by The global Methyl Methacrylate Market is estimated to be valued at USD 7,510.7 million in 2021 and is expected to exhibit a CAGR of 4.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Methyl Methacrylate, also known as MMA, is a transparent and colorless liquid with an acrid smell. It is used in various applications such as adhesives, coatings, paints, inks, and others. MMA is widely used in the construction sector for manufacturing of windows, doors, skylights, and other building materials due to its excellent optical clarity, weather resistance, and high impact resistance. In the automotive industry, MMA is used for manufacturing automotive parts such as bumpers, trims, and lighting covers. The growth of these industries is driving the demand for methyl methacrylate.
B) Market Dynamics:
1. Increasing demand in the construction sector:
The construction sector is witnessing significant growth, especially in emerging economies. Rapid urbanization, population growth, and infrastructure development are driving the demand for construction materials. Methyl methacrylate finds extensive usage in construction applications such as windows, doors, and skylights due to its durability and aesthetic appeal. The growing construction sector is expected to drive the demand for methyl methacrylate.
2. Growing automotive industry:
The automotive industry is a major consumer of methyl methacrylate. It is used for manufacturing automotive parts such as bumpers, lighting covers, and trims. With the increasing production and sales of automobiles globally, the demand for methyl methacrylate is expected to grow. Moreover, the trend towards lightweight materials in the automotive industry is further driving the demand for methyl methacrylate as it offers high strength-to-weight ratio.
C) Segment Analysis:
The market is segmented based on application into adhesives, coatings, paints, inks, and others. Among these, the coatings segment is dominating the market due to the increasing demand for high-performance coatings in construction, automotive, and other industries.
D) PEST Analysis:
Political: The political stability of countries and government regulations regarding the usage of hazardous chemicals can impact the production and consumption of methyl methacrylate.
Economic: Economic factors such as GDP growth, disposable income, and investment in infrastructure projects directly influence the demand for construction materials like methyl methacrylate.
Social: Increasing urbanization, changing lifestyles, and consumer preferences for aesthetically pleasing products are driving the demand for methyl methacrylate in various applications.
Technological: Advancements in technology and the development of new manufacturing processes are enabling the production of high-quality methyl methacrylate with improved properties.
E) Key Takeaways:
– The global Methyl Methacrylate Market is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing demand in the construction sector and the growing automotive industry.
– Asia Pacific is the fastest-growing and dominating region in the market, driven by rapid urbanization, infrastructure development, and the presence of key players in the region.
– Key players operating in the global 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. These companies are adopting various strategies such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position.
