Methyl methacrylate, commonly known as MMA, is an important organic compound primarily used as a monomer in the production of acrylic resins and plastics. MMA finds widespread applications in various end-use industries such as automotive, construction, electronics, aviation, and signs & displays due to its excellent properties including transparency, light stability and weather resistance. The growing demand for lightweight and durable materials from automotive and construction industries has propelled the consumption of MMA based plastics.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapidly increasing demand for MMA from the automotive industry remains the key trend driving the methyl methacrylate market. MMA based plastics such as PMMA (Polymethyl methacrylate) find extensive application in automotive interior and exterior parts due to advantages such as strength, durability and scratch resistance. The light weight and shatter resistance properties of PMMA make it an ideal material for automotive applications. Furthermore, stringent regulations regarding fuel efficiency and emission levels have prompted OEMs to increase the use of plastics in vehicles to reduce the overall weight. This has significantly propelled the demand for MMA over the past decade. Growing automotive production across regions such as Asia Pacific and Latin America is anticipated to further support the consumption of MMA based plastics during the forecast period.
SWOT Analysis
- Strength: Methyl methacrylate is used to produce a variety of chemicals used in various end-use industries. It is the raw material used in the production of poly methyl methacrylate which has a wide range of applications.
- Weakness: Strict regulations regarding VOC emissions during MMA production. Exposure to methyl methacrylate fumes can cause adverse health effects like headache, dizziness, and eye and respiratory tract irritation in high concentrations.
- Opportunity: Increasing applications in various industries like automotive, construction, and electronics are expected to drive the market. Also, growing demand for PMMA in sign and display applications provides growth opportunities.
- Threats: Volatility in raw material prices especially of acetone and derivatives can hamper market growth. Growing environmental concerns related to MMA emissions during production.
Key Takeaways
The global methyl methacrylate market is expected to witness high growth over the forecast period of 2023 to 2030. The Asia Pacific region currently dominates the global market and is expected to grow at the fastest rate.
Regional analysis: The Asia Pacific region accounts for the largest share of the global MMA market. This is attributed to increasing demand from the construction and automotive industries in China, India, Japan and Southeast Asian countries. Rapid industrialization and growing end-use industries are driving the Asian MMA market.
Key players: Key players operating in the methyl methacrylate market are BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Akkzo Nobel N.V., Sumitomo Chemical Company Limited, Chi Mei Corporation, Huntsman Corporation, Kolon Industries, Karl Jungbecker GmbH & Co. KG, and Saudi Methacrylate Company. BASF SE is one of the largest producers of MMA globally with production facilities in Europe and Asia.
