Polymethyl Methacrylate (PMMA) Market Size & Share to Surpass $7.36 Billion by 2030

WASHINGTON, June 05, 2023 (GLOBE NEWSWIRE) -- The Global Polymethyl Methacrylate Market is valued at USD 5.2 Billion in 2022 and is projected to reach a value of USD 7.36 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.1% over the forecast period 2023-2030.

Market Overview

The implementation of work-from-home policies and factors that are altering work styles all over the world increase demand for electronics and aid market expansion. The rapid expansion of developing nations' automotive and construction sectors is propelling the Polymethyl Methacrylate market. The market does, however, provide several PMMA substitutes. The demand for Polymethyl Methacrylate translucent plates, which were used worldwide as safety measures to prevent the further propagation of the viruses, increased dramatically.

We forecast that the extruded sheets in Polymethyl Methacrylate market sales will account for more than 41% of total sales by 2030. The technological procedure whereby polymer resins are formed into or rolled in sheets by applying pressure and heat is called extrusion of the sheets. The feedstock is first melted to create a continuous profile in this procedure. Fabrication of various healthcare gadgets, automobile parts, building materials, and consumer technology are just a few of the products that benefit greatly from sheet extrusion.

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Market Dynamics

Increase in Demand for Sign & Display to Support Market ExpansionThe market for signs and displays is anticipated to have the largest market share in PMMA because of the expanding demand for brand communication. PMMA can be used for signs since it comes in many colors. Similarly, PMMA's optical properties make it the material of choice for point-of-sale displays. As consumers want lighter, more energy-efficient, and weather-resistant materials, PMMA's want in sign & display is predicted to rise. PMMA is extensively used to make auto fenders, bumpers, and other molded parts.

Automotive and Transportation Industry Drives the Market GrowthPMMA, or Polymethyl Methacrylate, is a completely recyclable material with a high sustainability rating. It has the best surface hardness of any thermoplastic compared to other thermoplastics and is also very UV resistant. PMMA also has a very long service life and outstanding light transmission properties. PMMA is growing in popularity in the automotive industry due to the attributes shown. PMMA is used in a wide range of automotive industries. PMMA sheets can be used in automotive windows, inside and out panels, motorcycle windshields, the indicator covers, flaps, skirts, and other necessary equipment. Following the intense competition, the automobile sector has begun to experience development in both expenditures and manufacturing, particularly in nations in the Asia-Pacific area.

Top Players in the Global Polymethyl Methacrylate Market

HCS Group GmbH (Germany)

Dymatic Chemicals Inc. (China)

Chevron Phillips Chemical Company LLC (Texas, U.S.)

SK Geo Centric Co. Ltd. (Seoul, Korea)

LG Chem (U.S.)

Maruzen Petrochemica (Tokyo, Japan)

Mitsubishi Chemical Corp. (Japan)

CHIME (California, U.S.)

Asahi Kasei Corp. (Japan)

SABIC (Riyadh, Saudi Arabia)

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Top Trends in the Global Polymethyl Methacrylate Market

One trend that Vantage Market Research (VMR) expects to see in the Polymethyl Methacrylate industry is a technology development and increased construction financing. Because of technological advances and rising construction costs for offices, industries, and manufacturing facilities, the use of Polymethyl Methacrylate in the architecture industry has increased. Due to the rising demand for modernized vehicles and the need to reduce car weight for better quality, the demand for methacrylate first in the automotive industry has increased.

Another trend that VMR predicts will continue in the Polymethyl Methacrylate industry is its increasing trend of bio-composite PMMA. PMMA is created using petroleum-based materials, which results in products that hurt the environment and release carbon dioxide. However, due to the growing need for PMMA, alternate production methods that utilize bioenergy and biochemical processes have been found. The production of a PMMA-producing enzyme has caused the development of microbiological PMMA treatments. Organic PMMA can be made to have a range of various qualities in addition to leaving a smaller environmental imprint. Consider the Plexiglas Renew organic thermoplastic polymer from Arkema as an example. Its composition contains more than 25% organic material, giving it thermosets superior chemical properties.

Top Report Findings

Based on the Form, the Extruded Sheets category controls most of the Polymethyl Methacrylate market's revenue. Extruded sheets include optical purity, temperature resistance, a lustrous surface, ease of manufacturing, and more. Extruded sheets are significantly more cost-effective than other types. The majority of the market is made up of extruded sheets. These sheets' enhanced breadth flexibility makes them ideal for applications where complex forms are required. Extruded sheets are very economical to produce since they utilize low-cost techniques.

Based on Grade, most of the Polymethyl Methacrylate market's revenue is controlled by the general-purpose grade category. The market segment is anticipated to grow steadily over the projected period, keeping its leading position in the sector. This results from the rising need for general-purpose PMMA in several industries, including automotive, rental properties, sign & exhibition, and healthcare.

