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The Methyl Methacrylate Market Size That Wins Business Demand in 2020
The Methyl Methacrylate Market Size That Wins Business Demand in 2020
The global methyl methacrylate market size is projected to reach USD 23.45 million by the end of 2027.

The global methylmethacrylate market size is projected to reach USD 23.45 million by the endof 2027. The increasing applications of the product across diverse industryverticals will emerge in favor of market growth. According to a reportpublished by Fortune Business Insights, titled “Methyl Methacrylate (MMA)Market Size, Share & COVID-19 Impact Analysis, By Application (ChemicalIntermediate, Surface Coatings, Emulsion Polymer), By End-Use (Building &Construction, Automotive, Electronics, Paints & Coatings, and Others), andRegional Forecast, 2020-2027,” the market was worth USD 12.57 million in 2019and will exhibit a CAGR of 8% during the forecast period, 2020-2027.

Methyl methacrylate are chemical polymers that are used asraw materials for applications across numerous industry verticals. The productis mostly used in manufacturing units across diverse industry domains acrossthe world. This product is mainly used in manufacturing of widely usedthermoplastics such as ABS, PVC, and acrylics. The product also findsapplications in steel and is used as a bonding material in stainless steel andaluminium.

The increasing applications of methyl methacrylate in numerousindustrial uses will lead to a huge emphasis on the research and development ofthe product; a factor that will ultimately affect the growth of the overallmarket in a positive manner. Subsequently, growing investments will encouragenewer market entrants in the coming years. Technological advances havecertainly played a huge factor in the growth of the market in recent years andthe relentless advances will continue to influence the growth of the overallmethyl methacrylate market in the coming years.

Increasing Number ofCompany Mergers and Collaborations will Aid Growth

Due to the rising demand for methyl methacrylate across theworld driven by increasing applications, several large scale companies arelooking to adopt standout strategies that will help them acquire a widerconsumer base, even in a highly competitive market. It is observed that companycollaborations are an increasing trend in the global market. In April 2018,SABIC Mitsubishi Chemical Corporation announced that they have formed a jointventure with SAMAC. This collaboration is aimed at the development of newfacilities for PMMA and MMA at Jubail plants.

North America Likelyto Emerge Dominant; Rising use of PMMA in Construction Activities Will AidGrowth

The report analyses the latest market trends across fivemajor regions, including North America, Latin America, Europe, Asia Pacific,and the Middle East and Africa. Among all regions, the market in North Americais projected to emerge dominant in the coming years. The increasing use of PMMAin construction and building activities, especially in the United States, willaid the growth of the regional 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 is projected to rise considerably in thecoming years.  The market in Asia Pacifichas the potential to account for the largest share by 2027, due to the massiveautomotive industry in countries such as India and China. Moreover, governmentsubsidies associated with the use of electric cars will also aid the growth ofthe market in this region.

IndustryDevelopments:

April 2018 – The Saudi Methacrylates Company (SAMAC)announced that it has initiated operation of PMMA and MMA plants in SaudiArabia. The company claims that this commissioned plant is capable of producing40,000 tons of PMMA and 250,000 tons of MMA per annum.

Browse Summary ofthis Research with TOC:

https://www.fortunebusinessinsights.com/methyl-methacrylate-mma-market-103295