Methyl Methacrylate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global methyl methacrylate market is poised for substantial growth over the forecast period from 2024 to 2031, with an estimated volume of over 5.7 million tons, according to a comprehensive report on market trends and developments.

Rising Demand for Methyl Methacrylate in the Automotive Industry

A significant portion of methyl methacrylate production worldwide, accounting for approximately 50% of global production, is dedicated to the creation of polymethyl methacrylate (PMMA). PMMA, known for its lightweight properties, high scratch resistance, and low stress birefringence, has become a preferred resin for the automotive industry. It is used in various automotive components, including external and rear light covers, decorative trims, ambient lighting, door entry strips, and automotive glazing. This increased demand within the automotive sector is expected to drive the growth of the methyl methacrylate market during the forecast period.

Support from the Paints and Coatings Industry

The second largest application of methyl methacrylate is in the production of paints and coatings across various industries. Methyl methacrylate is a key ingredient in the formulation of coatings, paints, and inks, including architectural and decorative coatings, automotive coatings, industrial coatings, and paints used in the construction sector. This application is expected to fuel the industrial paints and coatings segment, projecting a growth rate of 4.1% CAGR in terms of volume over the forecast period.

Regulatory and Policy Initiatives for PMMA Scrap Recycling

With the growing concern over plastic waste production and its environmental impact, governments worldwide are taking steps to mitigate the adverse effects of non-biodegradable plastics. These measures include prohibitions on certain plastic products and the implementation of strict regulations for plastic waste disposal. Additionally, governments are providing policy support for the development of plastic recycling technologies and infrastructure.

One notable example is the European Commission's "MMAtwo" project, launched in 2018 in collaboration with Dutch plastic recycling company Heathland B.V. and 12 other partners from six different countries. The project aims to produce 12,250 tons of recycled methyl methacrylate from 27,000 tons of feedstock PMMA scraps and end-of-life products. Such initiatives worldwide to utilize plastic waste as feedstock for recycled methyl methacrylate are expected to drive the global methyl methacrylate market in the coming years.

East Asia Emerges as a High-Volume, High-Value Region

China and South Korea are anticipated to witness significant growth in the production and consumption of methyl methacrylate during the forecast period. This growth is driven by the increasing demand for methyl methacrylate in the manufacturing of automotive parts, electronics components, and smartphone screens. These countries are also major exporters of methyl methacrylate to regions like Asia Pacific and Latin America, collectively projected to grow 1.9 times in volume by the end of the forecast period.

Highly Consolidated Market with Top Players

The global methyl methacrylate market is characterized by high consolidation, with the top players holding a double-digit market share. The top ten market players are expected to collectively control between 80% - 85% of the global methyl methacrylate market. Recent developments in the market have seen expansions in production capacity, acquisitions, and collaborations as key strategies adopted by market participants to maintain their presence and growth in the industry.

Key Manufacturers Mentioned in the Study

Some of the prominent manufacturers covered in the report on the global methyl methacrylate market include 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.

Methyl Methacrylate Market: Segmentation

Production Type

• Chemical Synthesis
• Recycling and Reclaiming

Application

• PMMA
• Adhesives and Sealants
• Industrial Paints and Coatings
• Inks
• Others

Feedstock

• Acetone
• Ethylene
• Methanol
• Isobutylene
• Others (Includes PMMA Scrap)

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa

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