Mar 04,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Methyl Methacrylate Adhesives Market.
It was estimated prior to this unanticipated outbreak that the Methyl Methacrylate Adhesives Market was expected to grow at a CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Acrylic adhesives made of a resin and hardener are called as methyl methacrylate adhesives (MMA). These adhesives also contain rubber and additional strengthening agents in most cases. The adhesive offers quick curing at room temperature by creating an exothermic polymerization reaction. Methyl methacrylate adhesives can form bonds between dissimilar materials such as metal and plastic, or metal and composite, etc.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the substrate type, the market is segmented as metal, plastic, composite, and others. The metal segment held the largest share of the market in 2019. The metal segment is expected to remain the largest segment by substrate type over the forecast period as it is predominantly used in end-use industries due to durability and low cost. On the other hand, the composite segment is expected to expand with the highest CAGR over the forecast period owing to rising demand for bonding composite components, such as bumpers, deflectors, composite tanks, roofs, car seats, blades, etc.
Based on the end-use industry type, the methyl methacrylate adhesives market is segmented as automotive & transportation, building & construction, marine, wind energy, general assembly, and others. The automotive & transportation segment dominates the market owing to huge demand for bonding dissimilar materials coupled with the rising penetration of advanced materials.
In terms of regions, Asia-Pacific is estimated to be the largest methyl methacrylate adhesives market during the forecast period, with China, Japan, South Korea, and Taiwan being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of automotive and construction industries, which is generating huge demand for methyl methacrylate adhesives. North America and Europe are also expected to offer substantial growth opportunities over the forecast period.
Some of the major methyl methacrylate adhesive manufacturers are-