The global Methyl Methacrylate (MMA) 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 (MMA) is a colorless liquid used for various applications such as coatings, adhesives, lubricants, and sealants. It is primarily used as a raw material for manufacturing polymethyl methacrylate (PMMA), which is a transparent thermoplastic commonly known as acrylic. MMA offers excellent optical clarity, chemical resistance, weather resistance, and superior mechanical properties. These characteristics make it suitable for applications in automotive, construction, electronics, and medical industries.
B) Market Key Trends:
One key trend driving the growth of the global Methyl Methacrylate market is the increasing demand from the automotive and construction industries. In the automotive sector, MMA is widely used for manufacturing exterior parts such as tail lights, fog lights, and indicator covers due to its superior weather resistance and optical properties. The construction industry also utilizes MMA for applications like flooring, roofing, windows, and doors due to its durability and ease of installation.
For example, in the automotive industry, BMW is using MMA-based materials for the production of car body parts, including fenders and hoods. These materials offer weight reduction, improved fuel efficiency, and better design flexibility. Similarly, in the construction industry, architects are increasingly using MMA-based materials for creating innovative building designs due to their transparency and sustainability.
C) PEST Analysis:
- Political: The political stability in major manufacturing regions like North America, Europe, and Asia-Pacific ensures uninterrupted production and supply of Methyl Methacrylate.
- Economic: Rapid urbanization, infrastructure development, and growth in automotive and electronics industries are driving the demand for MMA.
- Social: Increasing consumer awareness regarding energy-efficient and sustainable construction materials is favoring the adoption of MMA-based products.
- Technological: Continuous research and development efforts are leading to the development of advanced manufacturing processes and improved MMA-based products.
D) 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 from the automotive and construction industries.
- Asia-Pacific is expected to be the fastest-growing and dominating region in the Methyl Methacrylate market. The region's rapid urbanization, infrastructure development, and growing automotive industry are contributing to the increased demand for MMA.
- 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.
In conclusion, the global Methyl Methacrylate market is poised for significant growth due to the rising demand from the automotive and construction industries. The market offers opportunities for key players to innovate and develop advanced MMA-based materials that cater to the evolving needs of various industries. As economies continue to recover from the impact of the COVID-19 pandemic, the demand for MMA is expected to rebound, further driving market growth.
The global methyl methacrylate market size is projected to reachUSD23.45millionby the end of 2027.
According to a report published by Fortune Business Insights, titled“Methyl Methacrylate (MMA) Market Size, Share and COVID-19 Impact Analysis, By Application (Chemical Intermediate, Surface Coatings, Emulsion Polymer), By End-Use (Building and Construction, Automotive, Electronics, Paints and Coatings, and Others), and Regional Forecast, 2020-2027,”the market was worthUSD12.57millionin 2019 and will exhibit a CAGR of 8% during the forecast period, 2020-2027.Covid-19 Pandemic has Halted Construction Activities, Subsequently Affecting Manufacturers in this SectorThe recent coronavirus outbreak has created a sense of urgency across the world.
The strict social distancing practices and lockdowns imposed by governments across the world have affected building and construction as well as manufacturing activities.
This product is mainly used in manufacturing of widely used thermoplastics such as ABS, PVC, and acrylics.
Subsequently, growing investments will encourage newer market entrants in the coming years.
Among all factors, the increasing number of company collaborations and mergers, aimed at development of efficient products, has made the highest impact on market growth.Due to the rising demand for methyl methacrylate across the world driven by increasing applications, several large scale companies are looking to adopt standout strategies that will help them acquire a wider consumer base, even in a highly competitive market.
The new Methyl Methacrylate Market report offers a comprehensive study of the current scenario of the market including major market dynamics.
Also, it highlights the in-depth marketing research with the newest trends, drivers, and segments with reference to regional and country.
Further, this report profiles top key players and analyze their market share, strategic development, and other development across the world.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Methyl Methacrylate Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/methyl-methacrylate-market/download-sampleMarket DynamicsRising demand for poly (methyl methacrylate) (PMMA) primarily drives the global methyl methacrylate market.
Poly (methyl methacrylate) (PMMA) consumes more than two-thirds of the world poly (methyl methacrylate) (PMMA) produced.
Rapid urbanization and industrialization influence demand for more significant tons of methyl methacrylate.
