Polymethyl Methacrylate Market
Polymethyl methacrylate (PMMA) is a polymer used as a substitute for glass. It possesses characteristics of weather resistance, scratch resistance, and transparency. The polymethyl methacrylate market is an actively growing market and was valued at USD 4.2 billion in 2030. The outbreak of COVID-19 has led to a surge in medical equipment and the market demand during this pandemic has been highlighted and explored in detail.
Market Scope
The global Polymethyl Methacrylate Market can expand multifold owing to massive demand for lightweight automotive components. The automotive industry is expected to be one of the biggest end-users and drive market demand owing to regulations pertaining to carbon emissions. The use of the polymer in headlights taillights, windows, windowshields, and sun visors can drive its demand in the industry. Development of optoelectronics as well as its application in panel lighting and light-guide films can encourage market growth.
The construction sector and its investments in various building projects can fuel the demand for PMMA. Public-private partnerships in the construction industry and inflow of capital are drivers of the construction industry. Commercialization of different grades of eco-friendly PMMA can be lucrative for the market in the coming years.
Segmentation
The global polymethyl methacrylate (PMMA) market is categorized on the basis of type and application.
On the basis of type, the market is segmented into beads, pellets, extruded sheets, and cast sheets.
On the basis of the application, the market is segmented into automotive, electronics, signs displays, construction, and others.
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Regional Analysis
The global polymethyl methacrylate (PMMA) market is segmented into five regions, Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East Africa (MEA).
APAC has emerged as the leading regional market driven by a surge in automotive production coupled with rising construction spending. The strong growth of LED flat screens in India, China, Japan, Thailand, South Korea, Indonesia, and Malaysia is touted to remain the key driving factor for market growth. Rise of smart TVs and other consumer electronic products owing to heavy consumption of content online and on cable can drive the market demand for PMMA exponentially.
Europe followed APAC in terms of demand. Strong demand for facades in the region is expected to drive regional market growth. PMMA can find high demand in the construction industry due to its long-lasting shelf life and superior aesthetics. UV protection, availability in varied colors, and easy casting are some of the prominent features driving its usage in the European construction industry.
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Latin America is predicted to witness above-average growth rate due to the expansion of construction and automotive industries. This can be attributed to the move by major automotive companies establishing their respective manufacturing bases in the region. In addition, global sports events such as the Rio Olympics and upcoming Central America and Caribbean Games is anticipated to increase the product demand. Construction of new stadiums and modernization of public infrastructure can be deemed pivotal in fueling the global PMMA market growth.
Competition Outlook
The Dow Chemical Company, Gehr Plastics, Inc., Arkema SA, Evonik Industries AG, Saudi Arabia Basic Industries Corporation, Mitsubishi Rayon Co. Ltd., CHI MEI Corporation, Kuraray Group, Polycasa N.V., Asahi Kasei Corporation, Kolon Industries, Inc., and Sumitomo Chemical Co. Ltd. are key players of the global polymethyl methacrylate (PMMA) market.
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