Methyl methacrylate, commonly known as MMA, is a clear, colorless liquid with an acrid odor. It is widely used in the production of acrylic glass, surface coatings, adhesives, plastics and others. As a versatile monomer, MMA finds applications in various end-use industries such as construction, automotive and packaging. In the construction industry, MMA is used to produce PMMA sheets for glazing applications due to its high strength, durability and transparency properties. The growing construction sector, mainly in Asia Pacific and Middle Eastern countries is driving the adoption of PMMA sheets for windows, facades and roofs. The global methyl methacrylate market is estimated to be valued at US$ 7,510.7 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Increasing construction activities: Expanding construction industry globally due to rapid urbanization and infrastructure development projects is a key factor propelling the growth of MMA market. MMA is widely utilized in production of PMMA sheets for various interior and exterior construction applications owing to properties like high light transmission, weather resistance and durability.
Growing PMMA demand: Rising adoption of PMMA sheets for glazing, lighting, signage and other applications in commercial buildings, residential complexes and industrial facilities is expected to drive the consumption of MMA, its primary raw material. Easy processing, high optical clarity and strength of PMMA makes it an ideal substitute for glass in various construction end-uses.
The methyl methacrylate market is dominated by the automotive segment which accounts for over 30% share. Methyl methacrylate finds wide application in manufacturing automotive parts such as trims, instrument panels, and light assembles among others. The demand for lightweight materials in the automotive industry is helping drive the consumption of methyl methacrylate.
- Political: Any unfavourable trade policies impacting imports and exports can influence the methyl methacrylate market.
- Economic: A slowdown in the automotive, construction and other end-use industries will negatively impact the demand for methyl methacrylate.
- Social: Growing environmental awareness is leading to increased research towards developing bio-based and eco-friendly alternatives to methyl methacrylate.
- Technological: New techniques to produce methyl methacrylate from renewable resources offer opportunities for players to develop sustainable production methods.
The global methyl methacrylate market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region accounts for over 40% of the global methyl methacrylate market share driven by China, India, Japan and other developing economies. The construction and automotive industries are flourishing in the region resulting in increased plastics and composites consumption where methyl methacrylate based polymers find extensive usage.
Key players operating in the methyl methacrylate market are BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Akzo Nobel N.V., Sumitomo Chemical Company Limited, Chi Mei Corporation, Huntsman Corporation, Kolon Industries, Karl Jungbecker GmbH & Co. KG, Dhalop Chemicals and Saudi Methacrylate Company. These industry leaders are investing in capacity expansion projects and new production technologies to enhance their market position.