PMMA or polymethyl methacrylate is a clear strong plastic commonly used in construction materials such as windows, doors, light fittings and signage due to its excellent optical qualities and good weather resistance. It is lightweight and easy to thermoform.
The global Methyl Methacrylate Market is estimated to be valued at US$ 7,510.7 Mn or 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 key trends:
One of the key trends in the methyl methacrylate market is the increasing demand for PMMA from the automotive industry. PMMA is gaining popularity as a decorative and functional material in automotive interiors and exteriors owing to its excellent aesthetic properties, light weight, resistance to yellowing and weathering. It is used to make instrument panels, in-car displays, exterior auto trim parts and rear lights of vehicles. Another major trend is the growing usage of PMMA as an economical substitute for acrylic sheet in various applications such as signs and displays, sanitary ware, construction and architectural designs. Its good optical clarity, weather resistance and formability make it a suitable replacement for acrylic at lower costs.
Strength: Methyl methacrylate (MMA) has wide applications in various industries such as automotive, building & construction, electronics, medical devices, and others which drives its market growth. It is a versatile monomer that can be processed using different polymerization techniques.
Weakness: Stringent regulations regarding the production and use of MMA can hamper market growth. MMA is highly flammable in nature which necessitates safety compliance during transportation and storage.
Opportunity: Increasing application of PMMA (polymethyl methacrylate) in medical implants and devices is a major growth opportunity. Growing use of MMA-based polymers in new applications such as optical fibers and light guide plates also provides scope for market expansion.
Threats: Volatility in raw material prices affects the overall production cost of MMA. Easy availability of substitutes such as polycarbonate may threaten the demand for MMA.
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.
Asia Pacific dominates the global MMA market and is expected to maintain its lead over the forecast period due to rapid industrialization and infrastructure development in major economies like China and India. Europe and North America are also significant consumers driven by the building & construction and automotive industries in the regions.
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. Expansion of production facilities especially in developing nations by these companies would further assist market growth.