According to Acumen Research and Consulting, The Global Polymethyl Methacrylate Market size is expected to reach around US$ 8.4 billion by 2026 with noteworthy CAGR of 8 % over forecast period 2019-2026.
Polymethyl methacrylate (PMMA) is a synthetic resin that is made of methyl methacrylate polymerisation. It is a transparent and rigid plastic commonly used in shatterproof windows, overhangs, lights and doorways. The report aims at analyzing current and estimated trends in the global chemical speciality market, given the growth in demand for the product.
The report provides analysis of global Polymethyl Methacrylate market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Fast digitisation led to an increased demand for PMMA in signs and displays, illumination and similar applications, and led to attractive advertising options in the retail sector. Due to its advantageous characteristics, which include high thermal and chemical resilience, durability, low emission of smoke and excellent abrasion resistance, it is used in several industries.
Highlights, aircraft canopies and shatter-resistant windows use the product as a smash proof alternative to glass. It is almost 40% lighter and more rigid, tough and transparent than glass. The product also produces insignificant smoke during processing and complies with stringent production and emission criteria.
Sustainable polymers, backed by favorable government regulations, have been rapidly rising, and bio-based raw materials have emerged. It is an effective alternative to petroleum products and reduces energy consumption during industrial work up to 30 percent. Increasing investment in the development of renewable products also paves the way for new market opportunities.
Manufacturing is based on multiple technologies such as emulsion polymers, polymerization of suspensions and bulk polymerization. In recent years, the industry has seen many innovative technologies and large firms have engaged in extensive R&D to develop innovative products that meet the constantly changing needs of consumers.
Product Type Outlook
The dominant product segment is extruded sheets. Due to the strong demand for high-performance sheets in different industry sectors, it accounted for more than 50% of the global volume share in 2018. These sheets are ideal for applications where complex forms are required for excellent thickness tolerance. Furthermore, extruded sheets also offer economic efficiency because they are manufactured using economic techniques. A growing use of acrylic beads as a thermoplastic or coating texturing agent is likely to lead to future growth. At the fastest CAGR of more than 9 per cent between 2019 and 2026, the segment should grow. These beads also are an ideal component as curable binders, such as sticks, resins and composites. The increasing demand for aquariums and other structural panels creates lucrative pellet and cast acrylic opportunities.
End Use Stance
The automotive, construction, electronics and signs and displays segmented the market according to end use. The product is used in lighting signs for publicity and directions because it promotes excellent visible light transmission. Fiber optics produced from this material are also used to retain the reflected light beam within surfaces by means of telecom signs, displays and endoscopy applications.
In order to achieve fuel efficiency, the increased requirement for lightweight vehicle parts increases PMMA use in the automotive sector. The high weathering, ultraviolet resistance of the product and optimum acoustic properties make automotive glazing another popular application.
For low-and passive energy buildings, a wide range of PMMA tube materials and vacuum isolation panels are used. In thermal isolation applications, casted acrylic and extruded sheets also gain popularity. Increased building activities, particularly in India China, and Brazil, are expected to drive the market, due to the increasing level of available income and government support.
As regards revenues, the highest CAGR of more than 9% is expected over the forecast period in Asia Pacific. Increased per capita revenue is anticipated to fuel car sales in countries such as China and India and thereafter increase the demand for the product. There are also numerous investment opportunities in the area from multinational corporations that shift their production bases into emerging economies. The second largest consumer in the coming years is expected to be Middle East and Africa.
Several future projects and the consolidation with producers in the region of the large industry involved are likely to have a positive effect on the dynamics of the market. In emerging countries all over Central and South America, the industry also exhibits significant potential. During the Rio Olympics in Brazil (2016) the demand for signs and displays was intensified. The CEGs in 2018 also contributed to the growth of industry in the area.
Global Polymethyl Methacrylate Market, By Product Type
Global Polymethyl Methacrylate Market, By End Use
Global Polymethyl Methacrylate Market, By Geography
The market research study on “Polymethyl Methacrylate (PMMA) Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Polymethyl Methacrylate market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report provides an analysis of the latest industry trends from 2015 to 2026 in all sub-segment segments and forecasts revenue and volume growth on the global, the regional and country levels.
An overview of the market and its main concerns is a comprehensive analysis of the global Polymethyl Methacrylate market. Market dynamics encompasses drivers, restraints and opportunities to simplify the behavior of the market. A thorough study into the products and geographic segments that would help to understand current market trends is presented in the Section on Market Segmentation. The analytics from Porter's Five Force could be useful in determining market profitability for strategists. The cost of the purchaser to switch a Polymethyl Methacrylate product is low and the supplier has low negotiating power. Polymethyl Methacrylate products are less varied and the threat of new entrants is increasing. The threat of substitutes increases with low cost change for consumers and the accessibility of alternative therapies. Many competitors are present on the market and industrial rivalry is intense.
Key Players & Strategies
The main companies in this market have developed new processes to achieve a competitive advantage, including Asahi Kasei Corporation, Mitsubishi Rayon Group, Evonik Industrys, LG MMA Corp, Sumitomo Chemical Company Ltd., Dow Chemical Company, Makevale Group, Kuraray Group, Chi Mei Corporation, Polycasa N.V., and Shanghai Jing-Qi Polymer Science Co.
For example, Lucite International developed Alpha technology, which is a completely novel method of manufacturing MMA using raw materials carbon monoxide, methanol and ethylene. This technology improved operating economies substantially and contributed to a reduction in capital investment. Companies are also committed to strategic initiatives to reinforce their position and boost investment in expansion and capacity development of product lines.