by Methyl methacrylate, also known as MMA, is a colorless, volatile liquid that is commonly used to produce polymethyl methacrylate (PMMA) plastics and resins. PMMA resins find major applications in automotive and construction industries for production of instruments panels, glazing units and MMA sheets respectively. Some other key uses of MMA include production of paints and architectural coatings.
The 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.
Market Dynamics:
The growth of the methyl methacrylate market is driven by the increasing demand for PMMA from the construction industry. PMMA sheets are gaining widespread acceptance as an alternative to glass in construction applications owing to properties like lightweight, strength and transparency. In addition, PMMA finds extensive usage in automotive front-end modules, instrument panels and rear lamp lenses. Thus, rising vehicle production across the globe is also contributing to the market growth.
The other major driver is the growing demand for MMA based paints and coatings. Unique benefits of MMA based coatings like weather resistance, gloss retention and UV stability has increased its adoption in protective and decorative coatings for buildings, vehicles and industrial applications. However, volatility in raw material prices may hamper the market growth over the forecast period.
Segment Analysis
The methyl methacrylate market is segmented into application and region. Based on application, the automotive interiors segment dominates the market due to the increasing production of vehicles. Methyl methacrylate is used widely in the manufacturing of interior parts like dashboards, door trims, and console boxes.
PEST Analysis
Political: The market is positively impacted by supportive government policies and regulations regarding pollution control and energy efficiency.
Economic: The growing automotive industry and infrastructure development are fueling the demand. However, volatility in oil prices can impact the costs.
Social: Increasing consumer spending on vehicles and construction activities is driving the market.
Technological: Developments in producing bio-based and recyclable methyl methacrylate can provide growth opportunities. Advanced polymerization technologies are also enabling new product development.
Key Takeaways
The global methyl methacrylate market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing automotive production and infrastructure development activities. The market size for 2023 is estimated to be US$ 7,510.7 Mn.
Regional analysis – Asia Pacific dominates the market and is expected to grow the fastest during the forecast period owing to large automotive and construction industries in China, India, Japan, and other developing nations.
Key players – 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 players are focusing on technological advancements and capacity expansions to strengthen their market position.
