Methyl Methacrylate Adhesives Market by Substrate (Metal, Plastic, Composite), End Use Industry (Automotive & Transportation, Marine, Wind Energy, Building & Construction, General Assembly), and Region - Global Forecast to 2023
The market size of MMA adhesives is estimated at USD 1.09 billion in 2018 and is projected to reach USD 1.56 billion by 2023, at a CAGR of 7.5%. The increasing demand for MMA adhesives from the automotive & transportation industry is one of the major drivers for the market. Automotive & transportation is the largest application because of the increasing use of advanced materials for component manufacturing, which develops a need for bonding technology that can bond dissimilar materials with adjustable assembly time. Metal is the largest substrate, in terms of value, and is expected to dominate the market in the future.
The composite segment is projected to register the highest CAGR during the forecast period
Composite is projected to be the fastest-growing substrate segment of the global MMA adhesives market, in terms of value. This high growth can be attributed to the growing demand for MMA adhesives for bonding composite components, such as deflectors, bumpers, roofs, composite tanks, blades, car seats, interior body panel structures, and instrument panels of trucks, cars, rails, buses, and tanks.
The automotive & transportation end-use industry segment is projected to register the highest CAGR during the forecast period
The MMA adhesives market in the automotive & transportation end-use industry is projected to register the highest CAGR, in terms of value, during the forecast period. This is due to the increasing penetration of MMA adhesives as a technology for bonding composites to metals and metals to metal components. MMA adhesives offer the benefit of bonding materials having different strength and different coefficient of thermal expansion. It distributes the load evenly to the entire bonding area. MMA adhesives require minimal or no surface preparation along with the benefits of excellent stress resistance, superior toughness, endurance, and excellent impact resistance.
By region, the MMA adhesives market in APAC is projected to register the highest CAGR during the forecast period
APAC is projected to be the fastest-growing MMA adhesives market, mainly driven by the demand from the automotive & transportation, wind energy, and marine end-use industries. Automotive & transportation is one of the major end-use industries of MMA adhesives in this region. The economic growth in APAC, particularly in emerging markets such as India, Taiwan, Indonesia, Malaysia, Thailand, and Vietnam, is contributing to the increase in the number of infrastructure projects, which is expected to drive the demand for MMA adhesives in the building & construction end-use industry.
This study was validated through primaries conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
By Company Type – Tier 1: 30%, Tier 2: 45%, and Tier 3: 25%
By Designation - C Level Executives: 25%, Director Level: 40%, and Others: 35%
By Region - North America: 25%, Europe: 20%, APAC: 40%, South America: 10%, and Middle East & Africa: 5%
Companies Profiled in the Report:
The key players profiled in this report include Illinois Tool Works Inc. (US), Arkema (France), SCIGRIP (UK), Scott Bader (UK), Lord Corporation (US), Henkel (Germany), Permabond LLC (US), Parsons Adhesive Inc. (US), Huntsman Corporation (US), and 3M (US).
The report offers insights on MMA adhesives used in various end-use industries across regions. It aims at estimating the size of the MMA adhesives market during the forecast period and projects future growth of the market across different segments, such as substrate, end-use industry, and region. The report also includes an in-depth competitive analysis of the key players in the MMA adhesives market, along with their company profiles, SWOT analysis, and key market strategies.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in the MMA adhesives market by providing them the closest approximations of the revenues for the overall market and its various subsegments. This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies. The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities impacting the growth of the MMA adhesives market.