Within these past few years, the robust demand for MMA is improved significantly throughout the globe. As shown in Figure 1.5.1, the price of MMA was rocketed since year 2016 and the increasing rate of MMA price had no sign of slowing down. In December 2017, price of MMA had reached its new height as US$2,750 ~ $2,850 (Borica, 2017).
It shows that the urgent demand of MMA had further tighten MMA supply and boosted the MMA price in the global market.This phenomenon can be explained by the growing industry of electrical technology. Being the major source in the application of screens of electronic devices, the requirement for MMA in the market was undoubtedly surged with incredible rate.
Among the world, Asia Pacific, which consists of numerous leading electronic companies in the world, serves as the largest consumer of MMA. The countries within Asia Pacific, including China, South Korea, Taiwan, and Japan, were the major consumers in the global market and it was expected to remain its dominant position in the future. In year 2013, China had successfully replace US to become the largest MMA consumer in the world (IHS MARKIT, 2016).The world consumption of MMA in year 2015 was shown in Figure 1.5.
2. According to the pie chart, alongside with China, US was considered as the second largest MMA consumer market, followed by Western Europe. The main contribution for the immense demand for US and Europe were mainly due to the various automotive and electronic companies within the nations (ICIS, 2017). Beside developed countries mentioned above, developing countries in regions such as Latin American, Africa, and the Middle East were currently facing the shortage of supply in MMA as well. This was mainly because of the increasing infrastructure and development in various industries within these areas. Take developing countries of Africa for instance, in order to improve the economics of the countries, the storage of MMA was required to be sufficient enough to satisfy the increasing demand for construction, electronics, and automobiles.