The global methyl methacrylate (MMA) market was valued at US$ 7,191.1 million in 2018, according to Methyl Methacrylate (MMA) Market Report, by Application (Polymethyl Methacrylate (PMMA), Surface Coating, and Others), by End-use Industry (Building & Construction, Automotive, Electronics, Aerospace, Paints & Coatings, Medical, and Others), and by Region (North America, South America, Asia Pacific, Europe, and Middle East & Africa).
The global methyl methacrylate (MMA) market is projected to reach US$ 10,640.2 million by 2027, exhibiting a CAGR of 4.5% during the forecast period (2019-2027). Factors such as emergence of bio-based MMA products coupled with increasing demand for MMA in the automotive, construction, aerospace, and electronics industries is expected to boost growth of the methyl methacrylate market over the forecast period. Furthermore, the demand for specialty MMA products that include optical grade plexiglass, compact disk plexiglass, and radiation shielding plexiglass is witnessing significant increase as MMA is a better solution to transparent glass. PMMA liquid membrane roofing systems are used in a wide range of applications including plaza decks, garden roofs, small roofs, and irregular shaped roofs. According to the Institution of Civil Engineers, the global construction market is expected to reach US$ 8 trillion by 2030, driven by China, the U.S., and India. Therefore, significant growth in the construction sector is expected to increase demand for MMA-based products in the construction industry. However, adverse effects of MMA on human health is a major factor restraining growth of the market. MMA is highly flammable. Long-term or repeated exposure to MMA may cause skin sensitization and asthma and may have effects on the nervous system. Methyl methacrylate monomer may cause transient nausea when inhaled in large quantities, possibly by central depression of gastric motor function. These factors are expected to negatively affect adoption of MMA-based products, which in turn is expected to hamper growth of the market over the forecast period.
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Key Takeaways of the Market:
- Based on application, the methyl methacrylate market is segregated into polymethyl methacrylate (PMMA), surface coatings, and others. Others segment comprises methacrylic acid (MAA), methyl methacrylate-butadiene-styrene (MBS), ethyl methacrylate (EMA), butyl methacrylate (BMA), and 2-ethyl hexyl methacrylate (2-EHMA).
- In 2018, the polymethyl methacrylate segment held dominant position in the market, in terms of revenue. Increasing demand for PMMA is driven by its high usage as a lightweight or shatter-resistant alternative to glass in products including shatterproof windows, illuminated signs, skylights, and aircraft canopies. Major applications of PMMA include, transparent glass substitute, daylight redirection, medical implants, furniture, and automotive glazing. Major advantages offered by PMMA are strength & toughness, transparent, lightweight, rigidity, stability, gloss, and abrasion resistance.
- Among end-use industry, the building & construction segment accounted for the largest revenue share in 2018, in the global methyl methacrylate market. MMA is used in construction industry for industrial flooring, road making systems, and water proofing. Increasing building construction activities leads to high demand for methyl methacrylate. For instance, according to the U.S. Census Bureau, the residential construction sector in the U.S. was valued at US$ 515.9 billion in 2017, and witnessed a 10.6% increase over 2016. Furthermore, according to National Bureau of Statistics, investment on residential properties increased by 6.4 % year-on-year in 2016 from 2015 in China.
- In 2018, Asia Pacific accounted for the largest revenue share of around 50.0% in the methyl methacrylate market. Major factors driving growth of market in the region include increasing demand for MMA from the electronics and automotive industry in countries such as China, Japan, India, and South Korea that house some of the major electronic companies such as Huawei Technologies Co. Ltd., Lenovo Group Ltd., and OnePlus.
- Major players operating in the global methyl methacrylate (MMA) market include, DowDuPont Inc., BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Akzo Nobel N.V., Sumitomo Chemical Company Limited, Chi Mei Corporation, and Asahi Kasei Corporation
- Key players in the market are focused on increasing research and development (R&D) investment in order to enhance their product offerings. For instance, The Dow Chemical Company’s R&D expenses reached US$ 1,747 Mn in 2015, compared to US$ 1,647 Mn in 2014.