This PMR study offers an eight-year analysis and forecast for the global methyl methacrylate market between 2018 and 2026. The methyl methacrylate market study considers 2017 as the base year with market values estimated for 2018 and a forecast developed for the duration of 2019 to 2026. The Compound Average Growth Rate (CAGR) has been represented from 2018 to 2026. The Methyl Methacrylate study covers various perspectives of the market, including market dynamics, value chain and pricing analysis, competition analysis, regional and segmental growth comparison and macro-economic and industry growth analysis, along with segment-level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global methyl methacrylate market is projected to grow at a CAGR of 3.3% between 2018 and 2026, in terms of volume. The growing demand for methyl methacrylate (MMA) as a key chemical in the production of plastics, paints, coatings and adhesives for use across major end-use industries such as construction, renovation and automotive is anticipated to drive the market growth.
The PMR report on the methyl methacrylate market carefully analyses the market at a global and regional level through market segmentation on the basis of key parameters such as application and end use industry. The report also highlights an overview of the methyl methacrylate market by region wherein the consumption of methyl methacrylate has been tracked for various prominent countries across each region. The data obtained has been scrutinized across each of the countries. The primary objective of the report is to offer key insights on market updates, competition positioning, current trends, market potential, growth rates and other relevant information and statistics in a suitable manner to the readers or various stakeholders of the methyl methacrylate market.
Methyl methacrylate is one of the most prominent esters of methacrylic acid. It is a colourless, volatile and flammable liquid with moderate solubility in water. It is used for the production of PMMA, which is by far the largest application of methyl methacrylate. It is also copolymerised with other monomers (vinyl acetate, acrylate esters, or other methacrylates) and used in large quantities for the production of acrylic polymers.
This methyl methacrylate market report is structured to facilitate the reader to develop a thorough understanding of the market. The report begins with market definitions, followed by the market background, market dynamics and market analysis by key segments, regional analysis and competition landscape. Each section covers a qualitative and quantitative assessment of the methyl methacrylate market on the basis of facts, historical developments and key opinions collected from industry participants through dedicated interviews and trends in the methyl methacrylate market.
Methyl Methacrylate Market: Segmentation
End Use Industry
The methyl methacrylate market report begins with a market introduction, defining the market taxonomy and product definitions regarding the global methyl methacrylate market. In the next section, the methyl methacrylate market report describes the market development background, covering macro-economic factors, industry factors, product life stage and associated stages, forecast factors, regional weighted average pricing analysis, value chain overview covering approximate margins, an indicative list of stakeholders involved in each stage and an assessment of the supply demand and import export analysis for the methyl methacrylate market for the base year considered for the study.
The next section of the methyl methacrylate market report discusses market dynamics, such as drivers (supply and demand side), restraints and trends, impacting the market growth at a global level. Market opportunities or potential for manufacturers have been presented in the subsequent section of the same chapter in the methyl methacrylate market report. This section also includes the impact assessment of market dynamics on the global methyl methacrylate market at a qualitative level, based on analysis facts and insights.
Subsequent sections of the report provide value (US$ Mn) and volume (consumption in tons) projections for the methyl methacrylate market. The global market values represented in these sections have been agglomerated by collecting data and information at a regional level. The methyl methacrylate market information, along with key facts and insights, covers unique analysis frameworks, such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share and attractiveness analysis for each of the sub-types covered in each segment.
The next section of the report presents a summarised view of the global methyl methacrylate market based on the seven prominent regions considered in the study. The section includes the regional market position, growth potential, trends and market attractiveness analysis for each of these regions.
The market analysis sections of the methyl methacrylate market report cover regional trends, weighted average pricing analysis and market projections for each segment, including Y-o-Y growth trends, market share analysis, market attractiveness and incremental $ opportunity assessment. These sections analyse the degree to which the global drivers are influencing the methyl methacrylate market in each region.
All the above sections evaluate the present market scenario and growth prospects in the global methyl methacrylate market while the forecast presented in the sections assesses the market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global methyl methacrylate market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analysis, based on primary research, secondary research and our own analysis. However, forecasting the market in terms of various segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the completion of the forecast exercise.
In addition, it is imperative to note that, in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the methyl methacrylate market and identify the right opportunities available.
As previously highlighted, the methyl methacrylate market has been split into a number of sub-segments. All the sub-segments, in terms of application and end use industry, have been analysed on the basis of Basis Point Share (BPS) to understand each individual segment’s relative contribution to market growth. This detailed level of information is important for the identification of various key trends being witnessed in the methyl methacrylate market.
Another key feature of this report is the analysis of all the key segments in the methyl methacrylate market, sub-segments and the regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales and delivery perspective in the methyl methacrylate market.
In order to understand the key market segments in terms of the growth and consumption of methyl methacrylate across concerned regions, PMR has developed an attractiveness index, which will help providers identify real market opportunities in the methyl methacrylate market.
In the final section of the methyl methacrylate market report, a competitive landscape of the methyl methacrylate market has been included to provide report audiences with a dashboard view, categorised on the basis of providers present in the value chain, their presence in the methyl methacrylate market and key differentiating factors and strategies. The primary category of providers covered in this report includes methyl methacrylate manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the methyl methacrylate market. Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the methyl methacrylate market. Examples of some of the key competitors covered in this methyl methacrylate market report include Luctite International, Mitsubishi Chemical Corporation, Evonik Industries AG, Petro Rabigh, Asahi Kasei Corporation, Sumitomo Chemicals Co., Ltd., BASF SE, DowDuPont Inc., Nippon Shokubai Co., Ltd., among others.
