Methyl Methacrylate Market Size, Share & COVID-19 Impact Analysis, By Application (Chemical Intermediate, Surface Coatings, Emulsion Polymer), By End-Use (Building & Construction, Automotive, Electronics, Paints & Coatings, and Others), and Regional Forecast, 2020-2027

The global methyl methacrylate market size was valued at USD 12.57 billion in 2019 and is projected to reach USD 23.45 billion by 2027, exhibiting a CAGR of 8% during the forecast period.

Methacrylates are used as building blocks to make a varied range of polymers. These polymers are used as components or raw materials in manufacturing a wide range of objects or formulations. MMA is widely used to produce methacrylate monomers. The product is used to manufacture PMMA (polymethyl methacrylate), consuming around 75% of the MMA or in combination with other monomers to get polymer series. MMA is generally used with other thermoplastics such as ABS, PVC, and acrylics. It is also used for bonding metals including aluminium, stainless steel, and steel. MMA is primarily used for manufacturing floor polish finishes, binders for concrete admixture, adhesives & sealants, paints & coatings, liquid waterproofing materials, instrument panels, and electronic displays used in automotive, electronics, and construction industries.

The coronavirus outbreak has had a severe and swift impact on the automotive industry which in turn will impact this market. The ongoing global lockdown has disrupted the Chinese automotive parts export and large-scale manufacturing Europe as it is the main production hub and closing of various assembly plants in the U.S. However, a focus on capital expenditure and support from the government for financial recovery will help overcome the crisis and creates new opportunities in the automotive sector.

LATEST TRENDS

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Raw Materials used to Manufacture MMA can be Reused and Recycled

The sulphuric acid used in the process of acetone cyanohydrin (ACH) for methyl methacrylate manufacturing can be reused and regenerated or recycled in the same method. Alternatively, the used sulphuric acid can be transformed into ammonium sulphate, a useful fertilizer, where the sulphuric acid can be used to produce two products. When heated, PMMA is split into its original monomer, MMA. This method is called depolymerization, which is used to recycle PMMA industrially and manufacture MMA that can be utilized again. They regenerated from PMMA has an extremely high purity level. Also, PMMA can be melted, extruded, and reground into new products. Thus, the recycled or regenerated material can be used again for reducing waste and thus save raw materials.

DRIVING FACTORS

Expansion of Building & Construction Industry Will Foster Growth of the Market

The increasing methyl methacrylate use in the construction industry is driving the recovery of the building & construction. Rapid urbanization, growing population, and rise in purchasing parity are the key factors driving the construction market. The global construction market is likely to surpass USD 8 trillion by 2025, which in turn creates a massive demand for adhesives; subsequently aiding the growth of the overall market. In the construction industry, MMA adhesives are used in windows, canopies, architectural components, panels, doors, and others owing to its durability and long-lasting properties. Acrylic materials based on methacrylate monomers are widely used in the construction sector. They serve as a binder for the concrete admixture, industrial flooring, reactive road making, liquid waterproofing compounds, and concrete repair compounds on account of its easy process and curing capability at low temperature. Generally, acrylics have good scratch resistance, rigidity, dimensional stability, and optical clarity. Acrylics do not deteriorate in sunlight, have good adhesion, are easy to cut, and easy to form.

PMMA extruded sheets are used in dome manufacturing. They offer UV resistance, surface hardness, and high transparency. They also facilitate light transmission and provide good heating insulation, which makes them a preferable choice in building greenhouses.

RESTRAINING FACTORS

Health-Related Problems Associated with MMA Are Likely to Hinder the Market Growth

MMA is used in the production of copolymers and polymers that are exclusively used in manufacturing clear plastics, paper coating, printing inks, dental restoration, surgical implants, acrylic sheets and moulds, extrusion powders, floor finishes, latex paints, and adhesive cements. The United States Environmental Protection Agency (EPA) claims that MMA is not likely to be carcinogenic to humans. It causes moderate skin irritation and slight eye irritation. Inhalation of mist or vapor can cause lung, throat, and nose irritation and can be fatal in high concentrations. Repeated or prolonged overexposure may affect the liver, kidneys, lung, nervous system, and gastrointestinal tract. MMA is considered to be a reactive chemical that must be handled and stored with care, where it is stable under recommended storage conditions. Exposure to methyl methacrylate can cause irritability, dizziness, reduced memory, and difficulty with concentration.

