Increasing polymethyl methacrylate (PMMA) consumption in plastic and chemical industries worldwide is expected to drive synthetic and bio-based methyl methacrylate (MMA) market growth over the forecast period. Over 75% of total MMA is consumed in manufacturing PMMA. Growing PMMA applications in construction, automotive, and medical industries may positively impact market growth over the foreseeable future. The monomer also finds application in manufacturing acrylic coatings, adhesives, industrial paints, and inks. MMA is recently been increasingly used as a major platform ingredient for manufacturing various chemicals such as methyl methacrylate-butadiene-styrene (PVC modifier). Increasing scope in niche medical applications including knee replacement cement, bone fixing agents may provide an impetus to market penetration in this segment.
MMA Manufacturing process primarily includes petrochemicals as feedstock. Stringent regulations have been imposed on the manufacturing and disposal of synthetic chemicals by several regulatory bodies including U.S. EPA and REACH to reduce environmental disposals. Stringent regulatory scenario coupled with volatile petroleum and petrochemical prices is expected to hamper synthetic and bio-based methyl methacrylate market growth. Rising awareness towards environmental issues and tight petrochemicals supply is anticipated to provide immense opportunities for bio-based methyl methacrylate market growth. The aforementioned factors have led industries to shift towards employing bio-based chemicals. Many market participants have developed proprietary processes for manufacturing bio-based MMA. Increasing sustainable products demand along with extended shelf life of finished products is anticipated to drive synthetic and bio-based methyl methacrylate demand in the next few years. The adoption of bio-based PMMA may also help to reduce carbon footprint and help manufacturers to reduce dependence on carbon credits. Bio-based MMA requirement has been increasing in medical applications owing to side effects associated with that of the synthetic counterpart on the human body.
North America and Europe were the major methyl methacrylate consumers in 2013 due to strict environmental regulations imposed on chemical manufacturing industries by the regulatory body. The emergence of chemical and plastic manufacturing industries in growing economies of Asia Pacific such as China, India, Indonesia, Malaysia, and South Korea are expected to positively impact the methyl methacrylate market growth. Huge demand for petrochemicals in these regions owing to increasing consumption is anticipated to boost synthetic and bio-based methyl methacrylate market growth.
Technological innovations and cost-effective manufacturing processes are expected to generate immense opportunities for market expansion. Some market participants have developed a bio-based manufacturing process which has led to a reduction of overall manufacturing cost and environmental impacts. Major players in the global synthetic and bio-based MMA market include BASF SE, Dow Chemicals, Arkema Group, Asahi-Kasei, Mitsubishi Rayon, and Evonik.
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