Methyl Methacrylate Market Growth Accelerated by Expanding Applications in Automobiles

 

Methyl methacrylate (MMA) is an organic compound that possesses thermoplastic and thermosetting properties. It is used as a raw material in the manufacture of acrylic glass. MMA is also used as an additive in lacquers, synthetic detergents and pharmaceuticals. As an additive, it improves material strength, surface hardness, transparency and durability. It is primarily used in the production of plastics and resins used in automobiles, construction, electronics and advertising boards. The global methyl methacrylate market is estimated to be valued at US$ 7,510.7 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The expanding applications of MMA in the automotive industry is one of the key trends driving market growth. The compound is primarily used in the production of polymethyl methacrylate (PMMA), which is extensively employed in automotive exteriors and interiors on account of its excellent optical properties, durability and toughness. MMA improves PMMA's scratch and chemical resistance and transparency. The rising demand for lightweight and durable materials from the automotive industry to improve fuel efficiency is promoting the adoption of MMA-based PMMA plastics over conventional materials. Innovation in polymer engineering is also enabling the development of new PMMA applications such as rear lights, front grills and instrument panels in automobiles.

Segment Analysis

The global Methyl Methacrylate market is dominated by the construction sub segment. Methyl Methacrylate finds wide application in construction industry for manufacturing PMMA sheets which are used for making signboards, advertisement boards, interior lighting etc. due to its excellent optical clarity and weather resistance properties. Methyl Methacrylate is also used to make plastic components for buildings. The rising construction activities across the globe especially in Asia Pacific region is driving the demand for Methyl Methacrylate from construction sub segment.

Key Takeaways

The global Methyl Methacrylate market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: Asia Pacific is fastest growing as well as dominating region in the global Methyl Methacrylate market. China and India are expected to account for major share of the regional market owing to presence of huge downstream industries and rapidly expanding construction activities.

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. The major players in the market are focussing on expanding their production capacities in Asia Pacific region to leverage increasing demand from emerging economies. These companies are also investing in R&D activities to develop advanced grades of Methyl Methacrylate for niche applications.