The global methyl methacrylate market size is projected to reach USD 23.45 million by the end of 2027. The increasing applications of the product across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Methyl Methacrylate (MMA) Market Size, Share & COVID-19 Impact Analysis, By Application (Chemical Intermediate, Surface Coatings, Emulsion Polymer), By End-Use (Building & Construction, Automotive, Electronics, Paints & Coatings, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 12.57 million in 2019 and will exhibit a CAGR of 8% during the forecast period, 2020-2027.
Covid-19 Pandemic has Halted Construction Activities, Subsequently Affecting Manufacturers in this Sector
The recent coronavirus outbreak has created a sense of urgency across the world. Accounting to the severity and rapid spread of the disease, several efforts are being taken to minimize the spread. The strict social distancing practices and lockdowns imposed by governments across the world have affected building and construction as well as manufacturing activities. This, in turn, has had an adverse effect on the growth of the methyl methacrylate market.
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Methyl methacrylate are chemical polymers that are used as raw materials for applications across numerous industry verticals. The product is mostly used in manufacturing units across diverse industry domains across the world. This product is mainly used in manufacturing of widely used thermoplastics such as ABS, PVC, and acrylics. The product also finds applications in steel and is used as a bonding material in stainless steel and aluminium.
The increasing applications of methyl methacrylate in numerous industrial uses will lead to a huge emphasis on the research and development of the product; a factor that will ultimately affect the growth of the overall market in a positive manner. Subsequently, growing investments will encourage newer market entrants in the coming years. Technological advances have certainly played a huge factor in the growth of the market in recent years and the relentless advances will continue to influence the growth of the overall methyl methacrylate market in the coming years.
Increasing Number of Company Mergers and Collaborations will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company collaborations and mergers, aimed at development of efficient products, has made the highest impact on market growth.
Due to the rising demand for methyl methacrylate across the world driven by increasing applications, several large scale companies are looking to adopt standout strategies that will help them acquire a wider consumer base, even in a highly competitive market. It is observed that company collaborations are an increasing trend in the global market. In April 2018, SABIC Mitsubishi Chemical Corporation announced that they have formed a joint venture with SAMAC. This collaboration is aimed at the development of new facilities for PMMA and MMA at Jubail plants.
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