Methyl Methacrylate (MMA) Market Size (2023 – 2030)

Global Methyl Methacrylate (MMA) Market is estimated to be worth USD 15.13 Billion in 2022 and is projected to reach a value of USD 29.93 Billion by 2030, growing at a CAGR of 8.9% during the forecast period 2023-2030.

The market for methyl methacrylate (MMA) has significantly grown and developed over time. MMA is an essential monomer that is used to make a variety of polymers and copolymers. It is a white liquid with no odor. Because of its versatility and wide range of applications, the market has expanded. The primary driver propelling the MMA industry is the demand for polymethyl methacrylate (PMMA), also referred to as acrylic glass or acrylic. PMMA is a transparent thermoplastic with good optical clarity and weather resistance that is used in a wide range of industries, including construction, electronics, automotive, and signage. The arising usage of PMMA in various sectors, particularly in developing nations, has fuelled the need for MMA.

The demand for PMMA and MMA-based copolymers across several industries has resulted in a large increase in the market for methyl methacrylate (MMA). Construction, automotive, and electronics-related industries have made the biggest contributions to the market increase. Environmental rules and shifting raw material pricing are still problems, though. To overcome these concerns, businesses are investing in R&D and forging strategic collaborations. The continued growth of end-use industries and technological advancements are expected to cause the MMA market to rise gradually in the coming years. 

Global Methyl Methacrylate (MMA) Market Drivers:

Growing Demand for MMA in the Automotive and Transportation Industry is fuelling market growth.

The global methyl methacrylate (MMA) market is being driven by the rising demand for MMA in the automotive and transportation industries. MMA is widely used to create durable and lightweight automotive parts like interior trim and taillights. The transition of the automobile industry to electric vehicles (EVs) and the arising emphasis on fuel efficiency have raised the demand for lightweight materials, particularly MMA-based polymers. These materials have excellent characteristics such as robust impact resistance, weather-ability, and optical clarity, making them ideal for automotive applications. Additionally, due to their outstanding durability, corrosion resistance, and beauty, MMA-based resins are frequently used in transportation coatings. As the transportation sector—which now includes the railway, aerospace, and marine sectors have grown, so has the demand for MMA-based coatings. The need for MMA will continue to be propelled by the transportation industry's arising emphasis on increasing fuel efficiency, lowering emissions, and raising safety regulations, which will support market expansion.

Growing Demand for MMA-Based Polymers in Construction and Infrastructure Development is propelling market growth.

The rising demand for MMA-based polymers in the construction and infrastructure development industry is another significant market factor for the worldwide methyl methacrylate (MMA) market. Transparency, weather resistance, impact strength, and thermal stability are just a few of the excellent qualities that MMA-based polymers, such as methyl methacrylate-butadiene-styrene (MBS) and polymethyl methacrylate (PMMA), offer, making them perfect for a variety of building applications. MMA-based polymers are frequently utilized in the building sector to make translucent sheets, skylights, façade panels, and noise barriers. These materials are ideal for both interior and outdoor applications because they offer great light transmission, high durability, resistance to UV radiation, and harsh weather conditions. The market for MMA-based polymers is being driven by expanding construction activity, particularly in emerging nations, as well as expanding urbanization and infrastructure development projects.

Global Methyl Methacrylate (MMA) Market Challenges:

The price volatility of raw materials is one of the main market challenges facing the worldwide methyl methacrylate (MMA) market. Acetone and methanol are the raw ingredients used to make MMA, and their costs might fluctuate for a variety of reasons, including supply and demand dynamics, geopolitical events, and shifts in manufacturing capacity. The production costs for MMA producers can be considerably impacted by abrupt rises or unpredictably changing raw material prices, which can have an impact on their profitability and pricing strategies. For market participants, controlling cost constraints, preserving competitiveness, and establishing a reliable supply chain for MMA production are challenges posed by this unpredictability.

Global Methyl Methacrylate (MMA) Market Opportunities:

The growing demand for environmentally friendly and sustainable materials represents one significant business potential in the worldwide methyl methacrylate (MMA) industry. Alternatives to conventional polymers that are based on biomaterials and are sustainable are becoming more and more necessary as environmental impact is becoming a global concern. The opportunity to research and create bio-based MMA, obtained from sustainable sources like biomass or waste materials, is available to MMA manufacturers. Producers of MMA can link themselves with sustainability objectives and appeal to environmentally concerned companies and customers by taking advantage of this market demand. 

COVID-19 Impact on Global Methyl Methacrylate (MMA) Market:

The effects of COVID-19 on the worldwide methyl methacrylate (MMA) market were mixed. The pandemic caused production, transportation, and supply chain hiccups, which reduced demand for MMA-based goods. Due to lockdown measures and economic uncertainty, industries like automotive, construction, and electronics three major consumers of MMA saw reduced activity and decreasing demand. Positively, the pandemic brought to light the significance of MMA-based goods in critical industries including healthcare and protective equipment production. A brief spike in demand for MMA was caused by the rise in demand for acrylic-based barriers, shields, and medical equipment, opening up chances for the market during the health crisis.

