Methyl Vinyl
Glycolate: Introduction
·
Methyl vinyl glycolate, also known as
methyl 2-hydroxybut-3-enoate, is available through zeolite catalyzed
degradation of mono- and disaccharides. It is a renewable platform molecule for
commercially relevant catalytic transformations.
·
Methyl vinyl glycolate is used in various industrial applications. It is
primarily used as a key component in Polyethylene Terephthalate (PET) plastic.
Rise in global demand for PET plastic used for food packaging, especially
bottles, is expected to drive the methyl vinyl glycolate market during the
forecast period.
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Key Drivers of
Methyl Vinyl Glycolate Market
·
PET plastic packaging possesses properties that make it preferable over
other packaging technologies. Certain beneficial properties of PET plastic
packaging are high transparency, shiny surface, good stability, high-pressure
resistance, good barrier properties, and light weight. This is anticipated to
drive the PET plastic market, thereby boosting the global methyl vinyl
glycolate market during the forecast period.
·
Many companies have started manufacturing bio-based methyl vinyl glycol.
For instance, Haldor Topsoe A/S Company has launched MOSAIK solution for sugar
cracking to a reactive intermediate. The new product is bio-based building
block molecule for usage in polymers. It also allows for replacement as well as
new formulations.
·
Greater transparency and shiny surface of a PET plastic package provide
a special appearance and give it a sophisticated image. Furthermore, PET
containers are virtually unbreakable owing to their outstanding material
qualities. This results from no fractures while filling, transporting, and
usage. PET gives optimal protection to consumers. Thus, PET packaging is
advantageous over other packaging materials.
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Polyethylene
Terephthalate (PET) Plastic Application Segment to Offer Attractive
Opportunities
·
The PET plastic segment is estimated to hold significant share of the
market during the forecast period, owing to high demand for PET plastic in the
packaging industry. Methyl vinyl glycolate is used as a raw material in the
production of PET plastic, which is employed in various packaging sectors such
as food & beverage packaging, consumer goods packaging, and electronics.
Rise in
Environmental Regulations on Plastic Likely to Hamper Market
·
Governments of several countries across the globe have imposed
regulations on usage of single use plastic. The European Parliament has
approved a ban on single-use plastics such as straws, plates, cutleries, and
cotton-swab sticks in Europe. It would come into effect by 2021. This helps the
European Parliament join a global shift, as environmentalists emphasize the
urgency of halting the use of materials that are detrimental to the
environment. This is likely to affect the global methyl vinyl glycolate market.
Covid-19 Impact on
Methyl Vinyl Glycol Market
·
According to the International Monetary Fund (IMF), the world economy is
expected to experience the worst recession since the Great Depression
(1929–1933) in the near future. The packaging industry is also projected to
feel the impact of the coronavirus pandemic. Impact of the coronavirus pandemic
on the packaging industry is anticipated to be mixed in countries such as China
and South Korea. Demand for packaging for groceries, health care products, and
e-commerce transportation is estimated to rise sharply in the near future. At
the same time, demand for industrial, luxury, and some transport packaging is
estimated to decline.
·
Industrial, bulk, and transportation packaging are anticipated to
account for major share of demand for packaging. Demand for this type of
packaging is closely linked to the trend in GDP and the level of industrial
activity. Thus, the sharp decline related to COVID-19 has led to a reduction in
demand for packaging. However, packaging for food and pharmaceutical industries
continues to rise significantly. High growth in demand for corrugated packaging
for e-commerce and grocery deliveries is also offsetting some demand lost
elsewhere with industrial customers. Therefore, the impact of Covid-19 pandemic
is estimated to be low on the methyl vinyl glycolate market in 2020 and 2021.
Asia Pacific to
Hold Major Share of Global Methyl Vinyl Glycolate Market
·
Based on region, the global methyl vinyl glycolate market can be split
into North America, Europe, Asia Pacific, Latin America, and Middle East &
Africa
·
Asia Pacific is estimated to constitute major share of the market, owing
to the presence of a number of plastic and chemical companies in the region.
The methyl vinyl glycolate market in China is expected to account for prominent
market share, due to the presence of large number of chemical companies in the
country.
·
The market in North America is projected to expand at a rapid pace
during the forecast period, due to increase in production of PET plastic
products across the region
Recent Developments
·
On February 6, 2019, Braskem and Haldor Topsoe together started a unit
for developing renewable methyl vinyl glycolate (MVG). The demonstration plant
is located in Lyngby, Denmark.
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