The United States methyl methacrylate (MMA) market is primarily driven by the increasing demand for acrylic glass from construction and automotive industries. MMA is an important raw material majorly used in the manufacturing of acrylic glass or polymethyl methacrylate (PMMA), which finds wide application as an alternative to glass owing to its lightweight and high durability properties. In the construction industry, acrylic glass is increasingly used in residential and commercial buildings for windows, doors, shower stalls, lighting applications and signs due to the emerging trends of using lightweight and easy to install materials. It is also gaining prominence as a replacement for traditional glass in automotive tail lamps, rear light panels and instrument panels owing to cost benefits.
The United States Methyl Methacrylate (MMA) Market is estimated to be valued at US$ 1.86 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the United States methyl methacrylate (MMA) market are Mitsubishi Chemical Corporation, Röhm, The Dow Chemical Company, Huntsman Corporation, Evonik Industries AG, BASF SE, Lucite International, and Plaskolite. Mitsubishi Chemical Corporation and Röhm collectively accounted for over 40% of the overall market share in 2020.
The growing demand for lightweight and durable materials from construction and automotive industries is anticipated to drive the growth of United States MMA market during the forecast period. Acrylic glass offers advantages such as high impact resistance, transparency and weather resistance over conventional glass and is increasingly replacing glass in various applications.
Major players in the United States MMA market are focusing on regional expansions and capacity additions to cater to the growing demand. For instance, in 2021, Evonik opened a new polymethyl methacrylate (PMMA) production plant in Mobile, Alabama to leverage the growing MMA demand from the construction industry in the United States.
Market Drivers
The primary driver propelling the growth of United States MMA market is the rising demand for acrylic glass from construction and automotive industries. Acrylic glass provides advantages such as lightweight, transparency and is easier to install than glass. It also offers better durability and impact resistance. Moreover, supportive government regulations regarding energy efficiency in buildings is further augmenting the consumption of acrylic glass where it is being used as an alternative to traditional glass owing to its superior insulation properties. Additionally, emerging application areas of MMA such as paints & coatings, advertising boards and signs are estimated to offer new opportunities over the forecast period.
Geopolitical Impact On United States MMA Market Growth
The current geopolitical tensions between United States and China are adversely impacting the growth of MMA market in United states. China is one of the leading producers and exporters of MMA in the world. Due to ongoing trade war between both countries, import duties on MMA from China have been increased significantly. This is making Chinese MMA uncompetitive in United States market. At the same time, dependence of United States manufacturers on Chinese imports is also high. Increase in import costs are putting upward pressure on MMA prices in United States. This rise in price is negatively impacting the demand from end use industries like construction and automotive coatings.
To sustain long term growth, United States MMA manufacturers will need to focus on developing alternative sourcing strategies and strengthening domestic value chain. Some of the strategies can be developing alliances with producers in other regions like Europe and Middle East, increasing domestic production capacity through capacity expansion projects, incentivizing investments to develop import substitution through Make in America initiative. Government support through production linked incentive schemes can help address cost and scale issues faced by domestic manufacturers. Adopting sustainable and eco-friendly production technologies can also provide impetus to United States producers in future.
Geographical Concentration Of United States MMA Market
The Midwestern region of United States accounts for over 35% of total MMA market in terms of value. States like Ohio, Illinois, Michigan and Indiana have strong presence of end use industries like coatings, adhesives, construction that generate high demand for MMA. Midwest region is also home to large MMA producers which ensures easy availability. The Southern United States is the second largest regional market with more than 25% share. States like Texas, Florida and North Carolina have seen rapid infrastructural growth increasing MMA consumption. Presence of petrochemical industry in Gulf Coast region also supports MMA market growth.
Fastest Growing Region In United States MMA Market
The Western region of United States spearheaded by the states of California, Washington and Colorado has emerged as the fastest growing regional market for MMA. This growth can be associated with the expanding coatings and construction industries in the major economic hubs present in these states, serving the increasing demand from these sectors. Moreover, rising industrial and commercial investment in renewable energy especially solar industry is also propelling the MMA market growth in the western region. The presence of innovative technology and R&D centers in Western United States is acting as a catalyst for newer applications of MMA contributing to its above average growth rate compared to other regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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What Are The Key Data Covered In This United States Methyl Methacrylate (MMA) Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the United States Methyl Methacrylate (MMA)'s growth between 2024 and 2031.
:- Accurate calculation of the size of the United States Methyl Methacrylate (MMA) and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- United States Methyl Methacrylate (MMA) Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of United States Methyl Methacrylate (MMA) vendors
FAQ’s
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