Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polymethyl Methacrylate (PMMA) Market.
The global Polymethyl Methacrylate Market is expected to grow at 5% CAGR from 2023 to 2029. It is expected to reach above USD 6.36 billion by 2029 from USD 4.1 billion in 2022.
PMMA (Polymethyl Methacrylate) is a transparent thermoplastic that can be used as a glass substitute. It is extremely long-lasting and chemically and impact-resistant. It's light, rigid, and comes in a variety of colors. PMMA is becoming more widely used in a variety of industries, including automotive, electronics, construction, signs and displays, sanitary ware, and lighting fixtures. Is expected to propel the Polymethyl Methacrylate (PMMA) market forward.
The LCD light guide made from Polymethyl Methacrylate provides brighter light than the conventional guide panels. Polymethyl Methacrylate is widely used in the LCD light guide and the growth of the LCD market drives the PMMA market as well. Furthermore, PMMA’s advanced applications in the electronic and automotive market also increase its usage. Moreover, the manufacturers of Polymethyl Methacrylate are spending a substantial amount of money on R&D and focusing on their capacity plans.
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Polymethyl Methacrylate Market Recent Developments
- December 2022: Coperian and Renov8 reached an agreement where Coperian will build a system for the recycling of PMMA for Renov8 that will be installed at KEZAD Polymers Park in Abu Dhabi, which is among the most popular vertically integrated polymer downstream manufacturing eco-systems in the region.
- December 2022: Röhm, one of the leading manufacturers in the methacrylate business, reached an agreement to acquire the functional forms business from Sabic, thus expanding its business in the production of its existing range of polymethyl methacrylate sheets and films. The transaction between the two companies is expected to close in the first half of 2024.
- In April 2022, Sumitomo Chemical establish a new MMA division to expand its MMA business. The MMA business includes methyl methacrylate monomer and acrylic resin PMMA. The new division is aimed at strategy formulation and global marketing and. The company produces MMA monomer at three locations in Japan, Singapore, and Saudi Arabia, with a total production capacity of 400,000 tons per year.
The Asia-Pacific region accounted for the largest market 37% share globally.
The demand for PMMA is mainly driven by the increasing demand from industries, such as automotive and transportation, construction, and electrical and electronics. The governments in countries such as China, India, Indonesia, and Singapore have been witnessing huge investments in the construction industry. This is likely to drive the demand for PMMA. The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. Additionally, in India, technology transitions, such as the rollout of 4G/LTE networks and IoT (Internet of Things), are driving the adoption of electronics products. Initiatives, such as ‘Digital India’ and ‘Smart City’ projects, raised the demand for IoT in the country.
Rapid digitalization is projected to drive the growth of polymethyl methacrylate market is driving the market.
Rapid digitalization has driven the need for attractive advertising options in the retail industry, leading to increased polymethyl methacrylate demand in signs and displays, lighting, and similar applications. The product is utilized across several industries owing to its inherent advantageous characteristics including high thermal and chemical resistance, durability, low smoke emission, and excellent abrasion resistance. Manufacturers are utilizing the product as a shatterproof alternative to glass in illuminated signs, aircraft canopies, and shatterproof of windows. It is almost 40% lighter than glass and provides better rigidity, toughness, and transparency. The product also emits negligible amounts of smoke while processing, conforming to stringent manufacturing and emission standards.
Growth factors:
The industry for polymethyl methacrylate has been disrupted by the coronavirus epidemic. Due to widespread shutdowns and rigid social isolation policies, there was a large market for safety clothing and sterilizers worldwide. This resulted in a huge increase in the market for polymethyl methacrylate transparent plates, which were used all over the world as safety precautions to end the viruses from spreading. However, the desire for PMMA also fell as a result of the abrupt decline in sales in the transportation and automotive sectors, which hurt an adverse effect on the industry.
- In the longer term, rising prices for LED television sets and expanding utilization as a glasses replacement in different goods are the main development drivers for such polymethyl methacrylate business.
- On the other hand, it is anticipated that the cost of production will impede the expansion of the industry under consideration.
- The major segment was in the transportation and automotive sector, which is anticipated to expand significantly throughout the projection period. This is mostly caused by growing hygienic consciousness and a growing preference for cosmetics.
- Various growth possibilities are anticipated to arise during the forecast time frame as a result of the industry's transition towards PMMA, primarily as a replacement for polycarbonate.
- The Asia-Pacific area is predicted to control the international market. This is mainly because end-user sectors including electrical, automotive, construction, and electronics are demanding more products.
