July 21, 2024
METHYL METHACRYLATE MARKET

The Growing Construction Industry Projected To Boost The Growth Of Methyl Methacrylate Market

The global Methyl Methacrylate Market is estimated to be valued at Us$ 8264.78 Mn or 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 Overview:

Methyl methacrylate, also known as MMA, is a transparent thermoplastic monomer used in the manufacturing of Plexiglas and other acrylic sheet products. It is a clear, colorless liquid that provides excellent resistance to impact loading, weathering, and various chemicals. MMA monomers are used to produce polymethyl methacrylate plastics through polymerization. These acrylic plastics are commonly used in construction industries for making windows, doors, light fixtures and translucent to transparent wall barriers. It is also used in automotive industry to manufacture headlights, taillights, rear-view mirrors and other interior parts that require heat resistance and transparency.

Market key trends:

One of the major trends fueling the growth of methyl methacrylate market is increasing construction activities around the world especially in emerging economies. There is a growing demand for lightweight and durable construction materials to develop energy efficient building structures. Methyl methacrylate based plastics provide excellent transparency, weather resistance and insulation properties making them suitable for various construction applications. Another key trend is rising automotive production across major countries to cater to the increasing demand for private vehicles. This is positively impacting the adoption of methyl methacrylate monomers and polymers in automotive industries. Ongoing technological advancements to develop improved MMA based materials with higher strength and temperature resistance properties is also expected to support market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the capital requirements are high due to the need for production facilities and R&D.

Bargaining power of buyers: The bargaining power of buyers is low as there are many established players in the market supplying standardized products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as some key raw materials are supplied by a limited number of suppliers globally.

Threat of new substitutes: The threat of new substitutes is low as methyl methacrylate has few viable substitutes for its applications in various end-use industries. Competitive rivalry: Strong.

Key Takeaways

The Global Methyl Methacrylate Market Size is expected to reach US$ 8264.78 million by 2023, exhibiting a CAGR of 4.9% during the forecast period. The growth is attributed to its increasing demand from various end-use industries such as automotive, building and construction. Regionally, Asia Pacific dominates the market and is expected to grow at the fastest rate during the forecast period. China, India and Southeast Asian countries are major consumers of methyl methacrylate in the region.

Key players operating in the methyl methacrylate market are BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Akzo Nobel N.V., Sumitomo Chemical Company Limited, Chi Mei Corporation, Huntsman Corporation, Kolon Industries, Karl Jungbecker GmbH & Co. KG, Dhalop Chemicals and Saudi Methacrylate Company. BASF SE is the global leader in the production of methyl methacrylate. The company produces methyl methacrylate at its site in Ludwigshafen, Germany and Texas City, United States.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it