The Methyl Methacrylate Market is estimated to be valued at Us$ 8264.78 Mn in 2023 and is expected to exhibit a CAGR Of 4.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Methyl methacrylate (MMA) is a colorless organic compound. It is used in the production of polymethyl methacrylate (PMMA), which finds applications in automotive, construction, and electronics industries. PMMA is used to produce Plexiglas, which is used to manufacture windshields, LED lighting, indoor and outdoor signs, and car light covers. MMA also finds usage in the production of paints, sealants, and adhesives.
Market Dynamics:
The increasing demand from automotive and construction industries is a key driver of the market. PMMA has desirable properties like transparency, lightweight, weather resistance, durability and impact resistance. Its usage in automotive applications like side rear windows, instrument panels, and light covers is growing owing to adoption of lightweight materials in vehicles. Additionally, weather resistance of PMMA makes it suitable for indoor and outdoor architectural applications like glazing materials. Moreover, MMA also finds increasing demand from electronics industry owing to properties desirable for LED lights, LCD screens. However, volatility in raw material prices remains a challenge. Stringent regulations regarding emissions and occupational exposure may also hamper market growth.
SWOT Analysis
Strength:
- High demand from construction industry for usage in flooring, windows, and piping applications.
- Wide availability of raw materials like propene and methanol.
- Established manufacturing infrastructure reducing production costs.
Weakness:
- Volatile raw material prices affecting overall production costs.
- Strict environmental regulations regarding VOC emissions during production.
Opportunity:
- Growing automotive industry increasing demand for automotive plastics and paints applications.
- Emerging economies improving infrastructure spending positively impacting the construction sector.
Threats:
- Availability of substitutes like methacrylic acid may reduce demand.
- Fluctuations in crude oil prices impacting raw material prices.
Key Takeaways
The Global Methyl Methacrylate Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing demand from the construction and automotive industries.
Regional analysis - Asia Pacific dominates the methyl methacrylate market, accounting for around 45% of the overall shares in 2023. This is attributed to robust construction activities and rapidly growing automotive production in countries like China and India. North America and Europe are other major consumers due to high plastic demand from various end-use industries.
Key players analysis- Key players operating in the methyl methacrylate market are 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. These players are involved in capacity expansions and new product launches to strengthen their market position.
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