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The market growth of methacrylic acid is driven by the fast-growing electronics segment. This, along with the rising per capita incomes in emerging economies, is supporting the growth of electronic equipment demand and consequently adding to the demand for methacrylic acid. In addition, various favourable properties of methacrylic acid, such as energy efficiency and being lightweight, are significantly contributing to its enhancing demand from several industries like transportation and automotive. The rising demand for lightweight vehicles with reduced emissions and improved efficiency has witnessed a significant boost owing to stringent regulatory laws implemented in Western Europe and North America.
Evonik Industries A.G. (OTCMKTS: EVKIF), a prominent industry player of methacrylic acid, announced in January 2017, that the Evonik segment Performance Materials would increase the prices of VISIOMER® GMAA (methacrylic acid) and VISIOMER® MMA (methyl methacrylate) in the European region from February 2017. As the market is driven by the price developments of raw materials, this is estimated to have influenced the market development. Factors, such as high living standards and inclination toward quality products available in the market, are also expected to aid the market growth.
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Evonik Industries A.G., Mitsubishi Gas Chemical Company, Inc, BASF SE, and Kuraray Co., Ltd, among others, are the key players in the global methacrylic acid market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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