The global methyl methacrylatemarket size is projected to reach USD 23.45 million by the end of 2027.The increasing applications of the product across diverse industry verticalswill emerge in favor of market growth. According to a report published byFortune Business Insights, titled “Methyl Methacrylate (MMA) Market Size, Share& Industry Analysis, By Application (Chemical Intermediate, SurfaceCoatings, Emulsion Polymer), By End-Use (Building & Construction,Automotive, Electronics, Paints & Coatings, and Others), and RegionalForecast, 2020-2027,” the market was worth USD 12.57 million in 2019 and willexhibit a CAGR of 8% during the forecast period, 2020-2027.
List ofcompanies profiled in the report:
• Arkema (France)
• Sumitomo Chemical Company (Japan)
• Dhalop Chemicals (India)
• Kuraray Group (Japan)
• Saudi Methacrylates Company (SAMAC)(Saudi Arabia)
• The Dow Chemical Company (U.S.)
• Asahi Kasei Corporation (Japan)
• Huntsman Corporation (U.S.)
• Lucite International (UK)
• Mitsubishi Chemical Corporation(Japan)
• Other Key Players
Covid-19 Pandemic has Halted Construction Activities, SubsequentlyAffecting Manufacturers in this Sector
The recentcoronavirus outbreak has created a sense of urgency across the world. Accountingto the severity and rapid spread of the disease, several efforts are beingtaken to minimize the spread. The strict social distancing practises andlockdowns imposed by governments across the world have affected building andconstruction as well as manufacturing activities. This, in turn, has had anadverse effect on the growth of the methyl methacrylate market.
Methylmethacrylate are chemical polymers that are used as raw materials forapplications across numerous industry verticals. The product is mostly used inmanufacturing units across diverse industry domains across the world. Thisproduct is mainly used in manufacturing of widely used thermoplastics such asABS, PVC, and acrylics. The product also finds applications in steel and isused as a bonding material in stainless steel and aluminium. The increasingapplications of methyl methacrylate in numerous industrial uses will lead to ahuge emphasis on the research and development of the product; a factor thatwill ultimately affect the growth of the overall market in a positive manner.Subsequently, growing investments will encourage newer market entrants in thecoming years. Technological advances have certainly played a huge factor in thegrowth of the market in recent years and the relentless advances will continueto influence the growth of the overall methyl methacrylate market in the comingyears.
Increasing Number ofCompany Mergers and Collaborations will Aid Growth
The reportencompasses several factors that have contributed to the growth of the marketin recent years. Among all factors, the increasing number of companycollaborations and mergers, aimed at development of efficient products, hasmade the highest impact on market growth. Due to the rising demand for methyl methacrylate across the world drivenby increasing applications, several large scale companies are looking to adoptstandout strategies that will help them acquire a wider consumer base, even ina highly competitive market. It is observed that company collaborations are anincreasing trend in the global market. In April 2018, SABIC Mitsubishi ChemicalCorporation announced that they have formed a joint venture with SAMAC. Thiscollaboration is aimed at the development of new facilities for PMMA and MMA atJubail plants.
North America Likely to EmergeDominant; Rising use of PMMA in Construction Activities Will Aid Growth
The report analysesthe latest market trends across five major regions, including North America,Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among allregions, the market in North America is projected to emerge dominant in thecoming years. The increasing use of PMMA in construction and buildingactivities, especially in the United States, will aid the growth of theregional market. The regional market is slightly consolidated in nature. Theincreasing investment in the research and development of passenger cars willlead to a wider product adoption. As of 2019, the market in North America wasworth 2.11 billion and this value isprojected to rise considerably in the coming years. The market in Asia Pacific has the potentialto account for the largest share by 2027, due to the massive automotiveindustry in countries such as India and China. Moreover, government subsidiesassociated with the use of electric cars will also aid the growth of the marketin this region.
Industry Developments:
April 2018 – The Saudi Methacrylates Company(SAMAC) announced that it has initiated operation of PMMA and MMA plants inSaudi Arabia. The company claimsthat this commissioned plant is capable of producing 40,000 tons of PMMA and250,000 tons of MMA per annum.
Information Source:
https://www.fortunebusinessinsights.com/methyl-methacrylate-mma-market-103295
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