By the end of 2031, the size of the global market for methacrylic acid is anticipated to have increased from US$ 1.32 billion in 2020 to US$ 2.79 billion, expanding at a CAGR of 5.51%.
The methacrylic acid market is a global industry that supplies a range of chemicals and materials used in the production of various products. Methacrylic acid is a colorless liquid with a pungent odor, and is widely used as a monomer in the production of polymers and resins. It is also used in the manufacture of adhesives, coatings, inks, and personal care products.
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The market is segmented based on the type of products, which include methyl methacrylate, polymethyl methacrylate, and others. Methyl methacrylate is the largest product segment, and is widely used in the production of acrylic sheets, fibers, and resins. Polymethyl methacrylate is used in the manufacture of acrylic plastics, such as plexiglass and lucite. Other products include methacrylate esters, which are used in the production of coatings, adhesives, and inks.
The market is also segmented based on the end-use industries, which include construction, automotive, medical, and others. The construction industry is the largest end-user of methacrylic acid, as it is used in the production of acrylic sheets and resins for construction applications. The automotive industry is also a major end-user, as it uses methacrylic acid in the production of coatings, adhesives, and inks for automotive parts and components.
The methacrylic acid market is expected to witness steady growth in the coming years, owing to the increasing demand for acrylic products and the development of new and innovative methacrylic acid-based products. The market is also likely to be influenced by factors such as changing consumer preferences, technological advancements, and regulatory policies.
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The global market for MAA is anticipated to be driven by the growth in end-user industries such as construction, automobiles, and electronics, where MAA is significantly consumed in light panels, windows, facades, TV display panels, coatings and emulsions amongst various others applications. In addition, technological advancement, coupled with a wide range of broadening applications of MAA is also expected to contribute towards the growth of the market. Key players have entered into several collaborations and agreements with other companies for the marketing of new products as well as garnering a larger share in the market.
Manufacturers are focused towards developing bio-based solutions for MAA owing to fluctuating petrochemical raw material prices and frequent supply bottlenecks.Among the regions, Asia-Pacific accounted for the largest market share for MAA and is also expected to be the fastest growing segment over the forecast period.
Demand for lightweight vehicles with lower emissions and better efficiency has witnessed a noticeable boost on account of stringent regulatory laws executed in Western Europe and North America.
Growing consumption from major end-use applications such as electronics, signs and displays, and automotive industries is expected to significantly boost the global demand for MAA. These industrial sectors are witnessing rapid growth in Europe, Asia Pacific, and other regions, thus fuelling the demand for MAA.
However, volatile raw material prices of petrochemicals are expected to slow down the growth of the market. Focus towards developing bio-based MAA is expected to catch up in the near future owing to their eco-friendly characteristics and secure raw material supply, providing new opportunities for the growth of the market.
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