The Global Methyl Methacrylate (MMA) Resin Market is witnessing significant growth, particularly in the automotive sector, due to its vital role in vehicle production. MMA adhesives play a crucial role in improving vehicle appearances, enhancing fuel efficiency, reducing vehicle weight, and lowering carbon emissions. These adhesives provide stiffness and rigidity without compromising the vehicle's ride quality, thereby increasing durability and cost-effectiveness. The growing demand for lightweight and eco-friendly vehicles drives the adoption of MMA adhesives in the automotive industry, stimulating market expansion. Additionally, advancements in MMA resin technology further contribute to its widespread application across various sectors.
According to Data Bridge Market Research the global methyl methacrylate (MMA) resin market was valued at USD 7.61 billion in 2021 and is expected to reach USD 10.58 billion by 2029, registering a CAGR of 4.20 % during the forecast period of 2022 to 2029.
“Increasing demand in the automotive industry facilitate market growth”
The increasing demand in the automotive industry acts as a significant driver of the global methyl methacrylate (MMA) resin market. MMA resin offers several advantageous properties, including excellent transparency, high impact resistance, and good weather ability, making it suitable for various automotive applications. MMA resin is widely used in automotive exterior parts, interior trims, lighting systems, and coatings. With the growth of the automotive industry, particularly in emerging economies, the demand for MMA resin in automotive manufacturing is rising. The need for lightweight materials, enhanced aesthetics, and improved durability in automobiles drives the market's growth as MMA resin proves to be a valuable solution for automotive components and coatings.
What restraints the growth of global methyl methacrylate (MMA) resin market?
The potential skin irritation caused by this chemical”
The global methyl methacrylate (MMA) resin market faces a restraint due to the potential skin irritation caused by this chemical. Exposure to MMA resin can lead to skin irritation and allergic reactions in some individuals, which raises safety concerns for workers handling these materials. Occupational health and safety regulations may require additional precautions and protective measures in industries where MMA resin is used, impacting its adoption. Manufacturers and end-users may seek alternatives or implement safety measures to mitigate the risks associated with skin irritation, affecting the market's growth to some extent.
Segmentation: Global Methyl Methacrylate (MMA) Resin Market
The methyl methacrylate (MMA) resin market is segmented on the basis of product type, application and end user.
- On the basis of product type, the methyl methacrylate (MMA) resin market is segmented into extruded sheets, pellets, acrylic beads, others.
- On the basis of application, the methyl methacrylate (MMA) resin market is segmented into acrylic plastics and resins, surface coatings, impact modifiers, emulsion polymers, mineral-based sheets, higher methacrylates, polyester modifiers, others.
- On the basis of end user, the methyl methacrylate (MMA) resin market is segmented into automotive, electronics, construction, advertising, others.
Regional Insights: Asia-Pacific dominates the Global Methyl Methacrylate (MMA) Resin Market
Asia-Pacific dominates the methyl methacrylate (MMA) resin market in terms of market share and revenue. The region's dominance is driven by the increasing demand for MMA resin, with China leading in both production and consumption. China's ease of production and disposable MMA resin contribute to its leadership in the Asia-Pacific market.
North America is projected to be the fastest developing region during the forecast period. The region's growth is fueled by the rising consumption of MMA resin in the automotive sector. The automotive industry in North America relies on MMA resin for various applications, such as automotive coatings and adhesives, driving the market's development in the region.
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Recent Developments in Global Methyl Methacrylate (MMA) Resin Market
- In December 2020, Arkema's PMMA business begins manufacturing methyl Methacrylate (MMA) with fully integrated operations, producing polymethyl methacrylate (PMMA) marketed under well-known trademarks in the Americas. This integration allows Arkema to have end-to-end control over the production process, ensuring quality and supply chain efficiency.
- In February 2020, Mitsubishi Chemical Company establishes an MMA plant in the US utilizing alpha technology. This innovative process derives MMA from methanol, ethylene, and carbon dioxide. The plant has a capacity of 250,000 to 350,000 tonnes per year, enabling Mitsubishi Chemical to meet the growing demand for MMA and strengthen its presence in the North American market.
The Prominent Key Players Operating in the Global Methyl Methacrylate (MMA) Resin Market Include:
- BASF SE (Germany)
- NIPPON SHOKUBAI CO. LTD (Japan)
- Nylus sro (Slovakia)
- RTP Company (U.S.)
- Karl Jungbecker GmbH & Co. KG (Germany)
- Dow (U.S.)
- Maxiglas Corp (China)
- Arkema (U.S.)
- Evonik Industries AG (Germany)
- Mitsubishi Chemical holdings Corporation (Japan)
- SABIC (Saudi Arab)
- Sumitomo Chemical Co. Ltd (Japan)
- Asahi Kasei Corporation (Japan)
- CHIMEI (Taiwan)
- GEHR Plastics Inc (Germany)
- Kolon Industries (South Korea)
- 3A Composites AG (Switzerland)
- ALBIS distribution GmbH Co, Ltd, (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global methyl methacrylate (MMA) resin market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Methyl Methacrylate (MMA) Resin Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
