Europe Methyl Methacrylate (MMA) Market Size, Share & Trends Analysis Report By End Use, By Application (Chemical Intermediate, Surface Coating & Adhesives, Emulsion Polymers), And Segment Forecasts, 2018 - 2028

Report Overview

The Europe methyl methacrylate (MMA) market size to be valued at USD 4.26 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 8.0% during the forecast period. Methyl methacrylate is used for manufacturing adhesives and sealants, floor polish finishes, paints and coatings, binders for concrete admixture, liquid waterproofing compounds, for transportation assembly applications, tail lights, digital signboards, instrument panels, and electronic displays used in construction, automotive, and electronics end-use sectors.

The market is anticipated to witness significant growth over the forecast period on account of increasing demand for polymethyl methacrylate (PMMA) in end-use sectors such as construction, automotive, electronics, and medical. The use of MMA in the construction sector is driven by the recovery of the building and construction market in Europe.

Global rise in demand for automobiles, improved vehicle design capabilities, and increasing importance of lightweight and emission control vehicles are major factors driving demand for MMA in the automotive industry.

Some of the key manufacturers of methyl methacrylate are Evonik Industries AG, Sumitomo Chemicals Co., Ltd., Mitsubishi Chemical Corporation, BASF SE, and Asahi Kasei Corporation. Efficiency, environment-friendliness, higher yield, accessibility to stable feedstock supply, and low initial capital costs are some of the key parameters manufacturers focus on.

Key production processes employed by producers are direct oxidative esterification, C2 alpha, ACH, C4 direct oxidation, and isobutene. Various raw materials used in the aforementioned production processes include ethylene, acetone, isobutylene, methanol, carbon monoxide, hydrogen, and sulfuric acid.

Majority of MMA that is produced globally is polymerized to produce homo and copolymers, with extrusion of various polyacrylates being the largest application. PMMA is the most commonly used polyacrylate. Increasing use of PMMA, which uses MMA as a raw material, in end-use industries is propelling market growth.

Rise in PMMA prices has triggered customers in automotive and medical sectors to use cheaper plastics, such as polycarbonate and polyethylene terephthalate glycol (PETG), as a substitute to PMMA.

Europe Methyl Methacrylate (MMA) Market Trends

PMMA is used extensively to heal scar marks permanently. Moreover, it is used as a substitute for dental roots in dental roots. Another advantageous property of PMMA is that it allows 92% of light to pass through it which is more than that of glass or plastic. In addition, it is stable to UV light, owing to which it is used to coat the outside of the buildings, preventing them from fading. These are some of the factors propelling the market to grow further.

Furthermore, PMMA is scratch-resistant, unlike glass and plastic which is a crucial characteristic for various applications. Hence PMMA is preferred over glass and plastic. For example, PMMA is used in furniture, kitchen, automotive body parts, etc. Moreover, different additives can be added to PMMA to alter it further. These alterations are frequently made to enhance certain polymer properties that are relevant to particular applications. As a result of these advantageous properties and widespread applications, the PMMA market is anticipated to grow over the forecast years.

However, PMMA has low impact resistance, which makes it prone to breakage. In addition, it cracks if a lot of pressure is added for a longer period of time. Furthermore, it has a low heat resistance and gets damaged above 80 degrees Celsius. These factors are expected to hinder the market growth.

Application Insights

Majority of the MMA produced is consumed by producers as a chemical intermediate in the production of various polymers such as polymethyl methacrylate (PMMA), styrene methyl methacrylate (SMMA), and methacrylate acrylonitrile butadiene styrene (MABS). Over 50% of the MMA produced is used for the production of cast acrylic sheets and molding and extrusion compounds.

MMA monomers are used in the production of paints and coatings. They are also used to produce durable coatings that are weather-resistant and durable. Methacrylic monomers have low volatile organic compound (VOC) content, which makes them suitable for use in road marking and marine coating applications.

End-use Insights

The Europe methyl methacrylate (MMA) market is segmented on the basis of end use into construction, automotive, electronics, and others. MMA is used as a monomer for copolymerization and production of various PMMA cast and extruded sheets. The derived PMMA extruded sheets are used in window panels and domes in the building and construction industry owing to several features such as high transparency, UV resistance, and surface hardness. A wide array of nanoporous polymeric materials such as PMMA and polystyrene are preferred in manufacturing of vacuum insulation panels. Growth in use of PMMA in various construction end uses is propelling the demand for MMA.

Polymer electrolytes blended with PMMA and poly (vinylidene fluoride-co-hexafluoropropylene) exhibit improved thermal stability and ionic conductivity compared to conventional polymer electrolytes used in lithium-ion batteries in electric vehicles. Emerging Asian economies such as India, Singapore, and Thailand are rapidly becoming manufacturing hubs for electric vehicles for European companies. Rapid growth in manufacturing of electric vehicles is expected to accelerate the use of PMMA, which, in turn, is anticipated to drive demand.

Regional Insights

Revitalized automotive market, increasing consumer disposable income, and rise in construction and infrastructural spending in the European Union member states are some of the factors likely to trigger market growth. Increased spending in the building and construction industry, which was the largest segment in terms of revenue in 2016, mainly drives demand for MMA. The presence of EU’s energy-efficiency initiatives, such as Horizon 2020, to achieve energy efficiency in residential and commercial spaces is the main driver triggering product demand.

Key Companies & Market Share Insights

Competitive rivalry among producers is high owing to the presence of key players in the market. This is supported by the fact that some of the leading players, such as Mitsubishi Chemical Corporation (MCC), Sumitomo Chemicals Co., Ltd., and Evonik Industries AG, announced their expansion strategies and established joint ventures with various prominent stakeholders in the Middle East and European regions.

Sumitomo Chemicals Co., Ltd. and Mitsubishi Chemical Corporation have made long-term strategic collaborations with Saudi Arabia-based chemical manufacturing companies Saudi Aramco and SABIC for commissioning new MMA plants to increase their production capacities. Such strategic partnerships have given Sumitomo Chemicals Co., Ltd. and Mitsubishi Chemical Corporation a fair advantage over other dominant competitors in the market. Rise in demand in Europe has provided opportunities to producers in the Middle East and Asia to cater to this surge. This has led to severe price pressure on European producers.

Recent Developments

• IN June 2022, Plascolite LLC, a key player in the production of engineered thermoplastics acquired MXL Industries. This was done in order to expand its product offering, i.e., specialty-crafted optical thermoplastic solutions.

• In December 2021, An international research team from Nanyang Technological University in Singapore created a polymer that, when coated on a glass panel, efficiently self-adapts to cool or heat the rooms across various climate zones across the world, assisting in the reduction of energy use. PMMA, vanadium dioxide nanoparticle composite and a low-emissivity coating are used to create this self-adaptive glass.

Europe Methyl Methacrylate Market Report Scope

Europe Methyl Methacrylate Market Segmentation

This report forecasts volume and revenue growth at country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2014 to 2028. For the purpose of this study, Grand View Research has segmented the Europe methyl methacrylate (MMA) market on the basis of application, end use, and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2007 - 2028)

  • Chemical intermediates

  • Surface coating & adhesives

  • Emulsion polymers

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2007 - 2028)

  • Construction

  • Automotive

  • Electronics

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2007 - 2028)

  • Europe

    • Turkey

    • European Union