Market Size
The Methyl Methacrylate Adhesives Market is expected to grow at a high CAGR during the forecasting period (2024-2031).
Methyl methacrylate adhesives (MMA) are acrylic adhesives that are produced from resin and hardeners. Most MMAs also contain additional strengthening agents and rubber. Moreover, MMAs cure fast at room temperature and have full bond strength shortly after application. The adhesive is resistant to peel, shear and impact stress. In addition, the bonding process is more technical and works by creating an exothermic polymerization reaction. Also, polymerization reacts to monomer molecules to form polymer chains in a chemical reaction (the adhesives create a strong bond, still being flexible). These adhesives can form bonds between dissimilar materials with different flexibility, like plastic and metal.
Furthermore, this adhesive offers various significant advantages such as high-tension strength, tremendous impact & peel strength, varying cure times, high toughness & flexibility, cure at room temperature, less bond shrinkage, good flexibility at low temperatures, less surface preparation, high fatigue resistance, bond a wide range of materials together, no primer needed, fill significant gaps, resistant to solvents and weathering and offer good chemical & environmental resistance.
Market Scope
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Composite Type, By Product Type, By Substrate, By Application, By End User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | North America |
| Largest Market Share | Asia Pacific |
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Market Dynamics
The growing demand of the automotive industry is expected to increase the growth of the MMA market in the forecast period due to increasing demand for energy-efficient, lightweight and high-performance vehicles which will reduce fuel consumption & emission as the global Co2 emission has reached up to 36.40bn Mt and is expected to increase during the forecast period. Moreover, the global automotive market is expected to reach USD 3,780 billion by 2030, from the recorded value of USD 2,700 billion with a CAGR of 3%.
Furthermore, the growing demand for construction and electric vehicles is expected to increase the demand for methyl methacrylate adhesives market due to increasing urbanization, growing internationalization, an ageing population, a higher awareness for climate, technological innovations, or new types of construction such as modular construction is expected to increase the market size during the forecast period. Moreover, the electric vehicle market is expected to grow at a CAGR of 19% during the forecast period.
Market Segmentation Analysis
By composite type, the market is segmented into fibreglass & carbon fibre, unsaturated polyester, vinyl ester, gel-coat, sheet molding compound, epoxy and others. By product type, the market is segmented into high performance, toughened impact resistance, bonding hard plastic, slow set & high strength and others. By substrate, the market is segmented into plastic, metal, steel, stainless steel, aluminum and others. By application, the market is segmented into bonding magnets, bonding panels, aerodynamic components, and others. By end-user, the market is segmented into automotive, construction, electrical, aerospace, marine, composite, transport and others.
The methyl methacrylate adhesive market size is expected to boost due to increasing application in bonding magnets in the production of loudspeakers & sweep transformer core sections; bonding panels of aluminum to other panels; electric motor manufacturing like the bonding of magnets to metal housings made of steel or aluminum and others.
Furthermore, SMC's increasing demand is primarily associated with the growing demand for lightweight and robust composite materials used in various industries, including automotive, electrical, and others. Moreover, the lightweight and mechanical properties are widely used in the automotive sector as weight is a significant factor for vehicle performance. In addition, its property including excellent electrical insulation, good mechanical properties and surface appearance, makes SMC material preferred over traditional materials such as iron, aluminium and others.
Market Geographical Analysis
The APAC dominated the methyl methacrylate adhesive market during the forecast period due to the robust growth of industries, such as transportation, electric vehicle and construction, in developing countries like China and India. In addition, China is the world's largest automotive producer. The growing sales of electric cars are expected to boost the market growth during the forecast period in this region. Moreover, China is expected to reach about 3.5 million units in 2021 of electric vehicles, and it is expected that EVs will make up between 20 and 45% of the country's passenger vehicle market by 2025.
North America is expected to be the fastest-growing market during the forecast period due to the increased demand for the construction and automotive industry. The U.S dominates the largest market share in this region due to the growing demand for construction. In addition, United States, private construction spending has reached around USD 990 billion in 2018 and is expected to reach over USD 1.51 trillion by 2022. Other regions such as Europe and Latin America are expected to contribute to the significant growth of the methyl methacrylate market during the forecast period due to an increase in the automotive and construction industry.
Competitive Landscape
The methyl methacrylate adhesives market is moderated fragmented with the presence of regional and global players. The competitive outline lies with the increase in the regional company and growing investment in upstream application. BASF SE, 3M Company, Sika AG, Huntsman Corporation, Illinois Tool Works Inc., Arkema, H.B. Fuller, Henkel AG, Evonik, Dow Chemical are the major players in the adhesive market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the methyl methacrylate adhesives market globally.
Evonik Industries
SikaFast®-3531 is a quick curing, flexible adhesive designed to replace welding, riveting and another mechanical fastening. In addition, SikaFast®-3531 is suitable for high-strength fastening of joints on different substrates, including topcoats, metals, plastics, etc., with no or limited surface preparation. Moreover, the company offers various significant features such as non-sagging & thixotropic formulation, tremendous impact, excellent adhesion to a wide range of substrates with little or no surface preparation, peel & shear resistance, medium speed and room temperature cure.
