Methyl Methanoate Market to Witness Exponential Growth by 2026
Industrial uses of methyl methanoate include the manufacture of formic acid derivatives, which is utilized as a blowing agent for polyurethane foams. It is used as a curing agent for resin-based foundry molds. Methyl methanoate used as a refrigerant as an alternative to sulfur dioxide. Methyl formate is used as a model ester to study the combustion mechanisms of complex biodiesel mixtures.
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Methyl Methanoate Market: Segmentation
Based on application, the methyl methanoate market can be divided into pharmaceuticals, fumigants & larvicides, metal foundries, and others. The pharmaceuticals segment is projected to expand at a rapid pace during the forecast period, as governments are focused on research to develop generic medicines, which extensively use methyl methanoate. This generic medicine segment is expected to continue to dominate the market during the forecast period.
Furthermore used as agricultural fumigant & larvicide, for these products Asia pacific is driving the methyl methanoate market in the anticipated years. India is agricultural land, government focus on modern farming activities like hydroponic, rotary crops, agroforestry practices. Which will increase the fumigant market & this will drive the methyl methanoate market. Also, & Middle East & Africa is expected to exhibit sluggish growth rate compared to other regions.
Methyl Methanoate Market: Regional Outlook
In terms of region, the global methyl methanoate market can be segregated into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. North America is likely to remain dominant region for methyl methanoate during the forecast period. Presence of world’s leading pharmaceutical companies with well-established research and development facilities in U.S. is the major factor which is anticipated to drive the demand for methyl methanoate in North America during the forecast period. However, Asia Pacific is expected to exhibit significant growth rate during the forecast period.. Increase in investment on pharmaceutical, R&D activities in countries such as China and India is the key factor which is expected to drive the methyl methanoate market between 2018 and 2026.
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Methyl Methanoate Market: Key Players
The global methyl methanoate market is fragmented. Large numbers of companies operate at global and regional levels. Prominent companies operating in the methyl methanoate market include BASF, Eastman, Triveni Chemicals, Rao A, Mitsubishi Gas Chemical, Chevron Chemical, Chongqing Ziguang Chemical, and Suqian Xinya Technology.