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.
Global Methyl Methacrylate (MMA) market was valued at US$ 7,510.7 Million in 2021 in terms of revenue, exhibiting a CAGR of 4.9% during the forecast period (2022 to 2030).
Drivers
Increasing demand for MMA adhesives from the automotive & transportation industry is one of the major drivers for the MMA Adhesives market. Automotive & transportation is the largest application because of the increasing use of advanced materials for component manufacturing, which develops a need for bonding technology that can bond dissimilar materials with adjustable assembly time. Metal is the largest substrate, in terms of value, and is expected to dominate the market in the future. 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.
Methyl methacrylate is use for the production of paints and coatings for many end-use industries. The large number of paints, coatings and inks, used by automotive coatings, architectural and decorative coatings industrial coatings and many others in the construction sector which has made from methyl methacrylate. The growing market of the coating industry is driving the market for Methyl Methacrylate (MMA) around the globe.
Among region, Asia Pacific accounted for the largest market share in the global methyl methacrylate market in 2021, 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) report in November 2021, the motor vehicle production in Asia Pacific was around 78.77 million units in 2020, which increased to 82.68 million units in 2021.
Figure 1. Global Methyl Methacrylate (MMA) Market Value Share (%), By Region, 2021
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Market Restraints
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.
Methyl Methacrylate Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | 7,510.7 Mn |
Historical Data for: | 2017 to 2021 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 4.9% | Forecast Period: | 2022-2030 |
Geographies covered : |
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Segments covered: |
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Companies covered : |
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. |
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Restraints & Challenges: |
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Market Trends
The booming automotive sector may unlock a treasure of growth opportunities for the methyl methacrylate market. Methyl methacrylate is used on a large scale in interior and exterior parts such as windshields, trim, fenders, bumpers, and trim. The properties of methyl methacrylate such as abrasion resistance, UV resistance, and good surface hardness make them an ideal fit for the use in the production of certain parts of the vehicles. Thus, the increase in the production of automobiles is directly proportional to the growth of the methyl methacrylate market.
Figure 2. Global Methyl Methacrylate (MMA) Market Value Share (%), By Application, 2021
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Among application, the polymethyl methacrylate (PMMA) segment accounted for the largest market share in 2021, 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.
Recent Developments
Competitive Section
Major 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.
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