Global Methyl Methacrylate (MMA) Market Recent Developments:

• In April 2022, to strengthen its MMA business, which includes methyl methacrylate (MMA) monomer and acrylic resin (PMMA), Sumitomo Chemical is forming a new MMA Division. The division will be in charge of developing the MMA business's global marketing and sales strategies. Acrylic resin is made from MMA monomer, which is utilized in paints, coatings, automobile parts, electrical appliances, and other products. Particularly in emerging market nations, the demand for acrylic resin and MMA monomer is anticipated to increase gradually at a rate of about 3% annually. The future attraction of acrylic resin is also increased by the possibility of chemical recycling.
• In February 2022, Mitsubishi Chemical Corp. and Mitsubishi Chemical Methacrylates devised a manufacturing process for plant-based MMA (methyl methacrylate) monomers, and a pilot facility is currently being constructed. The companies are using three methods to create "Sustainable MMA": incorporating plant-derived materials into the current manufacturing process; molecularly recycling old acrylic resin; and directly synthesizing MMA monomers from plant sources using fermentation-based synthesis. This development illustrates their resource commitment- and ecologically responsible MMA monomer production methods.

METHYL METHACRYLATE(MMA) MARKET REPORT COVERAGE:

Global Methyl Methacrylate (MMA) Market Segmentation:

Global Methyl Methacrylate (MMA) Market Segmentation: By Type

• Isobutylene method
• Acetone Cyanohydrin Method (ACH)
• Ethylene Method
• Others

The isobutylene technique, the acetone cyanohydrin method (ACH), the ethylene method, and other methods can be used to segment the global methyl methacrylate (MMA) market. With a sizeable market share, the isobutylene technique is currently the largest sector. In this process, isobutylene and formaldehyde react to create MMA. It is preferred because of how affordable it is and how much it can produce. The acetone cyanohydrin technique (ACH), however, is the market category that is expanding the fastest. To create MMA, this process uses acetone cyanohydrin as a main raw ingredient and several reaction stages. Due to its environmental friendliness and the rising demand for biodegradable and sustainable products, the ACH process is gaining popularity. Regulations encouraging the use of renewable resources in chemical manufacturing and the growing emphasis on environmental sustainability are the main factors driving the growth of this market.

Global Methyl Methacrylate (MMA) Market Segmentation: By Application

• Chemical intermediates
• Surface coating & adhesives
• Emulsion polymers
• Others

The chemical intermediates segment is estimated to dominate the market in 2022. Most of the methyl methacrylate (MMA) produced is used as a chemical raw material in the manufacturing of various polymers such as styrene methyl methacrylate (SMMA), polymethyl methacrylate (PMMA), and methacrylate acrylonitrile butadiene styrene (MABS). More than half of the MMA produced is used to make molding, cast acrylic sheets, as well as extrusion compounds.

Global Methyl Methacrylate (MMA) Market Segmentation: By End-Use Industry

• Automotive
• Construction
• Healthcare
• Electronics
• Others

The automotive, construction, healthcare, electronics, and other application categories can be used to segment the global methyl methacrylate (MMA) market. Construction commands the biggest market share due to the extensive usage of MMA in products including windows, skylights, and architectural glazing because of its transparency, UV resistance, and durability. Due to the growing use of MMA-based products in automotive lighting applications because of their high transparency, impact resistance, and lightweight qualities, the automotive sector also accounts for a sizeable portion of the market. The need for MMA-based goods in display screens, touch panels, and light guides for electronic devices like smartphones, tablets, and televisions is driving the fastest-growing sector, which is the electronics industry. The expansion of the MMA market in this niche is driven by the expansion of the consumer electronics sector and ongoing technological advancements. 

Global Methyl Methacrylate (MMA) Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Region-wise market segments for methyl methacrylate (MMA) include North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Due to the fast industrialization, urbanization, and rise in the construction and automotive industries in nations like China, India, and Southeast Asian countries, Asia Pacific now has the greatest market share in the MMA sector. The region also gains from the accessibility of raw materials and the affordability of production. Asia Pacific is predicted to be the region with the quickest growth, propelled by the region's developing manufacturing and construction sectors as well as the increased demand for MMA-based goods across a variety of industries. Due to the presence of important end-use industries and technical breakthroughs, North America and Europe also considerably contribute to the market, while South America, the Middle East, and Africa have lower but expanding market shares. 

Global Methyl Methacrylate (MMA) Market Key Players:

1. Parson Adhesive
2. 3M
3. Henkel
4. Permabond
5. Illinois Tool Works
6. Cyberbond
7. Huntsman Corporation
8. The Dow Chemical Company
9. BASF SE
10. Kolon Industries