Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Methyl Methacrylate (MMA) Market – Insights
Methyl Methacrylate (MMA) is a monomer and is also known as methacrylic acid or methyl ester. Major applications of methyl methacrylate include, vinyl impact modifiers, illuminated light displays, adhesives, safety gazing, exterior paints, and others. MMA finds applications in various end-use industries such as building & construction, electronics, automotive, aerospace, paints & coating, medical, and others. Increasing demand for MMA from end-use industries is expected to propel growth of the global methyl methacrylate market.
Among applications, the polymethyl methacrylate (PMMA) segment accounted for the largest market share in 2018, in terms of revenue. PMMA is a transparent thermoplastic synthesized by polymerization of methyl methacrylate. It is also known as acrylic glass. PMMA is extensively used in the manufacturing of various automotive parts and components, door entry strips, automotive glazing, indicator light covers, and decorative trims. This is owing to key features of PMMA such as light weight, high scratch resistance, durability, gloss, rigidity, stability, and strength.
Other applications of methyl methacrylate include panels and lighting displays, outdoor lighting fixtures, plumbing fixtures and components, PVC impact modifiers, metal & foil coatings, floor polishes, sealants, inks, packaging, textile finishes, industrial finishes, and shatterproof glass replacements.
Among end-use industry, the building & construction segment accounted for significant market revenue share in the global methyl methacrylate market in 2018. This is owing to significant growth in the building & construction sector. For instance, the residential construction sector was valued at US$ 515.9 billion in 2017, which was witnessed a 10.6 % increase over 2016 in the U.S. according to the data provided by the U.S. Census Bureau. Building & construction industry uses MMA for making products such as windows, domes, and port-holes. Therefore, increasing uses of MMA in the building & construction sector is expected to contribute to growth of the methyl methacrylate market over the forecast period.
However, adverse effects of MMA on human health are expected to hinder growth of the market. According to the European Chemicals Agency, methyl methacrylate is reported to cause irritation in skin, eyes, and mucous membranes in humans. Adverse respiratory effects are reported in humans following acute and chronic exposures to MMA. Respiratory symptoms were observed following acute exposures including tightening of chest, dyspnea, coughing, and wheezing amongst others. Neurological symptoms such as cluster headaches have also been reported in humans following acute exposure to MMA. This scenario is expected to hamper growth of the methyl methacrylate market over the forecast period.
Figure 1. Global Methyl Methacrylate (MMA) Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
The global methyl methacrylate market was valued at US$ 7,191.1 million in 2018, and is expected to register a CAGR of 4.5% in terms of revenue over the forecast period (2019 – 2027), to reach US$ 10,640.2 million by 2027.
Asia Pacific accounted for the largest market share in the global methyl methacrylate market in 2018, owing to increasing demand for electronics and automobiles supported by increasing population and disposable income of the populace in the region. According to the International Organization for Motor Vehicles Manufacturers (OICA), the motor vehicle production in Asia Pacific was around 47.78 million units in 2015, which increased to 52.45 million units in 2018.
Increasing vehicle production leads to high demand for methyl methacrylate as it is used in automotive interior and exterior parts such as windows, windshields, panels, trim, bumpers, and fenders. This is owing to properties of MMA such as good surface hardness, abrasion resistance, and UV resistance.
Figure 2. Global Methyl Methacrylate (MMA) Market Share, By End-use Industry, 2018
Source: Coherent Market Insights, 2018-19
South America is expected to witness the fastest growth in the global methyl methacrylate over the forecast period. This is owing to increasing demand for electronics and automobiles and significant growth of the construction industry in Brazil and Argentina. According to U.S. International Trade Administration, Brazil has the largest automotive market and is the largest producer of automobiles in South America, with sales of over 2 million units in 2018.
Major players operating in the 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, Asahi Kasei Corporation, and DowDuPont. Inc.
Furthermore, key players in the market are focused on adopting strategies such as technological development and collaborations in order to strengthen their footprint in the global methyl methacrylate market. For instance, In October 2017, Evonik Industries AG is focusing on development of a new process for producing methyl methacrylate (MMA) for specialty applications such as contact lenses and adhesives. The new technology is called Lima and is currently being tested at a pilot plant in Darmstadt, which is expected to boost sales of the company in the near future.