Methyl Methacrylate (MMA) Market by Application (Chemical Intermediates, Surface Coating & Adhesives, and Emulsion Polymers), End Use (Construction, Automotive, Electronics, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032

Methyl Methacrylate (MMA) Overview

Methyl methacrylate (MMA) is an ester of methacrylic acid. MMA is a colorless fluid with a sharp odor. It is also known by other names such as methacrylic corrosive methyl ester, MMA, or simply acrylic monomer. The primary use of MMA lies in the production of polymethyl methacrylate (PMMA), commonly known as acrylic or acrylic glass. PMMA finds extensive use in various industries, including construction, automotive, lighting, signage, displays, and medical devices, owing to its exceptional optical clarity, impact resistance, weather ability, and ease of fabrication. Moreover, MMA is a reactive monomer in synthesizing other polymers and copolymers, such as poly (methyl methacrylate-co-ethylene glycol methacrylate), employed in dental materials. Furthermore, it is a raw material for producing special chemicals, tacky, and coatings. However, handling methyl methacrylate with care is crucial, as it is combustible and improper exposure can lead to skin disturbance, dermatitis, and respiratory issues.

Global Methyl Methacrylate (MMA) Market Analysis

The global methyl methacrylate (MMA) market size was $13,205.67 million in 2022 and is predicted to grow with a CAGR of 8.2%, by generating a revenue of $28,632.70 million by 2032.

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

The COVID-19 pandemic had a significant impact on the global methyl methacrylate (MMA) market. The supply chain for MMA faced disruptions as lockdowns, travel restrictions, and trade disruptions were implemented to control the virus spread. Manufacturing facilities operated at reduced capacities or were temporarily shut down, leading to a decline in MMA production. The demand for MMA-based products also decreased as industries such as automotive, construction, and electronics experienced slowdowns or temporary closures. Price volatility was observed in the MMA market due to the imbalances in supply and demand. Consumer behavior and preferences changed during the pandemic, affecting the demand patterns within the MMA market.

However, with the gradual reopening of economies and resumption of industries, the MMA market started to recover. The pace and extent of recovery varied across regions and industries. The long-term impact of the pandemic on the MMA market will depend on factors such as economic recovery, vaccination rates, and government policies.

Demand from End-Use Industries to Drive the Market Growth

The methyl methacrylate (MMA) market is driven by several key factors. Firstly, the demand for MMA is tied to its use in different end-use industries such as automotive, construction, electronics, and medical. Growth in these sectors will directly impact the demand for MMA. For example, MMA is used in the automotive industry to produce exterior and interior parts, coatings, tacky, and sealants. Second, economic growth plays a significant role in driving the MMA market. As economies expand, there is a greater need for infrastructure development, housing, and consumer goods, all of which require MMA-based products. The rapid industrialization of emerging markets further contributes to the growth of the MMA market. Technological advancements in MMA production processes and applications also drive market growth. Improved manufacturing techniques and the development of high-performance materials with enhanced properties expand the application possibilities of MMA. Additionally, the growing focus on sustainability and eco-friendliness has led to the development of bio-based and renewable sources of MMA, attracting environmentally conscious consumers and industries. Regional growth, investments, government initiatives, and shifts in consumer preferences and lifestyle trends also influence the demand for MMA-based products.

To know more about global methyl methacrylate (MMA) market drivers, get in touch with our analysts here.

Lack of Raw Material Availability to Restrain the Market Growth

The MMA market faces challenges due to the limited availability and high cost of raw materials needed for its production. Another issue is the strict regulations on air pollution control, specifically concerning certain chemicals used in MMA, can affect the usage and growth of MMA in various industries. Additionally, the price of MMA can also fluctuate greatly depending on material costs, people's demands, etc. Other materials that can perform similar to MMA, such as lightweight plastics, may also compete in the market. If the economy is not doing well, less MMA may be needed for things like buildings and cars. Concerns about safety when working with MMA may lead to the choice of other materials instead. Regulations governing the import and export of goods between countries can also affect the availability and cost of MMA. All these factors combined could slow the growth of the MMA market.

