032 while increasing at a CAGR of 5.6%.
- By application, usage in adhesive production is anticipated to reach US$ 530.9 million by 2032.
- North America is projected to capture around 28% of the global pure monomer resins market share by 2032.
- Europe is expected to provide an absolute dollar opportunity of US$ 243.6 million by 2032.
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