by The Methyl Methacrylate Market is estimated to be valued at Us$ 8264.78 Mn or 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.
Market Overview:
Methyl methacrylate, also known as MMA, is an organic compound that exists as a colorless liquid. It is widely used as a monomer in the production of various acrylic polymers and copolymers. Some key applications of MMA include production of polymethyl methacrylate (PMMA) or acrylic sheet, paints and coatings, adhesives and sealants. PMMA sheet finds extensive usage as an alternative to glass in applications such as automotive, construction and aerospace industries due to its superior properties like lightweight, break resistance and transparency.
Market Dynamics:
Two key drivers contributing to the growth of methyl methacrylate market are rapid expansion of construction industry globally and increase in automotive production. The ever-growing construction industry has bolstered the demand for MMA-based PMMA sheet that finds wide application as an alternative to glass in buildings, infrastructures and windows due to its properties. Furthermore, the automotive industry is witnessing steady rise in production volumes across major economies which is propelling the demand for MMA in automotive paints and coatings applications. Additionally, increasing disposable incomes and spending on home décor and interior designing in developing nations is anticipated to further impel the consumption of MMA.
Segment Analysis
The Methyl Methacrylate market is dominated by the building and construction sub-segment. This sub-segment accounts for over 35% of the total market share as MMA is extensively used to produce PMMA sheets which find wide applications in glazing, signages and sanitaryware in the construction industry. The growing construction activities in Asia Pacific and Middle East are driving the growth of this sub-segment.
PEST Analysis
Political: The strict regulations regarding VOC emissions during MMA production pose some limitations. However, some nations provide subsidies to promote bio-based MMA which is politically favorable.
Economic: The global GDP growth especially in developing nations is positively impacting the construction and automotive industries thereby driving MMA consumption. Volatile raw material prices can affect the MMA market.
Social: Rising consumer spending on luxury products which use PMMA sheets for glazing is a key social trend. However, the toxic nature of MMA during production is a concern.
Technological: Developments in bio-MMA production technologies and new polymer composites using MMA help overcome environmental limitations and widen applications.
Key Takeaways
The Global Methyl Methacrylate Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing infrastructure development and automotive production. The Asia Pacific region is estimated to be the fastest growing as well as the largest market during the forecast period. China, India and Indonesia are witnessing rising construction activities which is expected to drive the regional MMA demand.
Regional analysis: The Asia Pacific region dominated the global MMA market in 2023, accounting for over 40% of the total share due to the massive construction activities in China, Japan and India. The increasing automotive manufacturing in China, India and Southeast Asian countries is further augmenting the regional growth.
Key players operating in the Methyl Methacrylate market include 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. The key players are focused on capacity expansions as well as developing bio-based MMA to cater to the growing demand and tightening environmental regulations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
