Methyl methacrylate (MMA) is an organic compound that exists at room temperature as a colorless liquid with an unpleasant smell. It is an important monomer used for the production of various plastics and resins. MMA is conventionally used in shaping acrylic glass and making hard transparent plastic sheets, polymer concrete, molded components for the automotive and construction industries, dental materials, safety goggles, and other applications.
The demand for MMA is growing significantly owing to its wide application in the production of polymethyl methacrylate (PMMA), which finds usage in aircraft canopies, automotive lighting, medical devices, fiber optics, electronic enclosures, thermoplastic casting resins, and paints among others. The U.S. Methyl Methacrylate (MMA) Market is estimated to be valued at US$ 1.86 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the United States Methyl Methacrylate (MMA) are Mitsubishi Chemical Corporation, Röhm, The Dow Chemical Company, Huntsman Corporation, Evonik Industries AG, BASF SE, Lucite International, and Plaskolite. Methyl methacrylate demand is growing rapidly owing to surging consumption of PMMA in various end-use industries such as construction, automotive, electronics, and signage. Technological advancements including development of new grades of PMMA with superior physical, chemical, and mechanical properties are further propelling the market growth.
Market Trends
Increased demand from the construction industry: MMA finds significant usage in making polymers that are used to manufacture products like PMMA sheets for glazing applications in the construction of buildings. Growing construction spending in the US is driving the consumption of MMA.
High demand from the automotive industry: Automotive manufacturers are increasingly utilizing PMMA made from MMA for automotive lighting, instrument panels, and other interior and exterior automotive parts due to its lightweight and excellent optical properties. This is positively impacting the MMA market.
Market Opportunities
Growing usage in medical devices: MMA is expected to witness promising opportunities owing to the increasing employment of PMMA polymers in applications such as surgical and dental equipment, contact lenses, and medical devices.
Advancements in PMMA production technologies: Technological progressions resulting in improved grades of PMMA with characteristics such as better durability, strength, and transparency will present lucrative prospects for market players.
Impact of COVID-19 on United States Methyl Methacrylate (MMA) Market
The COVID-19 pandemic has significantly impacted the growth of United States MMA market. Due to nationwide lockdowns imposed during the peak months of the outbreak, production and supply chain activities were disrupted. This led to shortage of raw materials for MMA manufacturers. Simultaneously, decline in demand from end-use industries such as automotive and construction further affected the market. However, with easing of restrictions and vaccination drives ramping up, the market is witnessing a rebound. Manufacturers are operating at higher capacities to meet the pent-up demand. Various projects that were halted during the outbreak are now being resumed. This is boosting MMA consumption. However, issues like price volatility of raw materials continue to pose challenges. In the coming years, increased spending on infrastructure development is expected to drive the market. Manufacturers need to focus on sustainable and cost-effective production practices to ensure steady supply. Diversifying supplier base can help reduce dependency and mitigate risks of future disruptions.
Geographical Regions Concentrated In United States MMA market
In terms of value, the Midwest region accounts for the largest share in the United States MMA market. This is attributed to presence of many automotive manufacturing hubs and chemical companies in states like Ohio, Michigan, Illinois etc. Petrochemical facilities and polymer resin producers in this region create strong demand for MMA. The Northeast region is another major consumer aided by chemical processing industries and durable goods manufacturing. New Jersey, Pennsylvania and New York are prominent MMA consuming states here. Going forward, the Southern states are expected to witness higher growth led by industrialization in Texas, development activities in Florida and recovery in energy sector. Infrastructure expansion in this region will benefit MMA consumption over the forecast period.
Fastest Growing Region In United States MMA market
The Western region, primarily led by California, is projected to emerge as the fastest growing region in the United States MMA market during the forecast period. This is attributed to rapid industrial and commercial development in major cities. Factors like resumption of construction projects post pandemic recovery along with favorable government policies promoting advanced materials will further aid growth. In addition, presence of large consumer electronics and medical devices firms that use MMA based polymers and PMMA sheets points towards lucrative opportunities. Expanding chemical industry in the region on back of abundant shale gas reserves is also boosting MMA demand from downstream applications. Thus, the Western region is well positioned for higher MMA consumption over the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This Methyl Methacrylate Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Methyl Methacrylate 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Methyl Methacrylate and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Methyl Methacrylate Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Methyl Methacrylate vendors
FAQ’s
Q.1 What are the main factors influencing the Methyl Methacrylate ?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Methyl Methacrylate companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Methyl Methacrylate ’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
