DELRAY BEACH, Fla.,
Sept. 16, 2024 /PRNewswire/ -- The
report "Polymethyl Methacrylate (PMMA)
Market by Grade (General Purpose, Optical), Form
(Extruded Sheet, Cast Acrylic Sheet, Pellets, Beads), End-Use
Industry (Signs & Displays, Construction, Automotive, Lighting
Fixtures, Electronics) - Global Forecast to 2029", size is
projected to grow from USD 5.1
billion in 2024 to USD 6.1
billion by 2029, at a CAGR of 3.4% during the forecast
period. The Polymethyl Methacrylate (PMMA) market is driven by the
increasing construction, automotive and electronics industries.
However, the market faces restraints from competition from
substitute materials. Opportunities lie in the growing demand for
bio-based and innovative types of PMMA. The challenges include raw
material shortages and a negative impact of the plastic on the
overall environment.
Browse in-depth TOC on "Polymethyl Methacrylate (PMMA)
Market"
250 – Tables
55 – Figures
271 –
Pages
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The Optical grade PMMA segment is projected to be fastest
growing segment in the global Polymethyl Methacrylate (PMMA) market
during the forecast period.
The demand for optical grade PMMA is expected to increase due to
the demand from motor vehicles, EVs, and the construction sector.
This is because PMMA is significantly lighter than glass, which
helps reduce overall vehicle weight, enhancing fuel efficiency.
Additionally, PMMA provides excellent visibility, making it ideal
for components such as headlights, taillights, and windshields.
PMMA also allows for high-light transmission while providing good
heat insulation, making it suitable for windows, skylights, and
canopies. PMMA is shatter-resistant, making it a safer alternative
to glass for applications such as safety barriers, and other
installations where strength is essential.
Extruded sheet accounts for largest segment in the Polymethyl
Methacrylate (PMMA) market.
Extruded sheets are estimated to be the largest form of PMMA.
This is due to its advantages: clarity, good surface quality, easy
maintenance, surface hardness, lightweight, and easy fabrication.
It is also a cost-effective option of PMMA. Extruded PMMA sheets
are available in various colors and finishes, providing flexibility
for design and aesthetic requirements. This makes them suitable for
decorative applications as well. Extruded sheets are known for
having high impact resistance, which can be used in areas requiring
strength and toughness, for a prolonged period. Companies are
opting for this type of PMMA as it is an affordable option. It is
usually thicker in nature as compared to acrylic sheets, which
makes it suitable for high strength uses.
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The Automotive segment accounted for second largest share
during forecast period.
The automotive segment is to account for the second largest
share, after construction sector. PMMA is used in automotive parts
like windows, windshields, taillights, interior and exterior
panels. This is because it has good light transmittance, is impact
resistant, and helps to reduce the overall weight of the vehicle.
Therefore, many automotive manufacturers are opting for PMMA. In
the automotive industry, PMMA is being used majorly because it
reduces the overall weight of the vehicle, which makes it easier to
operate.The material is also easily moldable, due to which it can
used to make different shapes and sizes according to the
requirements of the automotive makers.
Asia Pacific region is the
largest market for Polymethyl Methacrylate (PMMA).
APAC is estimated to be the largest market for PMMA. This is due
to the rising demand from the construction, and automotive sectors.
The emerging economies in this region like Thailand, Vietnam, and India are showing an increase in construction
activities. Besides this, other countries of this region are the
manufacturers of prominent cars and other vehicles. Additionally,
the improved lifestyle and income is leading to increase in
purchase of four-wheelers in this region, which are leading to
surge in automotive sales. There is also a shift to electric
vehicles being observed in this region, where countries like
China are contributing majorly
towards exports of EVs.
The PMMA market comprises major manufacturers such as Asahi
Kasei Corporation (Japan), CHIMEI
Corporation (Taiwan), Mitsubishi
Chemical Group Corporation (Japan), SABIC-Saudi Arabia Basic Industries
Corporation (Saudi Arabia), and
Sumitomo Chemical Co., Ltd. (Japan) are the key players operating in the
PMMA market, all located in Asia
Pacific. Expansions, acquisitions, joint ventures, and new
product developments are some of the major strategies adopted by
these key players to enhance their position in the PMMA
market.
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Market Players
Trinseo S.A. (US), SABIC (Saudi
Arabia), Rohm GmbH (Germany), Asahi Kasei Corporation
(Japan), Mitsubishi Chemical Group
Corporation (Japan), LX MMA
(South Korea), and CHIMEI
Corporation (Taiwan) are the key
players operating in the PMMA market. Expansions, acquisitions, and
deals are some of the major strategies adopted by these key players
to enhance their positions in the Polymethyl Methacrylate (PMMA)
market.
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