Press release
Growing End-use Adoption to Fuel Sales of Methyl Methacrylate During the Forecast Period
The global demand for Methyl Methacrylate (MMA), according to a market study by Persistence Market Research (PMR), is expected to represent a slow-moving growth in 2019, considering increasing planned and unplanned production outages and issues arising from aging production capacities, globally. The global volume sales of methyl methacrylate is projected to reach approximately 4 million tons in 2019, further expanding at a modest CAGR of 3.3 percent, through 2026. In terms of value, sales of methyl methacrylate is projected to top US$ 8.2 billion in 2019, representing a sluggish CAGR of 2 percent, between 2018 and 2026. Global revenue from methyl methacrylate sales witnessed a slight decline in 2017, while the demand growth is estimated to remain moderate, over the next 8 years.Request For Report Sample@ https://www.persistencemarketresearch.com/samples/25912
While more mature, developed regions including North America and Europe represent a below sluggish CAGR, developing markets such as China is anticipated to observe significantly high growth rate given the expanding automotive production landscape in the country.SEA and Pacific, majorly Taiwan, is projected to witness a surging demand for methyl methacrylate for the production of polymethyl methacrylate (PMMA) used in electronics screen manufacturing. SEA and Other Pacific is expected to lead, in terms of methyl methacrylate consumption, with approximately 28.9 percent.
South Korea is anticipated to represent more than 50% of the overall SEA incremental dollar opportunity created through the forecast period.Capacity shutdown in Europe is projected to translate into share price increase for methyl methacrylate. However, the situation is expected to normalize by 2026, as per the report.
Key Findings from Segmentation Analysis
“Methyl methacrylate is a crucial chemical used in the production of paints and coatings, adhesives, and plastics—used across end-use sectors. However, production of PMMA remains the primary and largest application of methyl methacrylate, followed by paints and coatings including advanced resins and coating formulations. More than 50% of the global methyl methacrylate is consumed for the production of PMMA and other polymers, widely used in an array of applications including manufacturing of fabricated products, building materials, lighting fixtures, signs, displays, sanitary items, glazing, lighting fixtures, lenses, and electronic appliances. Moreover, demand for PMMA is also growing substantially, global electric vehicles production landscape”, explains a senior analyst.
In addition, demand for methacrylate-based adhesives and sealants has also increased, specifically for light-weight vehicle production, considering its excellent stability, strength, and resistance.
By end-use industry, automotive industry holding a market share of approximately 44 percent, is anticipated to remain the most rewarding segment, through the forecast period, the analyst explains further.
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Collectively, building and construction and automotive sectors account for more than 80 percent of the global methyl methacrylate consumption.
In a highly consolidated landscape, top 5-6 manufactures of methyl methacrylate hold dominance over 80-85 percent of total market share, with strong geographic concentration in regions like Japan, China, U.S, and Europe. Companies such as Mitsubishi Chemicals Holdings Corporation, Evonik Industries AG, Sumitomo Corporation, and The Dow Chemical Company form a major portion of the tier-1 players. Tier-2 players such as Arkema S.A., LG MMA, and Jilin Chemical amongst others, on the other hand, hold approximately 10-15 percent of the total market share, with major presence in regions like Europe, South Korea, and China. The remaining market share belongs to the nearly 8-10 emerging or tier-3 companies such as PTT Asahi Chemical Company Limited (PTTAC), Kuraray Co., Ltd, and FPC, with presence in China, Japan, MEA, and Thailand. The core forward market strategies adopted by key manufacturers of methyl methacrylate include:
Tier 1 companies:New cost effective and environmental friendly production process development.Strategic expansion in developing markets of Asia Pacific region.
Mitsubishi Chemicals Holdings Corporation, for instance, is focusing on setting up production plants to ensure reduction in production cost and significant revenue generation from exports. Moreover, the Saudi Methacrylates Co. (SAMAC), a joint venture between Saudi Basic Industries Corp (SABIC) and Mitsubishi Chemical Corp. is the largest methyl methacrylate monomer producing plant using Alpha Technology (New EthyleneMethod) for production.Tier 2 companies:Collaboration with leading global players in respective regions.Expansion in domestic markets.Arkema, for instance, is strengthening its supply and distribution network, while also expanding its production capacities.Tier 3 companies:Focus remains of expanding production capacity in local markets, while reducing dependency on imports.
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