The Polymethyl Methacrylate Microsphere Market is expected to grow at a CAGR of 7.82% during the forecast period (2020-2027). PMMA is a synthetic resin, produced from the polymerization of methyl methacrylate. It is a clear acrylic material that is successful in replacing glass in products. PMMA is a linear thermoplastic polymer and hence it possesses high mechanical strength and is also highly scratch resistant. There are many drivers contributing to the growth of the global PMMA market, including emerging demand for LEDs. The key benefit of PMMA in LED screens is the consumption of power. Additionally, intensifying demand from APAC will further spur the global PMMA market. A growing industrial and commercial base coupled with rapid growth of the construction industry in India and China is expected to augment the PMMA market in APAC. Based on application, display segment majority of share in 2019 with 37.72% of total market and it is expected to grow at faster pace as compared to other segments owing to growing demand for smartphones and LED TVs during the forecast period. PMMA Microsphere in APAC is expected to witness a fast growth during the forecast period. APAC is considered to be the major manufacturer of LED TVs. The increasing population and rising income are expected to spur the LED flat screen TV market, which in turn will augment the PMMA market in APAC.
Market Dynamics
Drivers
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Emerging demand from LEDs
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Growing demand construction sector
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High Demand From APAC
Restraints
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Volatility of raw material prices
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High Production Costs
Market Segmentation
The global 0 to 30 microns PMMA microsphere market value was USD 122.62 million in 2019 and is expected to reach USD 196.37 million by 2027 with a CAGR of 6.24% during the forecast period 2020 to 2027. In terms of size, the smaller size segment containing “0 to 30 microns” accounted for a major share in 2019. Cosmetics industry is one of the major industries using 0 to 30 micron PMMA microspheres. Crosslinked PMMA spheres with a diameter of 6 micron are specially designed for use as additives in cosmetics and toiletries. The uniform particle distribution gives cosmetic products unique flow properties and a soft touch feel.
The low residual monomer content ensures a product free of smell. It is approved according to EU-directives for use as an additive in cosmetics and toiletries. The global cosmetics market is expected to maintain the positive trend during the forecast period. One of the major drivers of its growth is the introduction of new products. For instance, Lakmé added a new line in its skin care and premium cosmetics line through the addition of Lakmé Absolute in 2014. Also, customization and personalization continue to play a dominant role in the growth of the market. Personalization of fragrances and skin care products has formed a key part of the premium segment. In addition, manufacturers are targeting their products at the affordable premium segment. Social media and celebrity endorsements have also contributed to the growth of the market.
Geographical Analysis
North America PMMA microsphere market value was USD 42.15 million in 2019 and is expected to grow at a CAGR of 7.72% during the forecast period (2020 to 2027) to reach USD 75.20 million by 2027.
The North American PMMA microsphere market will witness a steady growth during the forecast period. The demand is primarily driven by the Paints and coatings, medical, LED, and cosmetic applications. Rising infrastructure products and construction activity will further boost the PMMA market because paints and coatings, signs and display are used extensively in these sectors.
The Americas held around 25% of the global LED market in 2019. The declining cost of LEDs and their improving performance have driven their adoption in the United States. In the US, the demand for LEDs is increasing from the commercial, industrial, horticulture, and marine lighting segments. US lighting companies are adding LED lighting businesses and increasing their portfolios of LED lighting products. The fastest growth has come from troffers, panel lights, tunnel lights, and high/low bay lights. The smart lighting segment is also experiencing high demand from this region. Horticulture lighting is one of the niche lighting segments prevalent in the US. Thus, growing consumption LED in this region is one of the major driver of the PMMA microsphere market.
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