Methyl Methacrylate Market Size is expected to be worth USD 11,114 Million by 2030 at a CAGR of 4.8%, Owing to Rising Demand from the Automotive, Electronics, Construction, and Marine Industries
Acumen Research and Consulting recently published report titled “Methyl Methacrylate Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Aug. 18, 2022 (GLOBE NEWSWIRE) —
BEIJING, August 19, 2022 (GLOBE NEWSWIRE) – The Global Methyl Methacrylate (MMA) Market Size was valued at USD 7,423 Million in 2021 and is predicted to be worth USD 11,114 Million by 2030, with a CAGR of 4.8% from 2022 to 2030.
One of the major factors for the methyl methacrylate (MMA) market is the rising demand for MMA adhesives from the transportation and automotive industries. The major applications in automobile industries and transportation are due to the growing use of advanced technologies for product design and manufacturing, which creates a requirement for bonding techniques that can bond two different materials with extendable installation time. Metal is the most valuable starting material and is projected to continue to influence the MMA market in the coming year. As vehicle production increases, so does the demand for the methyl methacrylate market, which is used in automotive exterior and interior parts such as panels, windshields, trim, bumpers, windows, and fenders. This is due to MMA’s properties such as abrasion resistance, surface hardness, as well as UV resistance.
Methyl Methacrylate (MMA), also widely recognized as methacrylic acid as well as methyl ester, is an organic compound. Methyl methacrylate is widely used in a variety of products, such as adhesives, illuminated light exhibits, safety goggles, exterior paints, vinyl impact modifiers, and much more. MMA is used in a variety of end-use industry sectors, including electronics, building and construction, automotive, aerospace, paints and coatings, aerospace, medical, and several others. The rising demand for MMA from end-use industry segments is expected to propel the worldwide methyl methacrylate market forward.
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|Market||Methyl Methacrylate Market|
|Methyl Methacrylate Market Size 2021||USD 7,423 Million|
|Methyl Methacrylate Market Forecast 2030||USD 11,114 Million|
|Methyl Methacrylate Market CAGR During 2022 – 2030||4.8%|
|Methyl Methacrylate Market Analysis Period||2018 – 2030|
|Methyl Methacrylate Market Base Year||2021|
|Methyl Methacrylate Market Forecast Data||2022 – 2030|
|Segments Covered||By Application, By End-User, And By Region|
|Methyl Methacrylate Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Evonik Industries AG, Huntsman Corporation, Sumitomo Chemicals Co., Ltd., The Dow Chemical Company, Mitsubishi Chemical Corporation, BASF SE, Arkema Group, Akzo Nobel N.V., Asahi Kasei Corporation, and Kolon Industries.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Global Methyl Methacrylate Market Dynamics
The thriving automotive industry may open up a treasure trove of opportunities for growth for the methyl methacrylate market. On a massive scale, methyl methacrylate is used in exterior and interior components such as trim, fenders, windshields, bumpers, as well as trim. The characteristics of methyl methacrylate, like UV resistance, abrasion resistance, and better surface hardness, make it the perfect material for the manufacture of certain automobile components. As a result, the rise in automobile manufacturing is directly proportional to the expansion of the methyl methacrylate market trend. However, during the shutdown imposed by the governments of numerous countries to prevent the spread of the new coronavirus diseases, the rate of growth of the methyl methacrylate market has seen a downward trajectory. All other manufacturing activities were closed, with the exception of excluded manufacturing plants considered essential. This aspect had a negative effect on the expansion of the methyl methacrylate market.
All the same, respective countries’ relaxation of shutdown limitations has allowed manufacturing plants to restart with all required safeguards. As a result, this aspect presents an excellent chance for the methyl methacrylate market to recover the lost ground.
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Growing Demands for Polymethyl Methacrylate Are Expected To Keep Driving the Market Expansion
Polymethyl Methacrylate (PMMA) is a Methyl Methacrylate thermoplastic polymer. Due to its optimized energy and abrasion resistance, it is a strong, clear, as well as a lightweight material that is commonly used as a replacement for glass. Rapid digitalization has boosted the need for appealing advertising methods in the retail sector, resulting in a greater need for polymethyl methacrylate in indications and displays, illumination, and other related applications. Due to its obvious advantages, such as high chemical and thermal resistance, low smoke combustion, durability, and excellent abrasion resistance, the product is used in a variety of industries.
The global methyl methacrylate market is separated into application and end-user, according to Acumen Research and Consulting. In terms of application, the industry has been classified into chemical intermediates, emulsion polymers, surface coating & adhesives, and others. In terms of the end-user, the market is categorized into construction, electronics, automotive, and others. According to the methyl methacrylate market forecast, the automotive segment is expected to grow at a significant pace during the forecasting years. This is due to the high demand for automotive both exteriors and interiors around the globe.
Methyl Methacrylate Market Regional Outlook
The methyl methacrylate market is categorized into five regions: Europe, Asia-Pacific, Latin America, North America, and the Middle East & Africa. According to the methyl methacrylate industry analysis, Asia-Pacific is expected to be the fastest-growing market over the estimating year. This region’s market is primarily fueled by demand from the automobiles and transportation, renewable power, and marine industries. One of the most significant applications of methyl methacrylate in this region is in the transportation and automotive industry sectors. The Asia-Pacific region’s economic growth, especially in emerging economies such as China, India, Malaysia, Indonesia, Thailand, Taiwan, and Vietnam, is contributing to a rise in the number of infrastructure investments, which is expected to drive demand for methyl methacrylate in building and construction applications.
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Methyl Methacrylate Market Players
Some of the prominent methyl methacrylate market companies are BASF SE, Evonik Industries AG, Sumitomo Chemicals Co., Ltd., Mitsubishi Chemical Corporation, Arkema Group, Asahi Kasei Corporation, Huntsman Corporation, The Dow Chemical Company, Akzo Nobel N.V., and Kolon Industries.
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