High performance monomers help meet most of the stringent demands of chemical purity. These include optically clear applications such as optical films and displays.
High performance chemicals are employed in a wide range of industrial and consumer products, including emulsion polymers, resins, adhesives, coatings, textiles, wires and cables, polyethylene compounds, laminated safety glasses, packaging, automotive plastic fuel tanks, acrylic fibers, chewing gum base, water treatment, oil and gas, and intermediates used in paints
Automobile exports grew by 14.50% in India during the fiscal year of 2019. Automobile exports are expected to rise at a sluggish pace during the forecast period. Additionally, several initiatives by the Government of India and major automobile players in the country are anticipated to propel India to the leadership position in the two-wheeler and four-wheeler markets across the globe by 2020. For instance, Audi India launched nine all-new models, including Sedans and SUVs along with the futuristic e-tron electric vehicle (EV) by the end of 2019. Significant increase in automotive production is estimated to boost the demand for high performance monomers in the near future.
Expansion in the global electrical & electronics industry is another factor projected to drive the market during the forecast period. For instance, the Government of India is supporting the electronics industry in the country by setting up Electronic Hardware Technology Parks and Special Economic Zones. This has led to a favorable climate for foreign direct investment. In addition, relaxed tariffs and increase in liberalization by the Government is promoting growth in the sector. Thus, expansion in the electronics industry, particularly in India, is likely to augment the high performance monomers market in the near future.
High Performance Monomers Market: Application Segment
Based on application, the global high performance monomers market can be divided into automotive, electrical & electronics, and others
The automotive segment is projected to account for major share of the global high performance monomers market during the forecast period. The automotive segment is estimated to expand at a rapid pace during the forecast period.
The electrical & electronics segment is anticipated to create significant incremental opportunities during the forecast period. Demand for high performance monomers in other industrial applications is projected to remain moderate to high across different regions.
Asia Pacific to be Key Region of Global High Performance Monomers
In terms of region, the global high performance monomers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is expected to account for significant share of the global high performance monomers market during the forecast period. It is likely to be followed by Europe. Demand for high performance monomers is high in various end-user industries in Asia Pacific. Thus, the high performance monomers market in the region is expected to expand at a rapid pace in the near future.
Demand for high performance monomers has been high in countries in Asia such as China and India. This can be ascribed to the rise in capital investments in the electrical & electronics industry in the region. Furthermore, significant investment in the automotive sector is anticipated to drive the demand for high performance monomers in Asia Pacific in the near future.
The high performance monomers market in North America and Middle East & Africa is estimated to expand at a sluggish pace during the forecast period
Key Manufacturers Operating in Market
The global high performance monomers market was highly fragmented in 2018. Key manufacturers operating in the global high performance monomers market include:
