Methyl Methacrylate Market, By Application (Polymethyl Methacrylate (MMA), Surface Coating, and Others), By End-use Industry (Building & Construction, Automotive, Electronics, Aerospace, Paints & Coatings, Medical, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jun 2024

Code : CMI569

Pages :208

Formats :

Excel and PDF

Industry : Bulk Chemicals

Market Challenges: Volatility in crude oil prices

The volatility in the crude oil prices has significantly restrained the growth of the global methyl methacrylate market in recent times. Methyl methacrylate or MMA is primarily derived from crude oil and natural gas. Hence, fluctuations in the prices of crude oil feeds directly impact the price and supply of MMA. In the last few years, from 2020 onwards, the crude oil prices witnessed massive swings mainly due to uneven impact of the COVID-19 pandemic on global demand and supply dynamics. When the pandemic first hit in early 2020, crude oil prices plummeted to almost historic lows as the global lockdowns decimated fuel demand. This significantly decreased the price of MMA during that period and affected capacity utilization and margins of MMA producers.

Market Opportunities: Growth of Asia Pacific region

The rapid economic development and industrialization in Asia Pacific region, especially in emerging economies like China and India, provide huge opportunities for growth in the global methyl methacrylate market. These countries are witnessing massive infrastructure development and construction activities to support their growing populations and economies. Methyl methacrylate or MMA is a crucial chemical monomer that is used in the manufacturing of a variety of construction materials like plastics, paints, and adhesives.