According to the new market research report “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 MMA adhesives market is projected to grow from USD 1.09 billion in 2018 to USD 1.56 billion by 2023, at a CAGR of 7.5%.
The increasing demand for lightweight, crash-resistant, and fuel-efficient vehicles; growing demand in the automotive and marine industries; superior quality and performance of MMA adhesives; and increasing awareness about advantages of adhesives over conventional techniques are driving the MMA adhesives market. The growing awareness about reducing emissions, increasing recyclability, and minimizing wastage is expected to propel the growth of the market.
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The increasing demand for lightweight, crash-resistant, and fuel-efficient vehicles; growing demand in the automotive and marine industries, superior quality and performance of MMA adhesives, and increasing awareness about advantages of adhesives over conventional techniques are driving the MMA adhesives market, globally. Companies are developing primer-less MMA adhesives. These adhesives require minimal surface cleaning of the substrates to be bonded and exhibit high toughness in all assembled parts with high gap filling capabilities.
The high performance, fatigue resistance, and strength; ability to eliminate the need of a primer for metal surfaces; improved aesthetics while maintaining design; and increased efficiency by reducing costs of total component manufacturing and production speed are factors increasing the demand for MMA adhesives in various end-use industries. These adhesives can also be used to bond a wide range of dissimilar substrates such as plastics, composites, ceramics, glass, metals, wood, and magnets, thereby driving the MMA adhesives market.
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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 lightweight and low carbon-emitting vehicles, the superior performance of MMA adhesives, and increasing demand from the automotive and marine end-use industries are expected to drive the MMA adhesives market during the forecast period.
The key players in the market 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 MMA adhesives market report analyzes the key growth strategies adopted by leading market players, between 2014 and 2018, which include new product launch, investment & expansion, and merger & acquisition.
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Illinois Tool Works is a major manufacturer of MMA adhesives. The company through its ITW Engineered Polymers business segment manufactures adhesives, sealants, coatings, lubrication, grout, and cutting fluids for the industrial, construction, and consumer applications. The company has established a strong foothold in the MMA adhesives through the strategies of new product launch and merger & acquisition. In March 2015, ITW Plexus launched a new product, MA515, which is used for bonding small and medium-sized composite and thermoplastic assemblies. It is used to eliminate the problems associated with the bonding of materials such as carbon fiber, polyamide, and poly-dicyclopentadiene (PDCPD). This development is expected to help meet the demand for MMA adhesives, globally.
Henkel has majorly adopted the strategies of investment & expansion and merger & acquisition to grow in the MMA adhesives market. In June 2016, the company opened Henkel Adhesives Innovation Center (HAIC) in Shanghai, China. With this, the company targets to expand its R&D capabilities for adhesives and provide innovative market-driven solutions to local customers of APAC, thereby strengthening its foothold in the MMA adhesives market. In October 2015, Henkel acquired all the shares of The Bergquist Company (US). This acquisition strengthened the position of Henkel as a leading solution provider for adhesives, sealants, and functional coatings, globally.
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