Market Overview
The global market for polymethyl methacrylate is poised to grow stronger during the forecast period (2022-2030), forecasts Market Research Future (MRFR). The market size will be influenced in the coming years by many factors such as rapid digitalization of rural areas driving the need for attractive advertising options in the retail industry. This leads to PMMA demand in signs & displays, lighting, and similar applications. Also, the healthy growth of major end-use industries such as electronics and automotive has triggered the market growth globally. Other applications of PMMA include interiors and furniture, fashion and apparel, solar panels, medicine and healthcare, and sanitary ware. Moreover, the market volatility is prompting many PMMA manufacturers to apply innovative ideas to open up new application possibilities for the global market, such as in the field of automotive glazing or wood-acrylic composites. PMMA also possesses some highly favorable properties such as high strength, durability, resistance to chemicals and weathering, and ease of processing, hence making them highly essential in several industries.
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However, PMMA is a weak material and is quite brittle, a fact that could be particularly damaging to the market growth. Despite threats, the market is set to grow by leaps and bound due to many major market players, in response to increasing demands, constantly investing in projects to expand their customer base and enhance the quality of the products in several parts of the globe. These players include Asian companies like Chi Mei in Taiwan and China and Mitsubishi Rayon in Korea. Moreover, the strategic activities such as partnerships and collaborations entered into by many players cannot be sidelined. For instance, in 2012, Ampaglas Plastics Group (South Africa) and Evonik Industries entered a joint venture and founded the joint venture Evonik Acrylics Africa (EAA) for the extrusion of PMMA semi-finished goods.
Market Segmentation
The global Polymethyl methacrylate market is segmented on the basis of type, application, and regions.
By type, the market is segmented on the basis of extruded sheets, pellets, cast sheets, and beads. The extruded sheets segment is leading among other segments owing to robust demand for high-performance sheets in various industrial sectors. Moreover, excellent thickness tolerance provided by extruded sheets make them ideal for applications that require complex shapes. Furthermore, these sheets also cost-efficient as they are produced using longer and economical techniques.
By application, the market is segmented on the basis of signs & displays, construction, automotive, electronics, and others. A wide array of polymethyl methacrylate pipe materials are used for low & passive energy buildings. Hence, PMMA is extremely essential in the construction sector. In construction, PMMA is also used in door panels and window and door profiles. On the other hand, PMMA is highly suitable for large displays as well as spherical displays, as they enhance the aesthetic appeal of the display screens.
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Regional Analysis
By regions, the global market is split into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Among all regions, the market in Asia Pacific has emerged into a formidable entity, leading the global market due to a striking surge in automotive production along with rising construction spending. The strong growth of light emitting diode (LED) flat screens sales, particularly in countries such as China, India, Japan, South Korea, Thailand, Indonesia, and Malaysia. In addition, the rise of smart TV’s in the past few years has further fueled the consumption of PMMA in the electronics industry. Furthermore, PMMA manufacturers in the region are expanding continuously by embarking on various projects along with constant technological innovations keeping in mind environmental issues. For instance, Mitsubishi Rayon (Lucite) developed the C2-Alpha technology, in which ethylene, methanol, and carbon are used instead of acetone, HCN, and isobutylene, thus minimizing by-products and waste.
Just behind Asia Pacific is the region of Europe that makes huge demand for PMMA. Massive demand for glazing and facades in the region is presumed to fuel the regional market growth. UV protection, availability in varied colors, and easy casting are some of the prominent features driving its usage in the construction industry in Europe. Also, regional market players are continuously developing methods to increase the impact-resistance for PMMA so that it can be used in even more parts of a vehicle, such as in bumpers. In addition, growing population and high disposable income are bound to spur the LED flat screen TV market in the region, which will augment the PMMA market in Europe in the coming years.
Latin America is also predicted to grow on an above-average rate on the back of sturdy growth of the construction and automotive industry. With major automotive companies establishing their manufacturing bases in the region, the demand for PMMA is expected to quadruple at a remarkable rate.
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Key Players
Some of the key players striving to make a mark in the global polymethyl methacrylate market include Polycasa N.V. (Belgium), Saudi Arabia Basic Industries Corporation (Saudi Arabia), Asahi Kasei Corporation (Japan), Arkema SA (France), Mitsubishi Rayon Co. Ltd. (Japan), Sumitomo Chemical Co. Ltd. (Japan), CHI MEI Corporation (Taiwan), Evonik Industries AG (Germany), Kolon Industries, Inc. (South Korea), Gehr Plastics, Inc. (U.S.), Kuraray Group (Japan) and The Dow Chemical Company (U.S.) and others.
An artist by the name of Martin Barraud will be putting up sculptures made of Perspex Clear acrylic in communities and businesses across the UK. This will take place in a World War I memorial artwork aimed to raise USD 1.96 million to help veterans. The fundraising campaign will kick-start in venues such as St Pancras Station in London and the Tower of London. Perspex is among several trade names of poly methyl methacrylate that is lightweight and is a shatter-resistant alternative to glass, making it ideal for its usage in sculpture.
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