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.
Methyl methacrylate is an organic compound with the chemical formula CH2=C(CH3) COOCH3. These organic compounds are colorless liquids, used in the manufacturing of resins and plastics. They are irritating to the skin, eyes, and mucous membrane in humans. Methyl methacrylate is used for number of purposes such as used in the impregnation of the concrete to make it water-repellent. It also has the uses in different fields of medicine and dentistry to make prosthetic devices and as a ceramic filler or cement.
Global Methyl Methacrylate Market DRO’s
Methyl Methacrylate Market Report Coverage:
|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.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Methyl methacrylate, also recognized as methacrylic acid as well as methyl ester, is a monomer. The rising demand for methyl methacrylate all over a wide range of end-user industries, including automotive, medical, construction, paints and coatings, electronics, aerospace, and others, may open up promising opportunities for growth during the forecast timeframe. Methyl methacrylate is being used in the production of paints and coatings, adhesives and sealants, floor polish finishes, liquid waterproofing compounds, concrete admixture binders, transportation assembly applications, digital signboards, tail lights, instrument panels, as well as electronic displays for use in the automotive, construction, and electronics end-use industries. Moreover, increasing demand for polymethyl methacrylate (PMMA) in end-use industries like electronics, construction, automotive, and medicine is expected to propel the methyl methacrylate market growth throughout the forecast period.
The increasing demand of methyl methacrylate in automotive sector is one of the major factors driving the growth of the market. The growing demand for the automobiles, better vehicle design capabilities, and rising importance of lightweight and emission control vehicles are key factors driving the market in automotive industry. Moreover, increasing importance of lightweight vehicles with less CO2 emissions and better fuel efficiency is expected to drive the market. In near future, increasing demand for the better alternative for the development of the automotive and construction activities has fuelled the growth of the market.
Methyl Methacrylate Market Segmentation
The global methyl methacrylate market segmentation based on the application, end-user and geographical region.
Market by Application
In terms of application, the chemical intermediates segment is expected to dominate the market in 2021. Production companies use most of the methyl methacrylate (MMA) produced as a chemical raw material in the manufacturing of various polymers such as styrene methyl methacrylate (SMMA), polymethyl methacrylate (PMMA), and methacrylate acrylonitrile butadiene styrene (MABS). Over half of the MMA produced is used to make molding, cast acrylic sheets, as well as extrusion compounds.
Market by End-User
According to the methyl methacrylate market forecast, the automotive segment will grow at the fastest rate in the market over the next few years. This is because MMA is becoming more widely used as an advanced technology for bonding composite materials to metals and metals to metallic components. MMA has the advantage of attaching materials with varying strengths and coe?cients of temperature increases. It equitably spreads the load across the whole bonding area. MMA requires little to no surface coating while providing superior toughness, excellent fatigue, endurance, as well as impact resistance.
Methyl Methacrylate Market Regional Outlook
The Middle East & Africa (MEA)
Growing Electronics and Automotive Sector in North America, Drives Regional Market Expansion
North America is expected to dominate the market during the forecast period 2018-2026 owing to the increasing industrial sector and rising demand for the methyl methacrylate from various industries. Increasing the electronics sector is one of the major factors propelling the growth of the market in this region.
Europe is estimated to hold the major share during the forecasted period for the market growth due to the increasing automotive industries. Moreover, the rising need for automobiles and better vehicle designs are some of the other factors boosting the demand for the market in this region.
Asia Pacific is accounted to be the fastest growing region owing to the strong industrial base especially in countries such as China and Japan. The LAMEA is expected to hold the least share due to the poor economic condition and less development of infrastructure. The Middle East holds the major share in the market due to well developed construction sector and well developed economies.
Methyl Methacrylate Market Players
Some of the prominent global methyl methacrylate market companies are 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.
The global methyl methacrylate market size in 2021 was accounted to be USD 7,423 Million.
The projected CAGR of methyl methacrylate during the analysis period of 2022 to 2030 is 4.8%.
The prominent players of the global methyl methacrylate market involve 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.
Europe held the dominating share for methyl methacrylate during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for methyl methacrylate during the analysis period of 2022 to 2030.
Increased demand for lightweight and low-carbon-emitting automotives and growing demand from the electronics, construction, and marine industries are the prominent factors that fuel the growth of global methyl methacrylate market.
Based on application, chemical intermediates segment held the maximum share for methyl methacrylate market in 2021.