Methacrylate Monomer Market

Market Overview

The global methacrylate monomer market size was valued at USD 11.2 billion in 2022 and is projected to reach USD 17.2 billion by 2031, registering a CAGR of 4.9% during the forecast period (2023-2031).

Methacrylate monomers are organic compounds with a reactive double bond (C=C) and a carboxyl group (COOH) in their chemical structure. These monomers are the building blocks for various polymers and copolymers, including methacrylate polymers. They are employed in various applications because of their distinctive features, such as transparency, U.V. resistance, impact resistance, and great adhesion.

Population growth, combined with rapid urbanization, has fueled the growth of the architecture and construction sectors in both developed and developing economies, including the United States, China, and India, where methacrylate monomers are widely used as a binder for concrete admixtures, reactive road making, industrial flooring, and liquid waterproofing applications. However, there are several drawbacks to using methacrylate monomers. Exposure to methacrylate monomer, for example, causes moderate skin irritation and minor eye irritation. Furthermore, inhaling mist or vapor can irritate the lungs, throat, and nose and can be lethal if exposed beyond concentration limits. Customers may be discouraged from utilizing methacrylate monomers due to these issues; hence, fluctuations in methacrylate monomer market share are expected.

Highlights

• Methyl methacrylate is the largest income generator based on derivatives.
• Acrylic sheets hold the major portion of the market.
• Architecture and Construction owns the highest market share based on the end-user industry.
• Asia-Pacific dominates the market.

Market Dynamics

Global Methacrylate Monomer Market Drivers

Growing Demand for Polymers and Plastics

The automotive industry is an excellent example of a sector driving demand for polymers and plastics made from methacrylate monomers. Polymethyl methacrylate (PMMA), a methacrylate polymer, is used in automobiles to provide lightweight and shatter-resistant windows, sunroofs, and headlamp lenses. Because of its better optical clarity and weather resilience, it is an excellent replacement for traditional glass components. The International Organization of Motorcar Manufacturers (OICA) reports that worldwide car manufacturing has gradually expanded. For example, in 2020, around 74.9 million passenger cars will be produced worldwide. Because of the automobile industry's emphasis on fuel efficiency, design flexibility, and safety, lightweight materials such as PMMA reduce vehicle weight and increase performance.

Furthermore, the packaging industry is a major user of polymers and plastics generated from methacrylate monomers. These materials make clear, impact-resistant packaging for various products such as food, cosmetics, and consumer goods. The worldwide packaging industry is expanding due to changing consumer tastes and the advent of e-commerce.

Global Methacrylate Monomer Market Restraints

Environment and Health Concerns

One of the major concerns about methacrylate monomers is their possible impact on human health. Some methyl methacrylate (MMA) monomers have been related to skin and respiratory sensitization, eye and skin irritation, and even occupational asthma among workers exposed to them. Prolonged or excessive exposure can endanger workers' health. Inhaling MMA vapor can cause respiratory discomfort, coughing, and shortness of breath, according to the National Institute for Occupational Safety and Health (NIOSH).

The International Agency for Research on Cancer (IARC) (Group 2B) has also designated MMA as probably carcinogenic to humans. Environmental issues are also raised since methacrylate monomers can emit volatile organic compounds (VOCs) into the atmosphere. VOCs can contribute to air pollution and ground-level ozone production, which are hazardous to human health and the environment. Methacrylate monomers can provide disposal and waste management issues. Improper waste disposal of these monomers can contaminate soil and water, harming ecosystems and potentially entering the food chain.

Global Methacrylate Monomer Market Opportunities

Technological Advancement

Polymerization techniques, catalysts, and reactor design constantly improve the efficiency of methacrylate monomer manufacturing processes. These developments increase yields, lower energy consumption, and higher product quality. The chemical sector is increasingly adopting innovative technology. According to a McKinsey report, the chemical sector embraces automation, artificial intelligence, and digital twins to streamline processes and boost efficiency. Emerging technologies such as 3D printing and additive manufacturing give methacrylate monomers new options in applications such as custom-made items, medical implants, and sophisticated materials. The 3D printing market is quickly developing. Wohlers Associates predicts that the global market for 3D printing products and services will reach USD 49.4 billion by 2025. This has the potential to stimulate market growth in the future.

Regional Analysis

The global methacrylate monomer market is analyzed in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

Asia-Pacific Dominates the Global Market

Asia-Pacific is predicted to rise at a substantial CAGR of 5.1% throughout the forecast period. Asia-Pacific is a global hub for car production, with significant producers and customers including China, Japan, and South Korea. This is due to an increase in the building and Construction, automotive, electronics, and other sectors in the Asia-Pacific area, which has improved the performance of the methacrylate monomer. Furthermore, China's consumer electronics sector is rapidly expanding, which has boosted the region's methacrylate monomer market performance. According to a United Nations Statistics Division estimate, China accounted for approximately 28.7% of worldwide manufacturing production for consumer electronic devices in 2019.

