Global Polymethyl Methacrylate Market is segmented By Form (Extruded sheets, Beads, Pellets, Cast acrylic sheets), By Application (Automotive, Construction, Electronics, Others (includes Lighting Fixtures), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "Polymethyl Methacrylate Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
- Polymethyl Methacrylate (PMMA) is also known as acrylic glass, and it is a synthetic resin produced by polymerization of methyl methacrylate. It is a transparent thermoplastic and impact-resistant substitute of glass which is lightweight, hard, and has color versatility.
- Polymethyl methacrylate is highly durable, rigid, lightweight, and chemical-resistant as compared to conventional glass. It is an environment-friendly and 100% recyclable material, which has a high resistance to UV light and exhibits the most significant surface hardness among all the thermoplastics.
- Also, the LCD light guide made from polymethyl methacrylate provides brighter light than the conventional guide panels. Therefore, it is widely used in LCD light guides, and the growth of the LCD market drives the global polymethyl methacrylate market.
- Besides, it is also used in various industries such as automotive, electronics, construction, and others. The economic growth of these industries would drive the polymethyl methacrylate market. For instance, according to Work bank, the global expenditure from the construction industry is expected to reach USD 14 trillion by 2025.
- The lack of raw material for the production of a polymethyl methacrylate, poor impact resistance, and limited heat resistance are the factors hampering the global polymethyl methacrylate market growth.
- Based on the application of the global polymethyl methacrylate market is broadly segmented as automotive, construction, electronics, and others.
- Among all these, automotive application occupies the dominant sector owing to all benefits such as environmentally friendly, long service life, and high light transmission characteristics. PMMA is used in the automotive industry for various applications, including exterior and interior lighting, instrument covers, spoilers, and other ancillaries.
- Based on the product form the global market for polymethyl methacrylate is broadly segmented as extruded sheets, pellets, beads, cast acrylic sheets, and others.
- Among all these extruded sheets accounted for the largest share. In the forecast period, it is expected to grow at a higher CAGR owing to the increase of its usage because of its comfortable fabrications, high gloss surface, weather-resistant, excellent clarity, and other properties.
- It offers high quality and performance than other thermoplastics, making them suitable for various industrial applications.
- These are mainly used to build complex structures and designs in the construction industry. Thus, the increase in the construction sector leads to the growth of this product in polymethyl methacrylate market.
- Global polymethyl methacrylate market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
- The Asia Pacific occupies the dominant share in the polymethyl methacrylate market and is expected to grow at a high CAGR in the forecast period owing to the presence of increasing industrial developments in the region. It also offers enormous opportunities for the use of advanced plastic materials in various applications.
- Also, the increased demand from the automotive and electronics segments in the region is fueling the demand for PMMA. Additionally, the growing infrastructural development is increasing the demand for polymethyl methacrylate market in this region.
- Significant players in the global polymethyl methacrylate market are Arkema SA, Evonik Industries AG, Mitsubishi Rayon Co., Ltd., Saudi Arabia Basic Industries Corporation (SABIC), Sumitomo Chemical Co., Ltd., Asahi Kasei Corporation, Chi Mei Corporation, GEHR Plastics, Inc., Kolon Industries Inc., and others. Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share.
- For instance, in March 2016, Asahi Kasei Corporation established Asahi Kasei Europe GmbH in Dusseldorf, Germany to expand its PMMA operations in Europe. In February 2015, Evonik Cyro LLC, subsidiary of Evonik Industries AG agreed with Jung Becker to provide acrylic-based light-guiding solutions throughout North America.
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