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Methyl Methacrylate Market Segmented by Polymethyl Methacrylate with Chemical Synthesis, Recycling and Reclaiming Production Type, applied in PMMA, Adhesives and Sealants, Industrial Paints and Coatings, Inks in Acetone, Ethylene, Methanol, Isobutylene
The methyl methacrylate (MMA) report covers information on market trends, market volume (Tons) and value (US$ Mn), growth factors, competition landscape and recent developments in the global methyl methacrylate market for the forecast period 2018-2028.
The global methyl methacrylate market is estimated to hold a volume of over 5.7 Mn tons over the forecast period while growing at a CAGR of 3.4%. Rising demand for methyl methacrylate for the production of polymethyl methacrylate (PMMA) and many other polymers is projected to drive the growth of the methyl methacrylate Market during the forecast period.
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A large portion of methyl methacrylate across the globe is used for the production of polymethyl Methacrylate (PMMA) (approximately 50% of global production). polymethyl Methacrylate is extensively used in the automotive industry to produce a variety of parts and components, such as external, rear, and indicator light covers; decorative trims; ambient lighting; door entry strips; automotive glazing, etc. Some of the key features of PMMA, such as light weight, high scratch resistance, less stress birefringence, among others, make PMMA the most ideal resin for the Automotive industry.
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Owing to this application of methyl methacrylate, the industrial Paints and Coatings segment is expected to grow at 4.1% CAGR, in terms of volume, over the forecast period.
The rapid growth of plastic waste production has the potential to adversely affect the environment. In 2017, the global plastic waste production reached 4.9 billion tons. Only less than 10% of this plastic waste was recycled. Regulatory authorities are taking various steps to limit environmental damage because of plastic materials, most of which are non-biodegradable.
For instance, governments of many countries are enacting prohibitions on the sale and use of certain plastic products, such as polythene bags. Also, various countries are making stringent rules and regulation for the disposal of plastic waste and are encouraging as well as providing policy support for development of plastic recycling technologies & infrastructure.
In 2018, the European Commission started its new project “MMAtwo” with Dutch plastic recycling company Heathland B.V. and 12 other partners from six different countries representing all the stages of the PMMA value chain. For this, the 13 partners have mobilized Euro 8.9 Mn, including a Euro 6.6 Mn funding from European Union Horizon.
The aim of this project is to produce at least 12,250 tons of recycled methyl methacrylate from the supply of 27,000 tons feedstock PMMA scraps and end-of-life products. All such government initiatives across the globe for using plastic waste as feedstock to generate recycled methyl methacrylate are expected to drive the global methyl methacrylate market during the forecast period.
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Production and Consumption of methyl methacrylate in China and South Korea is anticipated to grow at a significant growth rate during the forecast period owing to increasing consumption of methyl methacrylate in the production of automotive parts and components and smart phone screens, among many other electronics parts, in the region.
China and South Korea are major exporters of methyl methacrylate in the Asia Pacific, Latin America and other regions. Collectively, in terms of volume, China and South Korea is anticipated to grow and become 1.9x at the end of the forecast period.
Globally, the methyl methacrylate market is highly consolidated with top players in the market holding double digit market share as of 2017. The top ten market players are expected to collectively hold between 80% - 85% market share in the global methyl methacrylate market.
In past few years, the methyl methacrylate market has witnessed many market developments from the competition perspective. Expansion of the production capacity, acquisitions and collaborations are some of the key strategies adopted by market participants to expand and sustain in the global methyl methacrylate market.
Some of the key manufacturers covered in this study on the global methyl methacrylate market are DowDuPont Inc., BASF SE, Mitsubishi Chemical Holding Corporation, Arkema, Evonik industries AG, S.K. Panchal and Co., LG Chem, Monómeros del Vallés S.L., NIPPON SHOKUBAI CO., LTD., Sumitomo Corporation, Shanghai Huayi Group Corp. Ltd., Heilongjiang Zhongmeng Longxin Chemical Co., Ltd. and Kowa India Pvt. Ltd.
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