Global Methyl Methacrylate Adhesives Market on the Move as Transportation Demands Increase
The composites sub-segment is expected to be the fastest-growing substrate in the global MMA adhesives market.
The global methyl methacrylate (MMA) adhesives market was valued at approximately $10.6 billion in 2018 and is projected to cross $13.5 billion by 2024, growing at a CAGR of 4.3%, according to a recent market study by TechSci Research. Growing demand from the transportation industry in emerging countries, as well as rising inclinations toward low carbon-emitting vehicles, are leading to growing consumption of MMA adhesives. However, volatility of raw materials pricing is hindering market growth.
Among derivatives, poly methyl methacrylate (PMMA) is the leading segment, as MMA is mainly used as a raw material for PMMA. In huge demand in the automotive, construction, and electronics industries, PMMA is mostly used as an alternative to glass in automotive and construction. The use of MMA adhesives in the automotive industry is growing rapidly, since they minimize the weight of vehicles and provide superior performance characteristics. These adhesives are used in the automotive components, as well as in the exteriors and interiors of automobiles.