Polymethyl Methacrylate Market To Grow Enormously with Size Worth $8.16 Billion By 2025 |Grand View Research, Inc.



The global polymethyl methacrylate (PMMA) market size is anticipated to reach USD 8.16 billion by 2025 registering a CAGR of 8.4%, according to a new report by Grand View Research, Inc. Escalating demand for Light-Emitting Diode (LED) flat screens in Asia Pacific is projected to propel the market growth over the coming years. The market has shifted its focus toward developing bio-based alternatives to combat raw material price issues. Eco-friendly PMMA is now being developed with the introduction of bio-based raw materials, such as MMA from renewable organic feedstock. This, in turn, is anticipated to provide lucrative growth opportunities for new market entrants.
Extruded sheets are expected to remain the dominant product segment. These sheets have a better tolerance on thickness, typically +/-10%, as compared to cast acrylic sheets. The product is also expected to witness growth on account of its high transparency that makes it ideal for signs and displays in the advertising sector. North America and Europe are characterized by the presence of leading resin manufacturers and technological capabilities of further processing these resins for end uses. Asia Pacific is projected to register the highest CAGR of 9.1% from 2019 to 2025 on account of increasing investments in renewable energy infrastructure and commercial projects undertaken in China, India, and Japan.
Key companies in this market 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. Major participants have developed novel manufacturing processes to gain a competitive advantage.
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Further key findings from the study suggest:
·         Growing demand for sophisticated infrastructure along with the presence of major automotive Original Equipment Manufacturers (OEMs) is anticipated to boost the demand for acrylic beads
·         The signs and displays segment is projected to expand at the highest CAGR of 8.1% owing to increasing demand for commercial billboards, display cabinets, and leaflet dispensers
·         New market entrants are actively engaged in the development of novel production technologies to improve process efficiency and reduce operational costs
·         Prominent companies in this market include Evonik Industries AG, Mitsubishi Rayon Group, Arkema SA, Kuraray Group, Sumitomo Chemical Company Ltd., The Dow Chemical Company, SABIC, and Asahi Kasei Corporation
The global polymethyl methacrylate (PMMA) market size was valued at USD 4.72 billion in 2018 and is projected to expand at a CAGR of 8.4% from 2019 to 2025. Rapid digitalization has driven the need for attractive advertising options in the retail industry, leading to increased PMMA 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.
Rapidly increasing demand for sustainable polymers backed by favorable government regulations has led to the emergence of bio-based raw materials. It represents an effective alternative to petroleum derivatives and reduces the energy consumption up to 30% during industrial work. Increasing investments in the development of such renewable products is also paving new market avenues.
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Multiple technologies including emulsion polymerization, suspension polymerization, and bulk polymerization are deployed in manufacturing. The industry has witnessed several innovative technologies in recent years and major companies have been engaged in extensive R&D to develop innovative products that meet ever-changing consumer needs.
Extruded sheets is the dominant product segment. It occupied over 51.39% of the global volume share in 2018 owing to robust demand for high-performance sheets in various industrial sectors. Excellent thickness tolerance of these sheets make them ideal for applications where complex shapes are required. Additionally, extruded sheets also provide cost-efficiency since they are produced using economical techniques.
Increasing usage of acrylic beads as a texturing agent for thermoplastics or coatings is likely to prove conducive to future growth. The segment is expected to grow at the fastest CAGR of 9.2% from 2019 to 2025. These beads are also an ideal ingredient as binders in curable formulations, such as glues, resins, and composites. Increasing demand for aquariums and other structural panels is generating lucrative opportunities for pellets and cast acrylics.
Grand View Research has segmented the global polymethyl methacrylate market on the basis of product type, end use:
PMMA Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·         Extruded Sheets
·         Pellets
·         Acrylic Beads
·         Others
PMMA End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·         Automotive
·         Construction
·         Electronics
·         Signs & Displays
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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