Based on End Users, the Automotive category controls most of the Polymethyl Methacrylate market's revenue. The automotive industry uses PMMA for body parts, headlight covers, and exterior and interior ornamentation. The growing inclination for personal mobility combined with increased EV use is one of the key reasons driving the mobile sector. PMMA is preferred over other materials and traditional polymers because of its superior performance. Additionally, the material is lightweight. As a result of the moving regulatory environment and the government's successful implementation of EVs, the PMMA market is anticipated to grow throughout the projected period.

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Recent Developments in the Global Polymethyl Methacrylate Market

December 2022: Coperian and Renov8 have agreed that Coperian will build a PMMA recycling system for Renov8 that will be implemented at KEZAD Polymers Park in Abu Dhabi, one of the region's most popular vertical integration polymer downstream manufacturing ecosystems.

February 2022: Mitsubishi Chemical Corp. has announced the expansion of its global Polymethyl Methacrylate operations. Mitsubishi Chemical Corp. has decided to centralize relevant head office responsibilities in Singapore and renamed the subsidiary Mitsubishi Chemical Methacrylate, which will exclusively deal with PMMA-related issues.

May 2021: Trinseo has acquired Arkema's Polymethyl Methacrylate (PMMA) business. The acquisition included adding PMMA and MMA products and technology to Trinseo.

Extruded Sheets Category of the Form Segment Forecast to Generate a Substantial Revenue in the Projected Timelines in the Global Polymethyl Methacrylate MarketFor better understanding, based on the Form, the Polymethyl Methacrylate market is divided into Extruded Sheets, Cast Acrylic Sheets, Pellets, Beads and Other Forms.

The Extruded Sheets segment, from among the Form segment, contributed to the largest market share in terms of Form. It is anticipated that it will continue to hold the top spot during the projected period because of its fantastic end-use applications. Globally, advanced economies are concentrating on quick urbanization, which may benefit the expansion of the extrusion sheet market. Food containers and pharmaceutical blister packaging utilize extrusion sheets composed of PET, PP, and PVC on a global scale. These plates are perfect for situations where complicated shapes are required due to their good thickness tolerances. Extruded sheets also offer cost-effectiveness because they are made with affordable methods.

On the other hand, the Acrylic Sheets category is anticipated to grow significantly. A type of poly (methyl methacrylate) is cast acrylic (PMMA). Methyl methanol, the polymer, is molded into a mold or form along with possible other additions such as initiators. Casting into static forms produces sheet and rod shares while rotating molds produce tubing. Offers a wider range of thicknesses up to 4 inches, is bulletproof, lightweight, and stiff, and has minimal water absorption and superior electrical and UV resistance.

North America Region in Polymethyl Methacrylate Market to Generate More 32.30% Revenue

The North American region is anticipated to do so in the coming years. Forged methacrylate sheets, extruder sheets, grains, and pearls of Polymethyl Methacrylate are widely used in the real estate, architecture, signs & display, medicine, and furnishing & design sectors, contributing to the region's significant market share. The area's requirement for PMMA is also driven by the expanding semiconductor market, rising healthcare equipment demand, and rising vehicle production.

The Asia Pacific regional market is anticipated to develop the fastest in the Polymethyl Methacrylate market. Product demand would ultimately increase due to increased per capita income in countries like China and India. Global firms invest in the area and transfer manufacturing facilities to exploit the region's exciting possibilities. PMMA is more in demand due to rising building and development activities, rising industry expansion in developing countries like China, India, and Japan, and rising automobile acceptance. The industry's market for Polymethyl Methacrylate has been further stimulated by the substance's expanding use in the pharmaceutical and electrical industries.

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Polymethyl Methacrylate Market Forecast Report (2023-2030).

Global Polymethyl Methacrylate Market Segmentation

By Form

Extruded sheet

Cast acrylic sheet

Pellets

Beads

Other Forms

By Grade

General Purpose Grade

Optical Grade

By End-use Industry

Signs & displays

Construction

Automotive

Lighting Fixtures

Electronics

Marine

Healthcare

Agriculture

Consumer Goods

Other Industries

By Region

North America

United States

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-East Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of MEA

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Scope of the Report:

Report Attributes

Details

Market Size in 2022

USD 5.2 Billion

Revenue Forecast by 2030

USD 7.36 Billion

CAGR

5.1% from 2023 to 2030

Base Year

2022

Forecast Year

2023 to 2030

Key Players

HCS Group GmbH, Dymatic Chemicals Inc., Chevron Phillips Chemical Company LLC, SK Geo Centric Co. Ltd., LG Chem, Maruzen Petrochemical, Mitsubishi Chemical Corp., CHIME, Asahi Kasei Corp., SABIC

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