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Since November of last year, the price of methyl methacrylate (MMA) in the Asian market has continued to show a downward trend during November, as demand from major downstream industries such as automobiles, construction and electronics products has weakened. In the past four months, Asian MMA prices have fallen from US$2,200/tonne (cost and freight, Northeast Asia) to US$1,700/tonne (cost and freight, Northeast Asia). Due to the weak demand in the Chinese market, the local price is about RMB 12,000/tonne (delivered price). The price of imported goods is about 1450-1500 USD/ton (cost and freight).
From mid-November to mid-January of this year, European MMA contracts and spot prices fell sharply due to a drop in demand. In the first quarter of this year, European contract prices fell by €250/t to €1425-1485/t FD NWE. The settlement price of US MMA contract in the first quarter has dropped by 20%-30% compared with the previous quarter. Due to the weak demand and sharp decline in raw material prices, the contract price in the first quarter was 77 cents/pound (train delivery price). The upstream raw material acetone fell by nearly half 33.5 cents/lb to 35 cents/lb in the fourth quarter of last year. Chemical grade propylene (CGP) prices also fell sharply from the average price of 77.3 cents/lb in the third quarter to the average price of 35.6 cents/lb in the fourth quarter.
Global demand for methyl methacrylate will continue to grow in the future
According to reports, the average growth rate of global methyl methacrylate (MMA) demand has been maintained at 4%-5%/year since 2002 and is expected to continue to grow at a rate of 3%-5%/year in the future. The Asian region will continue to lead the growth of global demand, and it is expected that the growth rate will be 7%-8%/year, which is mainly driven by the needs of the LCD, construction and automotive industries. Due to the global economic slowdown, demand in Western Europe and the United States will be significantly reduced. In the long term, U.S. methyl methacrylate (MMA) demand will increase at a rate of 3%/year, which is lower than the expected growth rate in other parts of the world. Before 2007, the global MMA market was in tight supply. However, as several new production capacities were completed and put into production, the global market tensions have been substantially eased by 2008. This period includes Luckett International’s fourth quarter of 2008. Singapore put into operation its new 120,000 tons/year installation. Almost all methyl methacrylate (MMA) is used for polymerization processing to produce homopolymers and copolymers. The largest applications are casting, molding or extrusion of polymethyl methacrylate (PMMA) or modified polymers. This polymethyl methacrylate sheet is widely used in automotive headlights and taillights, construction industry (sanitary ware, building accessories), and glass/markers for its transparency, weatherability and light weight. Other uses include household appliances, optical media (DVD discs, lenses), electronic products, mobile phone displays, cosmetic packaging, toys, pens, and furniture. Methyl methacrylate-butadiene-styrene copolymer (MBS) copolymers can also be used as impact modifiers for rigid polyvinyl chloride (PVC), which are widely used in food and pharmaceutical packaging industries. More than 80% of MMA consumption is in the construction and automotive industries, and these markets have experienced declining demand due to the global economic recession. According to the plan, some production capacity will be gradually put into operation in 2009 and 2010. Evonik plans to put into production 115,000 tons/year of equipment in Shanghai Xinyi in the third quarter of 2009, and Dashan Company of South Korea will also put into production a new 90,000 tons/year project this year. In 2010, Thai MMA plans to expand its 90,000-ton/year plant in Mab Ta Phut to 180,000 tons/year. In Europe, Quinn Chemical's 100,000-tonne/year project in Leuna, Germany is expected to be completed in 2011. According to the latest statistics from SRI Consulting, the global production capacity of MMA by the end of 2008 was about 3.7 million tons/year, and it is expected to reach 4.2 million tons/year by 2011.