Polymethyl Methacrylate Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 4.1 billion in 2022 |
| Revenue forecast in 2029 | USD 6.36 billion by 2029 |
| Growth rate | CAGR of 5% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key Market Drivers | PMMA is widely used in LCD light guide and the growth of LCD market drives the PMMA market as well. |
| Key companies profiled | Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Corbion Purac, Hisun Biomaterials, Synbra Technology bv. |
Polymethyl Methacrylate Market Players
The polymethyl methacrylate market key players include Evonik Industries, Mitsubishi Rayon Group, Sumitomo Chemical Company Ltd., The Dow Chemical Company, Chi Mei Corporation, Kuraray Group, Asahi Kasei Corporation, LG MMA Corp., Makevale Group, Shanghai Jing-Qi Polymer Science Co. and, Polycasa N.V.
To increase their market position, these businesses have implemented a variety of growth tactics. These companies are using expansion, new product development, mergers and acquisitions, and collaboration as important growth strategies to improve their product portfolio and geographical presence in order to meet the rising demand for polymethyl methacrylate from emerging economies.
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Key Market Segments: Polymethyl Methacrylate Market
Polymethyl Methacrylate Market by Type, 2023-2029, (USD Million), (Thousand Units)
- Extruded Sheet
- Cast Acrylic Sheet
- Beads and Pellets
Polymethyl Methacrylate Market by Applications, 2023-2029, (USD Million), (Thousand Units)
- Sign & Display
- Automobile
- Construction
- Electronics
- Lighting & Fixture
Market Dynamics
Drivers: Polymethylacrylate is widely used in the automotive sectors because it is waterproof and lightweight.
Lamp covers and other exterior and internal trim are just a few examples of the equipment and body components for cars that use it. It is used in signalling lamps, spotlights, side windows, windscreen wipers, metre panels, wind deflectors, tail light covers, and speedometer covers, in addition to other external lighting devices. The interior of public transportation also uses it as a coating. Since 2022, conventional auto production has been impacted by a drop in per-capita spending, a shift in customer tastes towards electric vehicles (EVs), changes to the operating model, a tendency preferring rental cars and coasters, reduced revenues, and economic downturns in various nations.
Restraints: There are many PMMA alternatives available, which is somewhat restricting market growth.
A few of the alternatives on the market include constructed multiwall sheets, polyvinyl chloride plastics, and polycarbonates. Composite materials are brand-new synthetic materials that are in demand all over the world because, like glass-based substances, they are ecologically favourable. They are frequently used because they are inexpensive, accessible, reliable, and adaptable. Plastic resin is used in eyewear frames in both the military and automobile industries. They protect the eyeballs from having outside things enter them. Polyvinyl chloride has replaced the tempered glass that was once used to make Discs and other products. Complex components were not previously made from polycarbonates.
Opportunities: The production of a PMMA-producing enzyme has caused the development of microbial PMMA treatments.
Petroleum-based materials are used to make PMMA, resulting in goods that harm the ecosystem and emit carbon dioxide. However, alternative manufacturing techniques using biomass and biochemical procedures have been discovered as a result of the expanding demand for PMMA. Treatments for bacteria PMMA have been developed as a result of the creation of a PMMA-producing enzyme. In addition to having a smaller impact on the ecosystem, organic PMMA can be manufactured to have a variety of different characteristics. Take Arkema's Plexiglas Refresh organic thermoplastic polymer as an illustration. Because more than 25% of its components are biodegradable, thermosets have better chemical characteristics.
Challenges: PMMA is widely used for sheets because it is readily available and reasonably priced.
Because it is easily accessible and fairly affordable, PMMA is frequently used for sheets. But there are also detrimental effects on the environment. Consumption ought to decline as more people become conscious of these detrimental environmental effects. These elements make it difficult to grow the PMMA business. According to an estimate, producing one kilogramme of acrylic fibre results in the emission of about 5.5 kilogrammes of CO2 into the atmosphere. Particles of carbon dioxide separate when carbon breakdown in acrylic sheets is subjected to sunshine. When this occurs, carbon dioxide emissions significantly damage the ozone barrier.
Key Question Answered
- What is the current size of the polymethyl methacrylate market?
- What are the key factors influencing the growth of polymethyl methacrylate?
- What are the major applications for polymethyl methacrylate?
- Who are the major key players in the polymethyl methacrylate market?
- Which region will provide more business opportunities for polymethyl methacrylate in future?
- Which segment holds the maximum share of the polymethyl methacrylate market?
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