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The polymethyl methacrylate (PMMA) market size is forecast to increase by USD 1.79 billion, at a CAGR of 5.54% between 2023 and 2028. The market growth hinges on multiple factors: heightened demand from the construction sector in emerging economies, robust interest in PMMA (Polymethyl Methacrylate) from the automotive industry, and expanding applications of PMMA in the medical sector. These dynamics underscore PMMA's versatility across diverse industries, driving its adoption for architectural purposes in developing markets and as a preferred material for automotive components due to its lightweight and aesthetic qualities. Furthermore, PMMA's role in the medical field is expanding, fueled by its transparency, biocompatibility, and ease of sterilization, which are critical for applications in medical devices and equipment. As these sectors continue to evolve, PMMA's market trajectory remains influenced by its adaptability and essential role in meeting growing industry demands worldwide.
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The market for polycarbonates and polyvinyl chloride polymers is dynamic and diverse, driven by their versatile applications in various industries. These materials, including structured multiwall sheets and bio-based PMMA, offer superior UV stability, mechanical strength, and optical clarity, making them ideal for windows, skylights, and aircraft canopies. In the healthcare sector, thermoplastic polymers play a crucial role in medical device manufacturing due to their biocompatibility and ease of sterilization. The electrical and electronics industry utilizes these polymers for their electrical properties and durability, enhancing product performance and longevity. With advancements in UV light transmission and ecosystem sustainability, manufacturers are focusing on developing bio-based PMMA to meet environmental standards while maintaining high light transmission and UV resistance. This evolving market landscape underscores the importance of innovation in glass alternatives and thermoplastic polymers to meet the growing demands across diverse industrial sectors. Polymethyl methacrylate (PMMA) is a key component in acrylic powder, widely used for its clarity and durability in various applications, including medical devices and cosmetic products.
Strong demand for PMMA from the automotive industry is notably driving the market growth. The increase in the demand from the automotive industry is a major driver contributing to the growth of the global polymethyl methacrylate (PMMA) market. PMMA is increasingly replacing conventional plastics and metals in automotive applications. PMMA products are used for manufacturing instrument panels, center consoles, door panels, roof modules, rear windshield glazing, wheel covers, door handles, interior trims, housings, and bumpers. Furthermore, PMMA is also used in many other automotive applications such as fabric coating, sealing components, bumpers, powertrain, electrical components, chassis, and trim components.
Moreover, the demand for PMMA Is increasing with the growth of the transportation sector globally. The global demand for automobiles has increased in recent years, especially in developing countries, because of an increase in per capita income and economic development. The growth in the automotive and transport industries, coupled with the increasing number of suppliers in the automotive sector, is a significant pointer toward the growth in the demand for PMMA globally, which will thereby drive the growth of the market during the forecast period.
Technological innovations in PMMA products are an emerging trend shaping the market growth. There has been a significant increase in R&D by major vendors in recent years. Research is being conducted to increase the application of PMMA in various industries because of its weather resistance, enhanced clarity, abrasion resistance, minimal water absorption, low smoke emission, and better rigidity. The major PMMA players worldwide have increased their R&D expenditure to reduce the manufacturing cost of PMMA and to increase its strength and durability.
Moreover, new and higher value-added applications of PMMA are auto headlamp lenses, acrylic cap stock for PVC, and high-performance acrylic films, an R&D breakthrough by Arkema SA. Thus, the growing number of technological innovations in PMMA products is expected to drive the growth of the market during the forecast period.
High production cost associated with PMMA is a significant challenge hindering market growth. PMMA production requires a large initial investment to set up the plant and machinery. The capital-intensive nature of the industry makes it difficult for small and medium-sized companies to compete in the polymethyl methacrylate market. The costs involved in setting up the manufacturing plant and the changes in the value chain and production facilities to reduce production costs act as major barriers to market players, as these changes incur significant expenses.
