The methyl methacrylate (MMA) adhesives market is expected to register a CAGR of more than 7%, during the forecast period. Major factors driving the market studied are increasing demand for lightweight and streamlined solutions, and better compatibility with metals and other special substrates. However, the high cost associated with MMA adhesives is expected to hinder the growth of the market studied.
- Among end users, the transportation segment dominated the market, and is expected to grow during the forecast period, owing to increasing automotive production and increasing transportation infrastructure, due to increased need for mobility, with the growing population.
- Growth in the usage of MMA adhesives for transportation, aerospace, and construction applications is likely to act as an opportunity for the market, in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China, India, and Indonesia.
Key Market Trends
Increasing Demand from the Building & Construction Sector
- Currently, the building and construction industry is thriving in several emerging economies of Asia-Pacific and South America. The global construction market is anticipated to grow by USD 8 trillion, by 2025, which is expected to increase the demand for adhesives and drive the usage of MMA in this sector.
- The factors driving the building and construction industry are the ever-increasing population, rapid urbanization, and the rise in the purchasing power of individuals.
- In the building and construction sector, MMA adhesives are used in a wide range of applications that include windows, uPVC doors, canopies, panels, architectural components, etc. Owing to their various unique properties, these adhesives are suitable for various applications in the residential housing market, where it provides long-lasting and durable solutions, outperforming traditional materials for several years.
- PMMA-extruded sheets find application in the manufacturing of domes, which are used in the building and construction industry. These sheets offer various advantages, such as UV resistance, high transparency, and surface hardness. The product also facilitates light transmission and provides good heat insulation, thus serving as a well-suited choice for building greenhouses.
- All such factors are expected to drive the demand for MMA adhesives, during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. Asia-Pacific is also projected to register the highest growth during the forecast period, driven by robust growth of industries, such as transportation, and building and construction, in different countries, such as, China India, Malaysia, Thailand, and Indonesia.
- China is the world's largest automotive producer. However, from past few years, the country witnessed about 4.16% decline in the production of vehicles. Automotive sales also declined by about 6% to 22.7 million units respectively. This trend is likely to remain similar in China, due to the declining demand for diesel and petrol cars in the country. However, rising sales of electric cars are likely to help the automotive market to avoid another slump.
- Countries, like India, Malaysia, and Indonesia, have been witnessing robust growth in the automotive production. These countries have also been witnessing investments into the industry, to setup new plants and/or to increase production capacity.
- The construction industry is growing at a rapid rate in countries, like India, Indonesia, Vietnam, Thailand, Singapore, and others, owing to increasing residential construction. With growing population and migration for jobs, the region is expected to exploit market opportunities.
The methyl methacrylate (MMA) adhesives market is consolidated, with top players accounting for a major share of the global market demand. Few major players in the market include 3M, ITW Polymers Adhesives, H.B. Fuller Company, Huntsman Corporation, and Sika AG.
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