Market Overview:
The global market for polymethyl methacrylate
is poised to grow stronger during the forecast period (2016-2023), forecasts
Market Research Future (MRFR). The market size will be influenced in the coming
years by many factors such as rapid digitalization of rural areas driving the
need for attractive advertising options in the retail industry. This leads to
PMMA demand in signs & displays, lighting, and similar applications. Also,
the healthy growth of major end-use industries such as electronics and
automotive has triggered the market growth globally. Other applications of PMMA
include interiors and furniture, fashion and apparel, solar panels, medicine
and healthcare, and sanitary ware.
Moreover, the market volatility is prompting
many PMMA manufacturers to apply innovative ideas to open new application
possibilities for the global market, such as in the field of automotive glazing
or wood-acrylic composites. PMMA also possesses some highly favourable
properties such as high strength, durability, resistance to chemicals and
weathering, and ease of processing, hence making them highly essential in
several industries.
However, PMMA is a weak material and is quite
brittle, a fact that could be particularly damaging to the market growth.
Despite threats, the market is set to grow by leaps and bound due to many major
market players, in response to increasing demands, constantly investing in
projects to expand their customer base and enhance the quality of the products
in several parts of the globe. These players include Asian companies like Chi
Mei in Taiwan and China and Mitsubishi Rayon in Korea. Moreover, the strategic
activities such as partnerships and collaborations entered into by many players
cannot be sidelined. For instance, in 2012, Ampaglas Plastics Group (South
Africa) and Evonik Industries entered a joint venture and founded the joint
venture Evonik Acrylics Africa (EAA) for the extrusion of PMMA semi-finished
goods.
Market Segmentation:
The global polymethyl methacrylate market is
segmented on the basis of type, application, and regions.
By type, the market is segmented on the basis
of extruded sheets, pellets, cast sheets, and beads. The extruded sheets segment
is leading among other segments owing to robust demand for high-performance
sheets in various industrial sectors. Moreover, excellent thickness tolerance
provided by extruded sheets make them ideal for applications that require
complex shapes. Furthermore, these sheets also cost-efficient as they are
produced using longer and economical techniques.
By application, the market is segmented on the
basis of signs & displays, construction, automotive, electronics, and
others. A wide array of polymethyl methacrylate pipe materials are used for low
& passive energy buildings. Hence, PMMA is extremely essential in the
construction sector. In construction, PMMA is also used in door panels and
window and door profiles. On the other hand, PMMA is highly suitable for large
displays as well as spherical displays, as they enhance the aesthetic appeal of
the display screens.
Global Key Players:
- Arkema SA
- Mitsubishi
Rayon Co. Ltd.
- Sumitomo
Chemical Co. Ltd.
- CHI MEI
Corporation
- Evonik
Industries AG
- Kolon
Industries, Inc.
- Polycasa
N.V.
- Saudi Arabia
Basic Industries Corporation
- Asahi Kasei
Corporation
- Gehr
Plastics, Inc.
- Kuraray
Group
- The Dow
Chemical Company
Companies have invested heavily in creative
and innovative products and continuous development of prevailing product lines
to broaden the current spectrum of applications. For instance, Evonik
Industries AG has come up with ambient illumination in automotive interiors
through usage of PMMA molding compounds that are developed, especially, of LED
applications.
Regional Analysis:
By regions, the global market is split into
Asia Pacific, Europe, Latin America, North America, and the Middle East &
Africa.
Among all regions, the market in Asia Pacific
has emerged into a formidable entity, leading the global market due to a
striking surge in automotive production along with rising construction
spending. The strong growth of light emitting diode (LED) flat screens sales,
particularly in countries such as China, India, Japan, South Korea, Thailand,
Indonesia, and Malaysia. In addition, the rise of smart TV’s in the past few
years has further fueled the consumption of PMMA in the electronics industry.
Furthermore, PMMA manufacturers in the region are expanding continuously by
embarking on various projects along with constant technological innovations
keeping in mind environmental issues. For instance, Mitsubishi Rayon (Lucite)
developed the C2-Alpha technology, in which ethylene, methanol, and carbon are
used instead of acetone, HCN, and isobutylene, thus minimizing by-products and
waste.
Just behind Asia Pacific is the region of
Europe that makes huge demand for PMMA. Massive demand for glazing and facades
in the region is presumed to fuel the regional market growth. UV protection,
availability in varied colors, and easy casting are some of the prominent
features driving its usage in the construction industry in Europe. Also,
regional market players are continuously developing methods to increase the
impact-resistance for PMMA so that it can be used in even more parts of a
vehicle, such as in bumpers. In addition, growing population and high
disposable income are bound to spur the LED flat screen TV market in the
region, which will augment the PMMA market in Europe in the coming years.
Latin America is also predicted to grow on an
above-average rate on the back of sturdy growth of the construction and
automotive industry. With major automotive companies establishing their
manufacturing bases in the region, the demand for PMMA is expected to quadruple
at a remarkable rate.
Intended Audience
- Polymethyl
Methacrylate (PMMA) Manufacturers
- Traders and
Distributors of Polymethyl Methacrylate (PMMA)
- Production
Process Industries
- Potential
Investors
- Raw Material
Suppliers
- Nationalized
Laboratory
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