The Methyl Methacrylate (MMA) market report highlights extensive information pertaining to market size-volume consumption (tons) and market value (Mn US$) forecast, market growth factors and challenges, competition mapping and ongoing developments in the Methyl Methacrylate (MMA) market for the period between 2018 and 2026. The report also covers detailed analysis of the historical trends in the market (2013-2017).
The global Methyl Methacrylate (MMA) market is projected to hold a volume of over 5 Mn tons by 2026, exhibiting a volume growth rate of 3.3% over the outlook period (2018-26). Growing use of methyl methacrylate (MMA) for the production of PMMA (Polymethyl methacrylate) and other polymers is expected to drive the growth of the methyl methacrylate market. PMMA is used to produce a variety of automotive components and other parts. Increasing regulations that promote the reduction of vehicle weight to reduce emissions have created demand for plastic based parts, which in turn, has led to rise in use of PMMA in the automotive industry. A wide range of acrylic paints, coatings, inks and adhesives are also being used across building and construction and automotive industries, which is also driving the global methyl methacrylate market.
Methyl Methacrylate Market: Research Methodology Overview
PMR uses a triangulation methodology, which includes both secondary/desk and primary research and data modelling approach. The data modelling approach includes profiling of market, hypothesis generation, information and data gathering, forecasting on the basis of various macro-economic factors, pricing analysis and forecast and competition benchmarking, amongst others.
Some of the vital information points which form the basis of analysis and hypothesis formulation include supply-demand analysis, bulk pricing analysis, product vs. application/end-use matrix, historical market performance, anticipated/announced capacity additions, product qualities/formulation and limitations assessment, evaluation of market development phases (product lifecycle), parent/associated market growth, macro-economic and industry growth factors assessment, impact of policies and regulations and inputs from key market participants.
The report also discusses pertinent market dynamics, trends, industry growth factors, value chain and collective opinion/perspectives of market participants. The competition section of the report provides relevant information on market structure, leading players’ market position, competition developments/key strategies, company product portfolio, market presence and other important comparison matrices.
The global consumption (volume) of Methyl Methacrylate has been estimated by calculating the quantity of Methyl Methacrylate required for each application, primarily for the manufacturing of PMMA (Polymethyl methacrylate) and other polymers. Different production processes, such as ethylene based; acetone, hydrogen cyanide, methyl formate based; acetone, HCN and methanol based, LiMA, amongst others, have also been analyzed to ascertain the global volumes.
This approach was further cross verified from the perspective of suppliers. Methyl methacrylate manufacturing capacities of enlisted and other prominent manufacturers were traced to understand the global production vs consumption dynamics for Methyl Methacrylate. Detailed analysis of the import and export of methyl methacrylate has also been performed to counter validate the Methyl Methacrylate regional consumption variation.
Methyl Methacrylate Market Report in a Nutshell
The Methyl Methacrylate market report includes various market analysis frameworks, such as basis points analysis and market-attractiveness analysis, calculated on the basis of three factors, i.e. CAGR growth, market share and incremental $ opportunity index. These diversified frameworks provide our clients and business partners with an exhaustive overview and understanding of the Methyl Methacrylate market, thereby allowing them to identify the relatively better opportunistic markets. The report is a syndicated research report, formulated on the basis of a predefined scope. The primary intent of the report is to highlight the volume consumption of Methyl Methacrylate across key geographies considered over various segments.
Methyl Methacrylate Market Macroeconomic Factors, Market Driving Factors and Challenges
The global Methyl Methacrylate market is projected to grow at a CAGR of 3.3% over the outlook period (2018-26) in terms of volume. The major application of methyl methacrylate is its use for the production of polymethyl methacrylate (PMMA), which is the commonly used thermoplastic material for the manufacturing of car windows, smartphone screens, rear lamps, light fixtures, extrusion and injection molding applications. Methyl methacrylate is also used for the production of paints and coatings, which is the second largest application area for methyl methacrylate. A number of paints, coatings and inks are also made from methyl methacrylate, such as automotive coatings, architectural and decorative coatings and industrial coatings, amongst others.
The growth in demand for adhesives and sealants from building and construction, automotive and other end use industries is anticipated to further drive the demand for methyl methacrylate. Methyl methacrylate based adhesives provide strength and resistance and are reliable for a wide range of applications. They are also used in complex parts and engine components in the automotive industry.
Over the past years, the global methyl methacrylate market has faced a couple of challenges. During the period 2012-16, the global methyl methacrylate market was oversupplied and this overcapacity led to reduction in prices. However, since 2017, some of the methyl methacrylate manufacturers have shut down their production plants in both Asia and the U.S. This has resulted in a rise in the prices of methyl methacrylate.
Current Scenario of the Methyl Methacrylate Market
The global players in the methyl methacrylate market are developing alternative methods for large-scale commercialized production of methyl methacrylate. For instance, Evonik Industries AG has recently commercialized a new production method for methyl methacrylate using ethylene, synthesis gas (syngas) and methanol. This method, if successful, will reduce the harmful effects of cyanide used in conventional production methods.
Two new production plants for MMA are expected to come up in 2018. However, their capacity will only be enough to pacify the global supply demand gap caused due to global outages. Amongst the two methyl methacrylate plants, one is owned by the Saudi Methacrylates Company (Joint venture between Saudi Basic Industries Corporation and Mitsubishi Chemical Corporation) and the other by Petro-Rabigh's.
Methyl Methacrylate Market Structure and Competition Benchmarking
The global Methyl Methacrylate market is consolidated with the presence of prominent players, such as Luctite International, Mitsubishi Chemical Corporation, Evonik Industries AG, Petro Rabigh, Asahi Kasei Corporation, Sumitomo Chemicals Co., Ltd., BASF SE, DowDuPont Inc., NIPPON SHOKUBAI CO., LTD. amongst others. Companies have adopted different methods of production based on the raw material procurement in particular region and total return on investments.