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The next 10 years to see the Methyl Methacrylate Market riding on new-fangled chemical compositions at a CAGR of 3.4%
The report reveals that the application of methyl methacrylate for the production of PMMA is projected to account for a major share of consumption (~50%) during the forecast period. The global methyl methacrylate market is pegged at approximately 3.9 Million Tons in terms of volume at present and is expected to expand with a CAGR of 3.4% to reach ~5.7 Million Tons by the end of 2028.
Methyl Methacrylate is an essential substance for PMMA and many other polymers and thus, the global methyl methacrylate market is projected to register healthy growth over the forecast period.
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On the basis of production type, the methyl methacrylate market can be segmented into chemical synthesis and recycling & reclaiming MMA monomer. Chemical synthesis MMA is widely used around the globe in the production of paints and coatings, PMMA or acrylic sheet, adhesives & sealants in various end-use industries. While recycling and reclaiming MMA monomers are made from recyclable industrial PMMA or end-of-life products, the chemical synthesis segment of the global methyl methacrylate market is estimated to account for more than 94% of the total absolute $ opportunity created over the forecast period.
Methyl methacrylate finds various applications in the production of a variety of products. The largest application of methyl methacrylate is in the production of PMMA, which accounts for approximately 50% of the consumption. PMMA is used in various end-use industries such as automotive and electronics for the manufacturing of automotive parts and components (windshields, lighting display and door strip, among others) and displays of electronic products (smartphone screens). The second largest application of methyl methacrylate is the production of a variety of paints, coatings, and inks such as automotive coatings, architectural and decorative paints and coatings. The industrial paints and coatings application of the methyl methacrylate market is estimated to account for more than 42% of the total incremental $ opportunity created over the forecast period.
A number of methods can be used for the production of methyl methacrylate - acetone cyanohydrin (ACH) based, ethylene based, acetone, HCN and methanol based and methyl formate based, amongst others. Manufacturers such as Evonik Industries are investing in commercializing alternative production methods to reduce the harmful effects of cyanide and the overall operation and production costs.
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Geographically, East Asia is anticipated to be a lucrative region in the global methyl methacrylate market during the forecast period. The region is estimated to account for a prominent share in the global methyl methacrylate market and is expected to account for approximately 44% of the total absolute $ opportunity in the market over the forecast period. This can be attributed to the growing demand for PMMA from construction and automotive industries.
Moreover, a small share of the demand is also expected to stem from textile and leather, paper and pulp, processing industries. North America and Europe are also projected to hold a significant share in the global methyl methacrylate market, owing to the rising use of plastic components to meet vehicle regulations such as reducing the weight of vehicle and emissions. The Middle East and Africa are estimated to account for a minimal share in the global methyl methacrylate market over the forecast period.
Some of the key market participants in the global methyl methacrylate market are DowDuPont Inc., BASF SE, Mitsubishi Chemical Holding Corporation, Arkema, Evonik Industries AG, S.K. Panchal and Co., LG Chem, Monómeros del Vallés S.L., NIPPON SHOKUBAI CO., LTD., Sumitomo Corporation, Shanghai Huayi Group Corp. Ltd., Heilongjiang Zhongmeng Longxin Chemical Co., Ltd. and Kowa India Pvt. Ltd.
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