HEA, HPA, HEMA, & HPMA Market: Introduction
In terms of volume, the global HEA, HPA, HEMA, & HPMA market is anticipated to expand at a CAGR of ~3% from 2020 to 2030. The rise in usage of water-based coatings in architecture and construction industries across the globe is expected to boost the global HEA, HPA, HEMA, & HPMA market during the forecast period. The paints & coatings industry is shifting toward the use of low VOC and environment-friendly technologies such as water-based coatings and powder coatings. Water-based coatings are also odorless compared to solvent-based coatings. Thus, water-based coatings are preferred over solvent-based coatings. The rise in urbanization in emerging regions such as Asia Pacific and Latin America has led to the expansion of the construction industry. The construction industry is a major consumer of adhesives. The expansion of the construction segment is likely to boost the demand for adhesives in the near future. HEA, HPA, HEMA, and HPMA enhance the properties of different types of adhesives such as anaerobic adhesives, structural adhesives, and pressure sensitive additives. Therefore, rise in usage of HEA, HPA, HEMA, and HPMA in formulation of adhesives is estimated to drive the global HEA, HPA, HEMA, & HPMA market in the near future.
Volatility in Prices of Raw Materials to Hamper HEA, HPA, HEMA, & HPMA Market
The HEA, HPA, HEMA, & HPMA market is anticipated to be hampered by volatility in prices of raw materials and competing uses of raw materials. Raw materials such as crude oil, natural gas, and cellulose are employed in the manufacture of HEA, HPA, HEMA, and HPMA. These products are petrochemical derivatives. Therefore, they are subject to the volatility in prices and supply of crude oil. Acrylic acid serves as the starting point for the production of HEA, HPA, HEMA, and HPMA. The price of acrylic acid has varied significantly across regions since 2007. The price of acrylic acid in Asia Pacific increased in September 2012–2013, due to accidental damage caused at the Nippon Shokubai’s Himeji facility in Japan. The fluctuation in supply as well as prices of raw materials is adversely affecting the global HEA, HPA, HEMA, & HPMA market. The rise in cost of energy and fluctuations in prices of raw materials destabilize supply chains. This adversely affects the global HEA, HPA, HEMA, & HPMA market.
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2-Hydroxyethyl Methacrylate (HEMA) Product Type Dominated HEA, HPA, HEMA, & HPMA Market
Based on product type, the global HEA, HPA, HEMA, & HPMA market has been divided into Hydroxypropyl Acrylate (HPA), 2-Hydroxyethyl Acrylate (HEA), Hydroxypropyl Methacrylate (HPMA), and 2-Hydroxyethyl Methacrylate (HEMA). In terms of value, the HEMA segment dominated the global HEA, HPA, HEMA, & HPMA market in 2019. The segment is anticipated to expand at a CAGR of more than 3.2% during the forecast period.
Paints & Coatings Lead HEA, HPA, HEMA, & HPMA Market
Based on end use, the global HEA, HPA, HEMA, & HPMA market has been classified into paints & coatings, construction, plastics & rubbers, personal care, adhesives, printing inks, chemical intermediates, and others. In terms of value, the paints & coatings segment led the global HEA, HPA, HEMA, & HPMA market in 2019. The segment is anticipated to expand at a CAGR of more than 2.8% during the forecast period.
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Asia Pacific to be Lucrative Region of HEA, HPA, HEMA, & HPMA Market
Based on region, the global HEA, HPA, HEMA, & HPMA market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of volume, Asia Pacific accounted for a significant share of the global HEA, HPA, HEMA, & HPMA market in 2019. The demand for HEA, HPA, HEMA, and HPMA is high in Asia Pacific, particularly in China, owing to the increase in consumption of paints and coatings in the region. Asia Pacific is estimated to be a lucrative region of the global HEA, HPA, HEMA, & HPMA market during the forecast period. China is a leading producer and consumer of HEA, HPA, HEMA, and HPMA in the region. India and China are the two leading economies in Asia Pacific. These countries are anticipated to offer immense opportunities to the HEA, HPA, HEMA, & HPMA market in Asia Pacific in the near future.
The demand for HEA, HPA, HEMA, and HPMA for use in plastics and rubbers is expected to rise significantly in Asia Pacific during the forecast period. This is likely to augment the HEA, HPA, HEMA, & HPMA market in the region during the forecast period.
Competition Landscape of HEA, HPA, HEMA, & HPMA Market
In May 2019, Advent International Corporation acquired the methacrylates business division of Evonik Industries for US$ 3.5 Bn. The agreement also comprises the division’s strong brand ‘PLEXIGLAS.’ In August 2018, BASF PETRONAS Chemicals announced plans to expand the production capacity of its acrylic acid plant at its Verbund site in Kuantan, Malaysia. The expansion is intended to support the rising demand for acrylic monomers in Asia Pacific. In 2016, Evonik Industries AG launched the following new products: Visiomer C 18-22 MA and Plexiglas Hi-Gloss NTA – 5. Both these products are methacrylates.
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The global HEA, HPA, HEMA, & HPMA market was fragmented in 2019. This trend is expected to continue during the forecast period. Leading players have taken initiatives to expand their presence through expansion in manufacturing capacities and strategic partnerships. Key manufacturers operating in the global HEA, HPA, HEMA, & HPMA market are The Dow Chemical Company, BASF SE, Mitsubishi Chemical Holding (MCHC), NIPPON SHOKUBAI CO., LTD., OSAKA ORGANIC CHEMICAL INDUSTRY LTD., Röhm GmbH, Polysciences Inc., Tokyo Chemical Industry Co., Ltd., Changzhou Hickory Chemical Co., Ltd, Monomer-Polymer & Dajac Labs, Heze Chang Sheng Yuan Technology Co., LTD., and Chizhou Fangda Science and Technology Co., Ltd.
Global HEA, HPA, HEMA, & HPMA Market: Segmentation
HEA, HPA, HEMA, & HPMA Market, by Product Type
- Hydroxypropyl Acrylate (HPA)
- 2-Hydroxyethyl Acrylate (HEA)
- Hydroxypropyl Methacrylate (HPMA)
- 2-Hydroxyethyl Methacrylate (HEMA)
HEA, HPA, HEMA, & HPMA Market, by Purity
- Purity 90%-95%
- Purity 95%-98%
- Purity Above 98%
HEA, HPA, HEMA, & HPMA Market, by End Use
- Paints & Coatings
- Architectural Coatings
- Automotive Coatings
- Industrial Coatings
- Construction
- Plastics & Rubbers
- Personal Care
- Adhesives
- Printing Inks
- Chemical Intermediates
- Others (including Water Treatment Additives, Leather Products, and Lacquer)
HEA, HPA, HEMA, & HPMA Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
The sustainability aspects have dramatically changes the raw material sourcing strategies for many businesses in the HEA, HPA, HEMA, & HPMA market. Players have become more responsible toward reducing or managing the waste, are adopting material informatics equipped with artificial intelligence (AI), and adopting energy-efficient production processes in order to maximize returns on invested capital.
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