The global Methyl Methacrylate Market is estimated to be valued at Us$ 8264.78 Mn 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 is an ester of methacrylic acid and is primarily used in the production of plastics and polymers. It provides unique properties such as transparency, clarity and durability to various products used across industries like construction, automotive, lighting fixtures and medical industries.
Market key trends:
One of the key trends driving the growth of methyl methacrylate market is its increasing usage in the manufacturing of 5G network infrastructure. As 5G network deployment is accelerating globally, there is a rising demand for materials that can withstand high frequencies and provide superior electrical insulation properties. Methyl methacrylate based polymers meet these requirements and are increasingly being utilized in the manufacturing of antennas, semiconductor components and circuit boards used in 5G infrastructure. These polymers provide properties like heat resistance, moisture resistance and transparency needed for sleek designs. Their usage is projected to surge substantially over the coming years with continued build-out of 5G networks worldwide.
Segment Analysis
The global methyl methacrylate market is segmented into utility and application. By utility, the methyl methacrylate market is bifurcated into surface coatings, plastic additives, chemical intermediates. Among these, the surface coatings segment dominates the global market and accounted for over 35% of the total share in 2023 owing to the wide application of methyl methacrylate resin in various surface coatings such as automotive topcoats and architectural coatings.
Key Takeaways
The global methyl methacrylate market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing demand from the automotive and construction industries.
Regional analysis
Asia Pacific dominated the methyl methacrylate market in 2023 and is estimated to continue its dominance during the forecast period. This is attributed to the increasing automotive production and brisk construction activities in major economies such as China and India.
Key players
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.
The global methyl methacrylate market size is projected to reachUSD23.45millionby the end of 2027.
According to a report published by Fortune Business Insights, titled“Methyl Methacrylate (MMA) Market Size, Share and COVID-19 Impact Analysis, By Application (Chemical Intermediate, Surface Coatings, Emulsion Polymer), By End-Use (Building and Construction, Automotive, Electronics, Paints and Coatings, and Others), and Regional Forecast, 2020-2027,”the market was worthUSD12.57millionin 2019 and will exhibit a CAGR of 8% during the forecast period, 2020-2027.Covid-19 Pandemic has Halted Construction Activities, Subsequently Affecting Manufacturers in this SectorThe recent coronavirus outbreak has created a sense of urgency across the world.
The strict social distancing practices and lockdowns imposed by governments across the world have affected building and construction as well as manufacturing activities.
This product is mainly used in manufacturing of widely used thermoplastics such as ABS, PVC, and acrylics.
Subsequently, growing investments will encourage newer market entrants in the coming years.
Among all factors, the increasing number of company collaborations and mergers, aimed at development of efficient products, has made the highest impact on market growth.Due to the rising demand for methyl methacrylate across the world driven by increasing applications, several large scale companies are looking to adopt standout strategies that will help them acquire a wider consumer base, even in a highly competitive market.
The new Methyl Methacrylate Market report offers a comprehensive study of the current scenario of the market including major market dynamics.
Also, it highlights the in-depth marketing research with the newest trends, drivers, and segments with reference to regional and country.
Further, this report profiles top key players and analyze their market share, strategic development, and other development across the world.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Methyl Methacrylate Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/methyl-methacrylate-market/download-sampleMarket DynamicsRising demand for poly (methyl methacrylate) (PMMA) primarily drives the global methyl methacrylate market.
Poly (methyl methacrylate) (PMMA) consumes more than two-thirds of the world poly (methyl methacrylate) (PMMA) produced.
Rapid urbanization and industrialization influence demand for more significant tons of methyl methacrylate.
