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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On the basis of end-use industry, automotive & transportation is estimated to lead the MMA market in 2018
Automotive & transportation is the largest end-use industry of MMA adhesives. The use of MMA adhesives in the automotive & transportation industry is increasing as they reduce the weight of vehicles and offer excellent performance characteristics. These adhesives find application in auto components as well as in the interiors and exteriors of automobiles. The use of adhesives has revolutionized the building and design processes in the automotive industry. MMA adhesives are used to bond roof fairings and skins, front and rear end caps, drivers’ consoles, door extension, engine cover, load locks, stand backs and draught screens, seats and tables, dashboard, sun visor, stairwell molding, headlamp surrounds, ceiling covering, window panes, bumper end caps, headlight surrounds, and other areas of vehicles.
On the basis of substrate, the composite segment is projected to register the highest CAGR during the forecast period
Composite is one of the most widely used substrates of MMA adhesives owing to the need for improving aesthetics along with maintaining design, cost, and speed of production for the marine and transportation industries. MMA adhesives are popular for niche applications of composite bonding, as they can bond large assemblies and materials having different surface energies along with SMC, which earlier had concerns owing to incompatibility with some mold releases. MMA adhesives are used to bond composite to composite structures and composite to metal substrates. For instance, components such as front and rear end caps, roofs, rear bumpers, floor panels, and luggage door frames of a truck fabricated from either SMC or FRP can be bonded using MMA adhesives.
APAC is the largest MMA adhesives market, which is mainly driven by the demand from the automotive & transportation, wind energy, and marine end-use industries. APAC is increasingly becoming an important global trade and commerce center. The region is currently the fastest-growing and the largest MMA adhesives market. With economic contraction and saturation in the European and North American markets, the demand is shifting to APAC. Vehicle production in APAC is expected to grow from 26.8 million units in 2013 to 43.1 million units by 2020. This growth is mainly due to the shift of base of the automotive manufacturers to the developing markets.
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 the leading market players, between 2014 and 2018, which include expansion, new product launch, expansion, and merger & acquisition.
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