Methyl Methacrylate Market Forecast Expanding Worldwide by 2027; Fortune Business Insights
The global methyl methacrylate
market size is projected to reach
USD 23.45 million by the end of 2027. The increasing
applications of the product across diverse industry verticals will emerge in
favor of market growth. According to a report published by Fortune Business
Insights, titled “Methyl Methacrylate (MMA) Market Size, Share & Industry
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
market was worth USD 12.57 million in 2019 and will exhibit
a CAGR of 8% during the forecast period, 2020-2027.
Industry
Developments:
April 2018 – The Saudi
Methacrylates Company (SAMAC) announced that it has initiated operation of PMMA
and MMA plants in Saudi Arabia. The company claims that this
commissioned plant is capable of producing 40,000 tons of PMMA and 250,000 tons
of MMA per annum. x
Covid-19 Pandemic has Halted Construction Activities, Subsequently
Affecting Manufacturers in this Sector
The recent coronavirus outbreak has created a
sense of urgency across the world. Accounting to the severity and rapid spread
of the disease, several efforts are being taken to minimize the spread. The
strict social distancing practises and lockdowns imposed by governments across
the world have affected building and construction as well as manufacturing
activities. This, in turn, has had an adverse effect on the growth of the
methyl methacrylate market.
Methyl methacrylate are chemical polymers that
are used as raw materials for applications across numerous industry verticals.
The product is mostly used in manufacturing units across diverse industry
domains across the world. This product is mainly used in manufacturing of widely
used thermoplastics such as ABS, PVC, and acrylics. The product also finds
applications in steel and is used as a bonding material in stainless steel and
aluminium. The increasing applications of methyl methacrylate in numerous
industrial uses will lead to a huge emphasis on the research and development of
the product; a factor that will ultimately affect the growth of the overall
market in a positive manner. Subsequently, growing investments will encourage
newer market entrants in the coming years. Technological advances have
certainly played a huge factor in the growth of the market in recent years and
the relentless advances will continue to influence the growth of the overall
methyl methacrylate market in the coming years.
List of companies profiled in the report:
• 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
Increasing Number of Company Mergers and
Collaborations will Aid Growth
The report encompasses several factors that
have contributed to the growth of the market in recent 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. It is
observed that company collaborations are an increasing trend in the global
market. In April 2018, SABIC Mitsubishi Chemical Corporation announced that
they have formed a joint venture with SAMAC. This collaboration is aimed at the
development of new facilities for PMMA and MMA at Jubail plants.
North America Likely to Emerge Dominant; Rising
use of PMMA in Construction Activities Will Aid Growth
The report analyses the latest market trends
across five major regions, including North America, Latin America, Europe, Asia
Pacific, and the Middle East and Africa. Among all regions, the market in North
America is projected to emerge dominant in the coming years. The increasing use
of PMMA in construction and building activities, especially in the United
States, will aid the growth of the regional market. The regional market is
slightly consolidated in nature. The increasing investment in the research and
development of passenger cars will lead to a wider product adoption. As of
2019, the market in North America was worth 2.11
billion and this value
is projected to rise considerably in the coming years. The market in Asia Pacific has the potential
to account for the largest share by 2027, due to the massive automotive
industry in countries such as India and China. Moreover, government subsidies
associated with the use of electric cars will also aid the growth of the market
in this region.
https://www.fortunebusinessinsights.com/methyl-methacrylate-mma-market-103295
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