Global Methyl Methacrylate Market Share Is Likely To Reach At A CAGR Value Of Around 8.21% By 2030

17-Jan-2023 | Facts and Factors

According to Facts and Factors, the global methyl methacrylate market size was worth around USD 14 billion in 2021 and is predicted to grow to around USD 30 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.21% between 2022 and 2030.

Methyl methacrylate (MMA) is also called methyl ester or methacrylic acid. It is a monomer and key building block for various acrylic-based polymers. MMA has found wide application in exterior paints, glazing, adhesives, vinyl impact modifiers, and illuminated light displays to name a few industrial sectors. It acts as a foundational element for many types of acrylate polymers and is essentially an important comonomer in adhesives, paints, coatings, and resin formulations. When used with free radical-initiated copolymers, it can elevate the glass transition temperature (Tg) value and helps to improve the overall durability, transparency, strength, abrasion resistance, and ultraviolet (UV) protection in the final product derivative.

Browse the full “Methyl Methacrylate Market Size, Share, Growth Analysis Report By Application (Constructions, Automotive, Electronics, Healthcare, and Others), By Type (Ethylene Method, Acetone Cyanohydrin Method, Isobutylene Method, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/methyl-methacrylate-market

During the polymerization process, various acrylic copolymers can be used with MMA making it a highly versatile monomer. Some of the feeds include acrylic acid, 2-ethyl acrylate, styrene, butyl acrylate, and butadiene. The studies for the reactivity ratios of MMA with free-radical are extensive and well documented in the science community. MMA is used in various interior and exterior solutions and hence is a critical monomer in the chemical industry.

The global methyl methacrylate market is projected to grow due to it creating highly durable and UV-protected shatterproof replacements for glass, panels and lightning displays, and plumbing fixtures and their components. One segment that contributed significantly to revenue generation is the use of MMA for safety glazing which refers to windows or glass reinforced with added material for protection against damage. The most basic example of safety glazing is tempered glass which is used in various industries like electronics and automobile sectors. Safety glazing is purposely done to create a structure that can withstand high winds and the objects that become projectile influenced by the wind strength.

The use of MMA to manufacture engineering plastics is the leading cause of global market growth.The automobile sector is one of the largest consumers of plastic which is used in different parts of vehicles. The use of poly methyl methacrylate (PMAA), derived from MMA, is projected to increase as the demand for lightweight vehicles grows. Increasing the use of MMA in operational procedures, especially in complete knee-replacement processes and total hip replacement could lead to high CAGR.

The global market could face growth restrictions due to the significant toxicity associated with the use of MMA leading to the global market players shifting focus toward less-toxic or non-harmful substitutes of MMA. A recent study was conducted to understand how effective sustainable bio-based isobornyl methacrylate is in comparison to traditional commercially produced MMA to be used for the production of latex pressure-sensitive adhesive.

The growing use in the paints and coatings sector could provide market growth opportunities while relatively poor heat resistance may challenge market growth.

Segmental Overview

The global methyl methacrylate market is segmented based on application, type, and region

Based on application, the global market divisions are construction, automotive, electronics, healthcare, and others. In 2021, the highest demand for methyl methacrylate was from the automotive industry where the compound is used to produce PMAA which could potentially replace glass and plastics used in the manufacturing of vehicles. Currently, the material is used extensively as taillight covers along with opaque add-ons for vehicle body parts.

In addition, the material is gaining popularity for interior applications as well like ambient lighting, decorative trim, and door entry strips. The breaking strength for PMAA is 30 times higher than normal mineral glass. The global market could also register a high CAGR in the construction segment due to the increasing use of coating material.

Based on type, the global market divisions are ethylene methods, acetone cyanohydrin method, isobutylene method, and others. Currently, the most widely used method is the acetone cyanohydrin method. In this process, hydrogen cyanide and acetone are condensed to form the resultant compound. The hydrolysis of cyanohydrin occurs in the presence of sulfuric acid. By the end of the process, cyanohydrin is converted into sulfur ester of methacrylamide.

Even though the process is one of the most widely used methods, it also leads to the production of ammonium sulfate, as a by-product in large quantities. The economics associated with this method is highly beneficial and cost-effective. As per estimates, more than 3 billion kilograms of MAA is produced annually using the acetone cyanohydrin method.

Regional Overview

Asia-Pacific is projected to register the highest CAGR in the global methyl methacrylate market owing to the increasing production of the compound in China, South Korea, India, and other regions. The higher demand across regional industries is likely to propel compound production in the coming years. End-user verticals like paints & coatings, and the automotive sector are growing tremendously in these areas driven by factors like population growth, high foreign investment, growth in the domestic economy, and increasing government support. Europe is anticipated to grow at a considerable CAGR due to the presence of key market players and growing production.

Report Scope

Competitive Landscape

The global methyl methacrylate market is led by players like Cyberbond, Henkel, Sumitomo Chemical Company Limited, Huntsman Corporation, Asahi Kasei Corporation, The Dow Chemical Company, Kuraray Group, and others.

Recent Developments:

• In February 2022, Mitsubishi Chemical Methacrylates, a subsidy of Mitsubishi Chemical Corporation developed a new production technology for MMA
• In October 2022, Mitsubishi Chemical Corporation announced that it requires more time to decide about its final decision to invest in the MMA plant in the US

The global methyl methacrylate market is segmented as follows:

By Application

• Constructions
• Automotive
• Electronics
• Healthcare
• Others

By Type

• Ethylene Method
• Acetone Cyanohydrin Method
• Isobutylene Method
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:
Facts & Factors
A 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1 (347) 690-0211
Email: [email protected]
Web: https://www.fnfresearch.com