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, 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.
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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.
Composite is the fastest-growing substrate owing 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. 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.
Automotive & transportation is the fastest-growing end-use industry of MMA adhesives. This is due to the increasing penetration of MMA adhesives as a technology for bonding composites to metals and metals to metal components. Also, several leading manufacturers of commercial vehicles such as Siemens, Maxitrans, Bombardier, NAIB, Optare, Casalini, Leisure Travel Vans Ltd., Volvo, and Virgin have begun the use of structural adhesives for bonding several components.
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APAC is the fastest-growing MMA adhesives market. In this region, the market is mainly driven by the demand from the automotive & transportation, wind energy, and marine end-use industries. Government investments in APAC along with economic contraction and saturation in the European and North American markets are also driving the market. In APAC, the market in China is expected to grow rapidly due to new capacity additions and government investments. The consumer awareness regarding adhesives over conventional techniques contributes to the rising demand for MMA adhesives. Several leading players, such as ITW, SCIGRIP, Scott Bader, Henkel, and Lord Corporation, are continuously developing innovative products according to the need of the end-use industries, thereby increasing the use of MMA adhesives in various applications such as solar boats, wind blades, trucks, and cars. New product launch was the key strategy adopted by several manufacturers of MMA adhesives.
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