In addition, the high production cost restricts new companies from entering into the market which restricts the polymethyl methacrylate market growth. Therefore, such factors limit the growth of the PMMA market and are likely to continue to impede the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Polymethyl Methacrylate (PMMA) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Asahi Kasei Corp. - The company offers polymethyl methacrylate such as DELPET SRG097 which is a superior acrylic resin molding material with excellent transparency, surface hardness and chemical resistance.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The extruded sheets segment is estimated to witness significant growth during the forecast period. The polymethyl methacrylate (PMMA) market by extruded sheets is expected to register moderate growth during the forecast period. Extruded sheets are increasingly used in applications such as framing, skylight applications, plaster of Paris (POP) displays, lighting control lenses, illuminated graphic panels, store displays, and rear projection screens.
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The extruded sheets segment was the largest and was valued at USD 2.80 billion in 2018. PMMA does not contain heavy metals or toxic materials that are harmful to human health and the environment. It is used as a sheet product owing to its clarity and durability. Extruded sheets provide exceptional thickness. The key properties of extruded sheets are excellent mechanical properties, excellent optical properties, weathering and ageing resistance and UV resistance. The rising demand for end-use applications is expected to fuel the growth of the extruded sheets segment in the global polymethyl methacrylate (PMMA) market during the forecast period.
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APAC is estimated to contribute 69% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the largest and fastest-growing region in the polymethyl methacrylate (PMMA) market due to the growth of the construction and automotive sectors. Moreover, in APAC, China, Japan, India, and South Korea were among the top producers of motor vehicles in 2021 and are expected to maintain their leading positions during the forecast period. This will ultimately drive the demand for PMMA in the region. The rapid urbanization in the region requires higher infrastructure construction and non-residential construction activities, which will have a positive impact on the regional construction material market.
For instance, in India, with the rise in the urbanization rate, urban areas are predicted to account for 40% of the country's total population and generate 75% of the country's GDP by 2030. The demand for and popularity of bio-based polyurethane has been growing in recent years, with the product finding higher utilization than fiberglass. Urbanization and industrialization, along with the need for energy-efficient buildings, are enhancing the need for insulation, which will drive the growth of the regional polymethyl methacrylate (PMMA) market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
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Polymethacrylate in VII and Pour Point Depressant (PPD) Market: Polymethacrylate in VII and Pour Point Depressant (PPD) Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Japan, Germany, France - Size and Forecast
Acrylic Sheets Market: Acrylic Sheets Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, India, Germany, France - Size and Forecast
The market for PMMA resin is experiencing robust growth across diverse sectors such as solar devices, electric vehicles, and buildings and construction. Known for its versatility and lightweight properties, PMMA resin is extensively used in extruded sheets for lamp covers, interior and exterior trim, door and window profiles, and sound barriers in the automotive segment and construction industry. It also finds applications in greenhouses for its optical clarity and durability.
Moreover, in machinery manufacturing and electronic products, PMMA resin is valued for its impact resistance and aesthetic appeal, enhancing the design of digitalized and robotics-enabled equipment. The advent of virtual reality, augmented reality, IoT, and 5G connectivity further drives demand for PMMA resin in aviation for aircraft contracts and flexible packaging. Amid fluctuating crude oil prices and geopolitical factors, PMMA resin remains a preferred choice due to its stability and sustainable production methods, ensuring its continued relevance in modern industrial applications.
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Polymethyl Methacrylate Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.54% |
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Market Growth 2024-2028 |
USD 1.79 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.15 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 69% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Asahi Kasei Corp., Avient Corp., Celanese Corp., Chimei Corp., Dow Chemical Co., Gehr Kunstoffwerk GmbH and Co. KG, Go Yen Chemical Industrial Co. Ltd, KURARAY Co. Ltd., LG Chem Ltd., Lotte Chemical Corp., Makevale Group, Mitsubishi Chemical Corp., Nippon Shokubai Co. Ltd., Plaskolite Inc., Roehm GmbH, Samyang Corp., Saudi Basic Industries Corp., Schweiter Technologies AG, Trinseo PLC, and Wanhua Chemical Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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