Shift Toward Bio-based MMA to Drive Excellent Opportunities

The methyl methacrylate (MMA) market has promising opportunities for growth. One such opportunity is the rising demand for polymethyl methacrylate (PMMA), a transparent material used in various industries like automotive, electronics, construction, medical and healthcare. People want lightweight and eco-friendly options, driving the demand for PMMA and subsequently MMA. The construction industry's growth also creates opportunities as MMA is used in coatings, adhesives, and sealants. Increasing construction projects leads to a higher demand for MMA-based products. The automotive sector is another area for potential growth, with MMA coatings used on car parts, especially as lightweight and fuel-efficient vehicles gain popularity. Additionally, MMA is being explored for medical devices, lenses, and electronics. Growing regions like Asia-Pacific, North America, and Europe contribute to the MMA market's expansion. Lastly, the shift toward bio-based MMA due to environmental concerns provides future prospects. Considering factors like raw materials, regulations, prices, and competition is crucial for identifying the best opportunities in the MMA market.

To know more about global methyl methacrylate (MMA) market opportunities, get in touch with our analysts here.

Global Methyl Methacrylate (MMA) Market Share, by Application 2022

The chemical intermediates sub-segment accounted for the highest market share in 2022. Chemical intermediates have a significant effect on the global methyl methacrylate (MMA) market, dominating its growth and improvement. These intermediates play an important part in giving the crude materials required for the generation of MMA, such as methanol and acetone. Modern and improved MMA production methods using advanced manufacturing techniques and chemical intermediates have increased production efficiency and cost efficiency. These advances include the discovery of better catalysts, improved reaction conditions, and innovative processing methods. This has resulted in more stable raw material availability, optimized costs and created a more competitive MMA market. Moreover, these chemical intermediates enabled the development of tailored derivatives with different chemical structures, expanding the range of applications of MMA in various industries.

Global Methyl Methacrylate (MMA) Market Size, by End Use, 2022

The construction sub-segment accounted for the highest market share in 2022. The global market for methyl methacrylate (MMA) is primarily dominated by the construction industry. In architecture, MMA is used in many ways. For example, it is used to make acrylic glass (PMMA) for windows, skylights and architectural glass. MMA-based adhesives and sealants are also commonly used on construction sites due to their strong adhesion and fast curing. MMA is important in the production of MMA-based floorings and coatings, which are known for their durability and resilience. The construction industry's focus on sustainability encourages the use of MMA as it offers energy-efficient options and reduces waste. Moreover, the growth of global infrastructure projects has increased the demand for MMA in the construction industry. Other industries also contribute to his MMA market, but construction plays a key role in its dominance.

Global Methyl Methacrylate (MMA) Market Analysis, by Region, 2022

The North America methyl methacrylate (MMA) market size generated the highest revenue in 2022. North America dominates the global MMA market due to strong manufacturing capabilities and technological advancements. The region’s well-established chemical production facilities give it a competitive edge in production capacity. Industries like automotive, construction, electronics, and healthcare drive the demand for MMA in North America. The construction sector, in particular, relies on MMA for applications such as windows and doors. North American companies also lead in R&D, promoting innovation and the introduction of advanced MMA products

Competitive Scenario in the Global Methyl Methacrylate (MMA) Market

Merger and acquisition are common strategies followed by major market players. One of the key players in the industry is the Saudi Methacrylates Company (SAMAC) (Saudi Arabia). April 2018 – Saudi Methacrylate Company (SAMAC) announced that it has started operations of PMMA and MMA plants in Saudi Arabia. According to the company, the contract plant can produce 40,000 tons of PMMA and 250,000 tons of MMA annually.

Some of the leading global methyl methacrylate (MMA) market players are 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), and Mitsubishi Chemical Corporation (Japan).