Furthermore, nations like India and Australia have seen rapid growth in automotive industries where methacrylate monomer-based extruded acrylic sheets are used in taillights, thermoplastic mirrors, and other car parts. This might help the Asia-Pacific methacrylate monomers market flourish. For example, the automotive sector in India is predicted to develop at a compound annual rate (CAGR) of 5.9% by 2025, according to research published by the Indian Ministry of Commerce and Industry. The demand for methacrylate monomers will stay robust as the region evolves and expands across numerous sectors.

North America holds a sizeable global market share and is expected to boost at a CAGR of 4.8% during the forecast period. The North American methacrylate monomer market contributes significantly to the chemical sector. It includes countries like the United States and Canada, where industrialization, technical breakthroughs, and various applications fuel methacrylate monomer demand. Methacrylate monomers are widely used in the automotive sector in North America to make lightweight and durable components, coatings, and adhesives. These materials improve fuel efficiency and vehicle performance overall.

According to the International Organization of Motor Vehicle Manufacturers (OICA), the United States and Canada are two of the world's top automobile makers, producing millions of automobiles yearly. North America places a high value on environmental legislation and long-term sustainability. Methacrylate monomers with eco-friendly and low-VOC characteristics are gaining favor to meet demanding environmental criteria. North American environmental rules attempt to reduce the environmental impact of chemicals and products, resulting in the adoption of sustainable alternatives in various industries. Regional companies are investing in innovation and sustainability to remain competitive and satisfy the changing needs of sectors and consumers.

A combination of industrial expansion, construction operations, and regional economic variables influence Latin America, the Middle East, and Africa. While the market dynamics in these two regions may differ, common drivers contribute to the need for methacrylate monomers. The Middle East, notably the Gulf countries, is recognized for large-scale development projects, but Africa is rapidly urbanizing. The need for methacrylate monomers is predicted to rise as these regions expand.

Segmental Analysis

The global methacrylate monomer market is segmented based on derivative, Application, end-user industry, and region.

For better understanding, the Derivative is further segmented into ethyl methacrylate, methyl methacrylate, butyl methacrylate, Stearyl Methacrylate, and others.

Methyl methacrylate is the largest income generator.

Methyl methacrylate

Methyl methacrylate is a critical component in polymethyl methacrylate (PMMA), often known as acrylic glass or plexiglass. PMMA is utilized in various applications, including signage, translucent barriers, and illumination.

Butyl methacrylate

Butyl methacrylate is utilized in producing adhesives, varnishes, and elastomers due to its flexibility and resistance to the effects of the environment. Automotive and construction industries utilize butyl methacrylate-based products for bonding and protection. 

The segment can be bifurcated by Application into Acrylic sheets, molding, paints, coatings, adhesives, sealants, composites, additives, and others.

Acrylic sheets hold the major portion of the market.

Acrylic sheets

Methyl methacrylate (MMA) is polymerized to generate acrylic sheets with high optical clarity and impact resistance in windows, displays, and signage. Increasing demand for lightweight, shatter-resistant materials in the construction and automotive industries drives the acrylic sheet market.

Paints and coatings

Durable, weather-resistant, simple-to-apply paints and coatings are produced using methacrylate monomers. Methacrylate monomers also produce chemical- and solvent-resistant paints and coatings.

The end-user industry can further bifurcate the segment into Automotive, Architecture and Construction, Electronics, Advertisement and Communication, Healthcare, Industrial, and Others.

Architecture and Construction owns the highest market share.

Architecture and Construction

Acrylic sheets based on methacrylate provide superior clarity and weather resistance, making them ideal for architectural applications. These materials are utilized in windows, skylights, and panels to improve the aesthetics and durability of contemporary building projects.

Automotive

Methacrylate monomers, such as methyl methacrylate (MMA), are utilized in automotive glazing and lightweight components. Due to their lightweight, they improve fuel economy and reduce emissions. The automotive industry's drive for eco-friendly solutions increases demand for materials based on methacrylate.

Recent Developments

• July 2023- Eastman TritanTM entered the Japanese market for glass pitchers.
• August 2023- The Mitsubishi Chemical Group (MCG Group) decided to increase its Okayama Plant's (Kurashiki City, Okayama Prefecture) -butyrolactone (gamma-butyrolactone; "GBL") production capacity by 2,000 tons per year. This production expansion is scheduled to begin in July 2024.
• August 2023- Evonik agreed to scale up and produce a custom catalyst for Rohm's new methyl methacrylate (MMA) facility.
• August 2023- Dow's sustainable packaging solutions allowed Mengniu to introduce a recyclable polyethylene yogurt pouch in China.