Rockville, June 16, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global 2,3-dihydroxypropyl methacrylate (DHPMA) market is estimated to reach a valuation of US$ 245.6 million in 2023 and is expected to grow at a CAGR of 5.7% during the forecast period of 2023-2033.
2,3-Dihydroxypropyl methacrylate also known as glyceryl mono-methacrylate is revolutionizing the dental care and vision correction industries as a key ingredient in dental adhesives, composites, and hydrogel-based contact lenses. With the dental care industry growth and the increasing demand for durable and aesthetically pleasing dental restorations, the demand for DHPMA in adhesives and composites is on the rise.
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Key Takeaways from Market Study
- The global 2,3-dihydroxypropyl methacrylate market is projected to grow at 5.7% CAGR and reach a valuation of US$ 428.6 million by 2033
- The market has witnessed a CAGR of 2.6% between 2018 to 2022
- Industrial grade is expected to dominate the market by the end of the forecast period with a share of 89.9%
- The East Asia market is likely to grow at a CAGR of 6.2% during the forecast period and reach a valuation of US$ 141.4 million in 2033 from US$ 77.3 million in 2023
- The global 2,3-dihydroxypropyl methacrylate market is likely to create an absolute $ opportunity of US$ 195.4 million
“Growing Expenditure on Personal Care especially Oral Care is likely to Create Immense Growth Opportunity for the DHPMA Market in Coming Years” says a Fact.MR analyst.
The surging popularity of contact lenses has also become a major driving force for the demand for DHPMA. As the projected global revenue of the contact lens market is estimated to reach an impressive US$ 18.35 billion in 2023, with an expected growth rate of 4.3% from 2023 to 2027, the market is poised for promising and steady expansion. This growth is fueled by factors such as the increasing need for vision correction, evolving fashion trends, and the convenience offered by contact lenses.
As the demand for contact lenses continues to soar, so does the demand for DHPMA, a crucial chemical in the manufacturing of hydrogel-based contact lenses. DHPMA's exceptional water-absorbing and biocompatible properties also make it an ideal component for developing soft and comfortable contact lenses. These lenses ensure optimal oxygen permeability to the cornea, providing users with enhanced comfort and safe vision correction. Hence, with the growing personal care industry the demand for the DHPMA is likely to increase in the coming years.
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Market Development
Manufacturers focus on providing superior quality products and are committed to customer service excellence. Players are looking to set up new production plants in order to meet the growing demand. Further, maintaining long-term trade relationships with suppliers and distributors to procure raw materials early is the key strategy among 2,3-dihydroxypropyl methacrylate producers. Differentiating pricing strategies also pave the way for new entrants to penetrate the market and curb the demand pool.
Competitive Landscape
DHPMA producers pay a high priority on ongoing product innovation and development. They make investments in R&D projects to improve the qualities of DHPMA, create novel formulations, and streamline manufacturing procedures.
By using this strategy, they can introduce advanced DHPMA materials with enhanced performance properties, enabling them to adapt to changing market demands and achieve a competitive advantage. By being on the cutting edge of technological developments, DHPMA makers can investigate novel uses and customise their products to meet changing market demands.
Key Companies Profiled
- BASF SE
- NOF Corporation
- Molekula Group
- SynQuest Laboratories
- Haihang Industry
Segmentation of 2,3-Dihydroxypropyl Methacrylate Industry Research
- By Purity:
- <98%
- >98%
- By Grade:
- Research
- Industrial
- By Application:
- Dental Materials Production
- Medical Device Coatings
- Implantable Devices
- Catheters
- Stents
- Others
- Adhesives Production
- Contact lens Manufacturing
- Polymer Processing
- Research Laboratories
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the 2,3-dihydroxypropyl methacrylate market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of purity (<98% and >98%), grade (research and industrial), application (dental materials production, medical device coatings, adhesives production, contact lens manufacturing, polymer processing, research laboratories, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Key Questions Covered in the 2,3-Dihydroxypropyl Methacrylate (DHPMA) Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global 2,3-Dihydroxypropyl Methacrylate (DHPMA) sales grow until 2033?
- Which are the factors hampering the 2,3-Dihydroxypropyl Methacrylate (DHPMA) demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the 2,3-Dihydroxypropyl Methacrylate (DHPMA) Market during the forecast period?
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