Methacrylic Acid Market Size, Share & Industry Analysis, By Type ( Liquid, Glacial ), By Application ( Paints, Special Additives, Rubber, Adhesives , Electronics, Others ) and regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Methacrylic acid also known as MAA is a colorless, viscous organic compound with unpleasant, acidic odor. It is soluble in lukewarm water and most of the organic solvents. It is produced commercially on a large scale as it is precursors to some of the important industrial chemicals like methyl methacrylate (MMA), polymethyl methacrylate (PMMA), and other. It is generally prepared from acetone cyanohydrin which is converted to methacrylamide sulfate using sulfuric acid and further hydrolyzed to obtain MAA. It can also be prepared by greener routes like decarboxylation of itaconic acid, citraconic acid, and mesaconic acid.
The increasing demand from construction, electronics and automobile industries are driving the market. MAA is pre-dominantly used as adhesive in fixing the window panels, light panels, TV display panels, facades, and in paints and coatings. Additionally, it helps in making the vehicle light-weight and energy efficient which is expected to raise the demand from automobile and transportation sector, further boosting the market.
However, methyacrylic acid is a highly corrosive chemical. It can severely irritate and burn skin and cause eye damage on contact with skin and eyes. This is likely to hinder the market growth.
Market Segmentation:
Based on type, the market is segmented into liquid and glacial MAA. Based on application, the market is segmented into paints, special additives, rubber, adhesives, electronics, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increasing demand from end-use industries.
Key Market Restraint -
Highly corrosive nature
Key Players Covered:
The global methacrylic acid market consists of global & regional players operating. Some of the key players in the market include Dow, Evonik, Formosa, Kuraray, MGC, Satlpec, Hefa Ind, BASF, MRC, and others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Methacrylic Acid Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest share in market. The increasing manufacturing of electronic devices is boosting the regional market for MAA. Europe is expected to hold significant share attributed to adoption for lightweight vehicles from automotive and transportation sector. North America is expected to show considerable growth attributed to the stringent rules imposed by EPA for regarding vehicle emissions. MAA has light weight and fuel efficient properties which help comply the rules regarding carbon emission. Latin America and Middle East and Africa are expected to show considerable growth by the end of the forecast period.
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Segmentation
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Methacrylic Acid Industry Developments
- In October 2018, BASF declared the force majeure on MAA at its manufacturing facility at Ludwigshafen, Germany due to the low levels of water in river Rhine.
- Ongoing
- 2023
- 2019-2022
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