SEGMENTATION

By Application Analysis

Chemical Intermediate is Likely to Hold the Major Share in the Market

In terms of application, the market is segmented into chemical intermediate, surface coatings, and emulsion polymer. The majority of the product manufactured gets consumed as a chemical intermediate for producing PMMA. PMMA is used in construction, automotive, and electronics industries due to properties such as high chemical and thermal resistance, low smoke emission, excellent abrasion resistance, and durability.

Growing demand for sustainable polymers, coupled with favorable government policies, has led to a rise in the demand for bio-based raw materials. Increasing demand for lightweight vehicles to obtain fuel efficiency is likely to drive the PMMA market in the automotive sector. Expansion of construction businesses in India, China, Germany, and Brazil due to a rise in per capita disposable income along with government investment in the infrastructure activities is likely to augment the methyl methacrylate market share.

By End-Use Analysis

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Buildings & Construction May Account for the Major Share During the Forecast Period

In terms of end-use, the market is segmented into buildings & construction, automotive, electronics, paints & coatings, and others. Building and construction accounted for the major share in 2019 and will continue its dominance during the forecast timeframe. Acrylic concrete is ideally made from high molecular weight methacrylate (HMWM) or MMA. PMMA is used for constructing commercial and residential aquariums. The COVID-19 pandemic is likely to hamper the businesses of construction and real estate industries.

Rising vehicle production has led to an increase in the demand for mmm or methyl methacrylate as it is used in the automotive exterior and interior parts such as windshields, fenders, windows, bumpers, and trims. Growing demand for automobile, with improved vehicle design aesthetics along with the rising importance of emission control and lightweight vehicles, are the key attributes fueling the market in the automotive industry. PMMA is used in various automotive components and parts manufacturing such as automotive glazing, decorative trims, indicator light covers, and door entry strips owing to its lightweight, durability, stability, strength, rigidity, and high scratch resistance properties.

Coating requires excellent durability, film-formation, gloss, and adhesion properties that are well formulated with methacrylate resins. Acrylic paint contains methacrylate products that include commercial, industrial, and residential paints, and powder coatings. Methacrylic monomers properties allow coating polymer producers to design end-use coatings that are applied with less emission of VOCs. Paints and coatings are easily applied whole procuring durable and long surface coatings due to its high resiliency to sunlight and other climatic conditions.

REGIONAL INSIGHTS

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The North America market size was USD 2.11 billion in 2019 owing to the increasing consumption of PMMA in the construction and automotive industries. The PMMA market is consolidated in the region and is characterized by the favorable regulation by EPA and FDA regarding the non-carcinogenic nature of MMA. Growing R&D activities by major producers along with increasing passenger car production in the U.S. will also contribute to methyl methacrylate industry growth.

Asia Pacific may account for the major market share up to 2027. Rise in disposable income in India and China along with lucrative investment by major automotive companies to boost the production capacity and sale of cars shall augment the regional industry growth. Also, countries like Indonesia and Malaysia are witnessing strong growth in automotive production owing to new production plant setup and investment from the government shall propel the industry growth.

Increasing construction spending along with a rise in per capita income has augmented the purchase of luxury cars may drive the European MMA market. Also, some of the PMMA manufacturers are expanding their businesses to cater to the growth in the automotive market. Companies are investing in the development and innovation of cars using environment-friendly and efficient materials that are augmenting regional growth.

KEY INDUSTRY PLAYERS

Companies Forming Strategic Alliances is Likely to Remain the Key Business Strategy for the Key Players

Key market players operating are The Dow Chemical Company, Arkema, Sumitomo Chemical Company, Kuraray Group, Asahi Kasei Corporation, and Others. Companies are focusing on environment friendly, efficient, stable feedstock supply, and low capital cost to gain profitability and expand their business globally. Also, most of the companies are forming strategic partnerships and introducing new products in the production line which shall foster the overall business profitability.

For example, in September 2017, Evonik entered a strategic partnership with NRC Group and Melrob for the distribution of the company’s MMA monomers. This partnership will strengthen Evonik’s position as a solution provider for methacrylates.

LIST OF KEY COMPANIES PROFILED:

• 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

KEY INDUSTRY DEVELOPMENTS:

• In February 2020 – Mitsubishi Chemical plans to set up MMA plant on the U.S. Gulf Coast by 2024. The plant would have a capacity of about 250,000 to 350,000 tons per year. The plant will be based on the Alpha Technology, which derives methyl methacrylate from methanol, carbon monoxide, and ethylene.

REPORT COVERAGE

The methyl methacrylate market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product.

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Besides this, the report offers insights into the market dynamics and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

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