Polymethyl Methacrylate (PMMA) Market is projected to be worth USD 4.2 Billion by 2030, registering a CAGR of 3.40% during the forecast period (2020 - 2030).
$4.2 Billion
3.40%
Asia Pacific
2020-2030
The polymethyl methacrylate market is an actively growing market and was valued at USD 4.2 billion in 2030. PMMA is transparent plastic having superior properties to glass. Therefore, it is widely used in different industries as a replacement for glass.
Polymethyl Methacrylate is easy to manufacture, has low manufacturing costs, and has more durability than similar materials. It is used for making window glass, vehicle glass, smartphone screens, aquariums, LCD screens, optical lenses, light covers, and many other things. The Polymethyl methacrylate market value is increasing with the rapid development of its end-user industries. The global polymethyl methacrylate market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 3.40% over the current forecast period ( 2020-2030).
The better optometric properties such as high transparency and UV light resistance give PMMA the market advantages. Moreover, it is a recyclable plastic so, passes stringent environmental regulatory norms to establish market presence. The global polymethyl methacrylate market value is expected to be worth USD 6.4 billion by the end of the current forecast period in 2020.
Covid 19 Analysis
Covid 19 had a profound impact on the global polymethyl methacrylate market. The poor performance of the automobile, construction, and other end-user industries during the period led to a sharp decrease in demand. There were large-scale disruptions in the global supply chain which badly affected the production rate. Moreover, the temporary closure of industrial units itself to curb the covid spread made the industry suffer badly.
On the other hand, there was an increase in demand for transparent protective covers over the period. Products like face shields, transparent barriers, etc. were in high demand which brought a huge respite to the market. Thus, the market is expected to show a swift recovery shortly.
Market Dynamics
Drivers
The increasing demand for cheap, damage-resilient transparent materials across different industries is the major growth driving factor for the polymethyl methacrylate market.
The growth of various end-user industries especially automotive, electronics and construction is generating huge demand for PMMA. In the automobile industry, acrylic glass finds its application in windshields & sun visors, caravan windows, tail lights & headlights, and automotive glazing. The rapid infrastructure development in the developing economies generates huge demand. In the infrastructure industry, the PMMA has applications in architectural modification and designing of buildings.
The better mechanical properties of polymethyl methacrylate such as scratch resistance, UV light protection, less brittleness, etc. over glass are increasing its market share. Moreover, PMMA can be used as a cheap alternative to polycarbonate to save manufacturing costs which have a market advantage. Furthermore, its recyclability strengthens its choice over transparent plastics. Therefore, being a relatively eco-friendly Material with superior properties the PMMA has bright market prospects.
Restraints
Polymethyl methacrylate ( PMMA) is not a stress-resistant material and cannot be used for manufacturing materials requiring high rigidity. Moreover, it is relatively brittle than another transparent thermoplastic, polycarbonate, which limits its wide application. The other growth restraining factors for the polymethyl methacrylate industry are the presence of notch sensitivity and low heat resistance.
Technology Analysis
Polymethyl methacrylate is a transparent thermoplastic having similar properties to that of glass. However, it is a rigid material and is not as brittle as glass. Therefore, it is widely used as a replacement for glass and is also known as acrylic glass. Moreover, it has superior properties to glass such as scratch resistance, UV protection, better optometry, etc.
Polymethyl methacrylate is produced from the polymerization of methyl methacrylate [ ( C5H8O2) n ] monomer. This clear and colorless polymer is available in pellet, sheet, and granular forms. These forms are then molded by thermoplastic methods ( injection molding, compression molding, and extrusion) to give the final polymer.
The ideal properties of polymethyl methacrylate make it suitable for making window glass, vehicle glass, smartphone screen, aquarium, LCD screens, lenses, etc. The PMMA is extensively used in automobiles, lightning displays, construction, and many other industries. Moreover, PMMA is easier to shape and to add colors than other conventional competent. Furthermore, it is a recyclable polymer which gives it a greater advantage in the market.
Study Objectives
The specific objectives of this market report on the polymethyl methacrylate market are given below:
Segment Analysis
Segmentation of the polymethyl methacrylate market, By type
Extruded sheet type is the dominating market segment. This dominance is due to its lightweight nature and high impact resistance properties. Moreover, these sheets have more optical clarity. Owing to its better properties, the extruded sheet is used in building and construction purposes, structural glazing, signage, plastic and metal fabrication, etc.
Segmentation of the polymethyl methacrylate market, By end-user industry.
The signs and display segment is the actively growing segment according to end-user market share. The rapid modernization of institutional signage such as in retail outlets generates significant demand for the PMMA market. Polymethyl Methacrylate being a cheaper and weather-resistant substitute for other materials is increasing its market share. However, the Automotive & transportation industry accounts for a significant market share. The acrylic glass is used for making various parts in an automobile ranging from light covers to window glasses.
The Global Polymethyl Methacrylate (PMMA) Market Share by End Use Industry (2016), (%):
Regional Analysis
The different regional markets for the global Polymethyl methacrylate market are:
The Asia Pacific is the fastest growing and the largest Polymethyl methacrylate (PMMA) regional market. Rapid infrastructure development in this region is promoting market growth. Moreover, growing automotive and electronics industries the major demand generating sectors are also helping to expand the PMMA market.
Europe is the second-largest market segment. The eco-friendly properties of PMMA make it suitable to comply with the regulatory laws of the region. A significant demand arises from the widely prevalent automotive industry in this region. The use of Polymethyl methacrylate in medical items, electronics, and other designer items is too boosting the market growth.
The North American segment is showing a moderate growth rate. A huge portion of demand comes from the optical industry and the plastic product manufacturing industry. The growing automobile and infrastructure sectors are too potential demand generators.
Latin America and the Middle East are moderately growing markets for acrylic glass. The construction industry generates huge demand for Polymethyl methacrylate in this region.
Competitive Landscape
The major global companies playing a key role in the Polymethyl methacrylate market are :
Recent Developments
Intended Audience
This report will be beneficial for every stakeholder of the Polymethyl methacrylate market such as :
Report Overview
This report provides an in-depth analysis of the Polymethyl methacrylate market in terms of current value and future forecast. We have also highlighted the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help to get details about the know-how of the product.
Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the Polymethyl methacrylate market.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: 4.2 billion USD |
CAGR | 2022–2030: 3.40% CAGR |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, End-Use Industry and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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), Polycasa N.V. (Belgium), Saudi Arabia Basic Industries Corporation (Saudi Arabia), Asahi Kasei Corporation (Japan), Gehr Plastics, Inc. (U.S.), Kuraray Group (Japan) and The Dow Chemical Company (U.S.) among others. |
Key Market Opportunities | Increasing demand for lightweight automotive components to improve fuel efficiency & reduce carbon emissions |
Key Market Drivers | The rapid development of optoelectronics in terms of technology and adaptability is a key factor |
The increasing demand for cheap, damage-resilient transparent materials across different industries is the major growth driving factor for the polymethyl methacrylate market.
The Asia Pacific region holds the largest market share of the global polymethyl methacrylate market. Rising infrastructure development and the automobile industry are the major market driving factors.
The major global companies playing a key role in the Polymethyl methacrylate market are : ● 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) ● Polycasa N.V. (Belgium) ● Saudi Arabia Basic Industries Corporation (Saudi Arabia) ● Asahi Kasei Corporation (Japan) ● Gehr Plastics, Inc. (U.S.) ● Kuraray Group (Japan) ● The Dow Chemical Company (U.S.)
Leading end users of polymethyl methacrylate include the construction industry, automotive industry, and signs and displays.