Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global polymethyl methacrylate market is expected to grow from USD 4.9 billion in 2020 and to reach USD 6.4 billion by 2028, growing at a CAGR of 3.5% during the forecast period 2021-2028.
The Polymethyl Methacrylate (PMMA) market has witnessed significant growth in the past years. This growth is attributed to the rising demand for the LED flat screens, optoelectronics, investments in bio-based polymethyl methacrylate, increasing demand from applicable industries, and awareness of the advantages and capabilities of PMMA as a substitute for glass and heavy-weight materials. Moreover, ascending innovative applications, modernization, and technological advancements in the production techniques will create growth and new opportunities for the PMMA market. The government regulations to use sustainable polymers further increases the growth of polymethyl methacrylate.
PMMA (Polymethyl Methacrylate) is a synthetic resin and a thermoplastic polymer of methyl methacrylate, which is also known as acrylic glass. It is produced from the polymerization process. PMMA is a transparent thermoplastic that comes in the form of beads, sheets, pallets, and blocks. It is used as a substitute for heavy-weight materials and glass. It is used in skylights, illuminated signs, aircraft canopies and shatterproof windows due to its rigid, clear and lightweight nature. Due to its lightweight and transparency, it is used in signs & displays, electrical & electronics, automotive & transportation, building & constructions, and applied for LCD panels.
The global polymethyl methacrylate market is expected to witness significant growth, owing to increasing demand by government regulations to use sustainable polymers, alternative for glass and polycarbonate, increasing demand for the automotive and transport sector, soar in awareness of the advantages and capabilities of PMMA, and increasing demand from applied industries. The factors that are restraining the market are high production costs, lack of raw materials and decreased demand in the automobile industry.
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The key players operating in the global polymethyl methacrylate market include Asahi Kasei Corporation, Arkema Group, Evonik Industries AG, Chi Mei Corporation, Kolon Industries, Inc., GEHR Plastics, Inc., Mitsubishi Rayon Co., Ltd., Sumitomo Chemical Co., Ltd., Polycasa N.V, Saudi Arabia Basic Industries Corporation, Quinn Plastic, and LG MMA Corporation. To gain a significant market share in the global polymethyl methacrylate market, the key players are now focusing on adopting strategies such as joint ventures, product innovations, mergers & acquisitions, recent developments, collaborations, and partnerships.
- In March 2019, Evonik’s methacrylate business was been acquired by Advent International for Euro 3 billion to strengthen its Polymethyl Methacrylate product portfolio in electronics, automotive, and construction.
Extruded sheets segment dominated the market and held the largest market share of 51% in the year 2020.
On the basis of type, the global polymethyl methacrylate market is segmented into pellets, beads, and extruded sheets. Extruded sheets segment dominated the market and held the largest market share of 51% in the year 2020. This growth is attributed to increased demand for high-performance sheets, cost-efficiency, and excellent thickness tolerances.
The automotive segment dominated the market and held the largest market share of 40% in the year 2020.
On the basis of application, the global polymethyl methacrylate market is segmented into signs & displays, lighting fixtures, automotive, construction, sanitary ware, electronics, and others. The automotive segment dominated the market and held the largest market share of 40% in the year 2020. Global automotive production increased to 77.62 million units in 2020.
The optical segment dominated the market and held the largest market share of 1.3 billion in the year 2020.
On the basis of grade, the global polymethyl methacrylate market is segmented into general-purpose and optical. The optical segment dominated the market and held the largest market size of 1.3 billion in the year 2020. The growth is attributed to the increasing demand for optoelectronics in emerging countries.
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Regional Segment of Polymethyl Methacrylate Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global polymethyl methacrylate market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In North America, the U.S. held the largest market size with USD 1.3 Billion in the year 2020. Asia-Pacific is the fastest-growing region. China holds the second-largest economy in the world and is forecasted to reach a market size of USD 1.2 billion by the year 2028.
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About the report:
The global polymethyl methacrylate (PMMA) market is analysed on the basis of value (USD million and billion). All the segments have been analysed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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