PMMA Microspheres Market Size is anticipated to reach USD 586.23 Million by 2030, registering a CAGR of 6.54% during 2022-2030
The PMMA microspheres market size is projected to be worth USD 586.23 million by 2030, registering a CAGR of 6.54% during the forecast period (2022–2030).
Poly(methyl methacrylate) or acrylic microspheres, also known as PMMA microspheres are esters of methacrylic acid, a synthetic resin yielded from the dispersion polymerization of methyl methacrylate. Majorly PMMA microspheres are utilized to modify the chemical and mechanical properties of ceramic materials, polymers, metallic materials, fly ash, and other materials.
Due to its durability similar to that of glass, and several characteristic properties, PMMA polymer evolved as a go-to alternative for glass in the making of skylights, shatter-proof windows, aircraft canopies, and radiated signs. PMMA microspheres are commercially used in various end-user industries such as chemicals, cosmetics, life sciences & medical, and plastics.
COVID-19 Impact on the PMMA Microspheres Market:
The instantaneous spread of COVID-19 has caused considerable disturbance to a wide range of industries across the globe. Some of the major PMMA microsphere end-users who were enormously hit by the pandemic include the plastic, paints & coatings, and electronics industries.
At the start, the outbreak of COVID-19 has immensely impacted the chemicals & materials supply chains, mining operations, international trade, and production processes across the globe. As a result of a lockdown across geographies, the manufacturing facilities have faced serious troubles. The market players have had to close production facilities or operate the facilities below the optimal manufacturing capacities to stop the spread of COVID-19. Regardless of the aforementioned reasons due to the impacts of the COVID-19, global chemical production was gradually raised in August 2020.
The pandemic, which began in 2020, has highly impacted the PMMA microspheres market due to the major capacity increases and sluggish demand growth. The effect of the novel coronavirus on PMMA microspheres demand was uneven throughout value chains, with sharp drops in plastic and coatings applications and high demand for medical applications. On the other hand, several chemical manufacturers altered their current factories to fulfill the growing demand for PMMA microspheres.
PMMA microspheres are gaining traction in the life sciences & medical industry due to increased usage as a bulking agent for tissues, filler in bone cement, etc.
PMMA microspheres are also utilized in artificial bone cement in orthopedics, due to their excellent mechanical properties. The medical grade PMMA microspheres have round, and smooth structures, which are not readily soaked by the body. As the particles are infiltrated, they start a natural bio-process to begin the body response, where each PMMA microparticle is enclosed with new collagenous tissue development.
PMMA microspheres provide a distinctive blend of transparency and high visual clarity along with great mechanical strength. Other materials such as ceramic, glass, polyolefins, and silica, offer either mechanical strength or transparency to the product. And therefore, these materials do not fulfill this particular combination. Regardless, these materials are moderately cost-effective and alter the cost dynamics altogether. Therefore, several end-users are shifting from PMMA towards other cost-effective materials.
Increasing economic growth, due to heavy investment in various industries such as automotive, medical, construction, and electronics, and the evolution of new technologies predominantly in the developing countries is anticipated to create lucrative opportunities for PMMA microspheres. With economic limitations and saturation in the American and European markets, demand is redirecting towards the Asia-Pacific, majorly in China and India. Consequently, the scope of expansion for most industries is vast in these Asian countries. The PMMA microspheres industry is substantially developing, which proposes plentiful opportunities for the manufacturers.
PMMA microspheres cause unfavorable environmental effects as, during the production, it emits harmful compounds, formaldehyde, carbon dioxide, carbon monoxide, and others. Also, the products made up of PMMA microspheres gradually release greenhouse gases and toxic chemicals into the environment, when dumped into the landfills. These chemicals and gases impact the air, the water bodies, and the surrounding atmosphere.
By End-use Industry
The Asia-Pacific market is predicted to hold the most considerable share, by value, and the growth in the Asian region can be primarily be due to the collaboration of key players, high demand end-use industries, expansion of production capacity, and an upsurge in government investments. The Asia-Pacific market provides considerable opportunities for growth to the manufacturers and is foreseen to record the highest CAGR. Moreover, many global companies are constructing new facilities and preparing to expand, followed by technological advancements in the European region, which is expected to have a substantial market in the region. North America was foreseen to have increased demand for PMMA microspheres, owing to the well-established life sciences & medical industry in the USA and Canada, which has significantly increased the demand for PMMA microspheres.
The global PMMA microspheres market is expected to showcase healthy growth throughout the forecast period. The global market represents strong numbers in terms of consumption and is expected to grow year on year. The global PMMA Microspheres market is highly fragmented, with a majority presence of tier-1 players.
Some of the key players operating in the global PMMA microspheres market are Nippon Shokubai Co. Ltd, Dynea AS, Sekisui Kasei Co. Ltd., Kuraray Co. Ltd., HEYO, Kobo Products Inc., Cospheric LLC, Imperial Microspheres, Lab261, Trinseo, Microchem and Microbeads AS.
Some of the key developments include:
The PMMA microspheres market is segmented by application, end-use industry and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global PMMA microspheres emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 586.23 Million|
|CAGR||6.54% CAGR (2022-2030)|
|Forecast Units||Value (USD Million) & Volume (Million Tons)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa|
|Key Vendors||Nippon Shokubai Co. Ltd, Dynea AS, Sekisui Kasei Co. Ltd., Kuraray Co. Ltd., HEYO, Kobo Products Inc., Cospheric LLC, Imperial Microspheres, Lab261, Trinseo, Microchem and Microbeads AS|
|Key Market Opportunities||Heavy Investments Being Done in Several Industries|
|Key Market Drivers||Increasing Demand in the Life sciences & Medical Industry|
The global PMMA microspheres market would register a growth of 6.54%.
The lifesciences & medical industry will play a prominent role in taking the market forward.
High cost of PMMA is shifting the end-users towards the alternatives.
Asia-Pacific would enjoy the upper hand in the PMMA microspheres market.
China, as the largest consumer, would set the trend.