Dublin, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The "North America & Europe PMMA Resin Market, By Form, By Grade, By Application, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The North America & Europe PMMA Resin market held a market value of USD 1,796.74 million in 2021 and is projected to reach USD 2,877.01 million by the year 2030. The market is anticipated to grow at a CAGR of 5.55% from 2022 to 2030. Approximately, 479.33 million units of PMMA Resin were sold in 2021.
The market is expected to be driven by the increasing demand of pressure sensitive adhesives (PSA) in electronic devices. Furthermore, increasing application of PMMA resins in medical field is also estimated to fuel the market growth. Also, emergence of bio-based PMMA are providing opportunities to market players for growth in the market.
Despite the driving factors, availability of low cost substitutes and negative impact on the environment are anticipated to hinder the market growth. During the COVID-19 pandemic, the demand for PMMA resin for medical applications experienced a positive growth due to high demand for medical and healthcare goods during the pandemic.
Increasing application of PMMA resins in medical field
PMMA resins are biocompatible and they are resistant to temperature stress, chemical reactions, human tissue, and bioprocesses. It is used as a bone cement for filling the gaps between bones and implants. This material is apt for the procedure due to its simple and biocompatible to polymerize within a hospital environment. It is also used in applications such as diagnostics, incubator, and dental, among others. Hence, increasing application of PMMA resins in medical field is also expected to boost the market growth.
Segments Overview
The North America & Europe PMMA Resin market is segmented into form, grade, and application.
By Form
- Extruded Sheet
- Cast Acrylic Sheet
- Pellets
- Beads
- Others
The extruded sheet segment is anticipated to hold the largest market share of over 45% owing to its various advantages, such as good surface quality, clarity, easy maintenance, colour range, easy fabrication, and easy maintenance, among others. The cast acrylic sheet segment's market size is approximately 18% of the extruded sheet's market size in 2021 and this share is estimated to reach 22% by 2030.
By Grade
- General Purpose Grade
- Optical Grade
- High Impact Grade
- Heat Resistance Grade
The general purpose grade segment's volume is anticipated to witness the growth rate of 6.9% over the forecast period owing to its various application areas. The high impact grade's volume is estimated to surpass 200 million tonnes by 2029.
By Application
- Signs & Displays
- Construction
- Automotive
- Electronics
- Lighting Fixtures
- Medical
- Others
The signs and displays segment is expected to account for a market share of more than 25% owing to the growing demand for use in marketing communications. Within this segment, the signage segment's market volume is anticipated to surpass a volume of 119.6 million tonnes by 2030 with a growth rate of 4.94%. Automotive segment is estimated to witness the fastest growth rate of 6.32% owing to increasing usage of PMMA in vehicles.
Regional Overview
By region, the market is divided into Europe and North America. North America is anticipated to account for the largest market share of more than 52% owing to the growing investment and development in the region for manufacturing vehicles and other products with eco-friendly as well as efficient materials. The Europe region is expected to grow owing to the presence of a variety of manufacturers in the region.
Competitive Landscape
Major players in the North America & Europe PMMA Resin market include RTP Company, The Ensinger Group, Accella Polyurethane Systems LLC, Clax Italia, Dow Chemicals, BASF SE, Arkema S.A., Mitsubishi Chemical Corporation, Asia Form Pioneers, Evonik Industries AG, Ineos Nova, and Other Prominent Players. The cumulative market share of the five major players is more than 37%.
These market players are engaged in mergers & acquisitions, collaborations, and new product launches, among other initiatives, to strengthen their market presence. For instance, in December 2021, BASF launched Elastollan, a sustainable and high-performance drop-in solution for premium synthetic leather applications. These applications included automotive, furniture, and fashion consumables, among others.
The market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the North America & Europe PMMA Resin market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the North America & Europe PMMA Resin Market?
- What are the inhibiting factors and impact of COVID-19 on the North America & Europe PMMA Resin Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the North America & Europe PMMA Resin Market?
- What is the competitive strategic window for opportunities in the North America & Europe PMMA Resin Market?
- What are the technology trends and regulatory frameworks in the North America & Europe PMMA Resin Market?
- What is the market share of the leading players in the North America & Europe PMMA Resin Market?
- What modes and strategic moves are considered favorable for entering the North America & Europe PMMA Resin Market?
- What is the cost of PMMA Resin?
- Who are the top producers of PMMA Resin?
- Which are the top importing and exporting countries in North America and Europe in 2019?
- What is the PMMA Resin capacity, by region?
Companies Profiled
- RTP Company
- The Ensinger Group
- Accella Polyurethane Systems LLC
- Clax Italia
- Dow Chemicals
- BASF SE
- Arkema SA
- Mitsubishi Chemical Corporation
- Asia Form Pioneers
- Evonik Industries AG
- Ineos Nova
For more information about this report visit https://www.researchandmarkets.com/r/9u8oqk
Attachment
