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 favorable properties
such as high strength, durability, resistance to chemicals and weathering, and
ease of processing, hence making them highly essential in several industries.
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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.
Global Key Players:
·
Polycasa
N.V.
·
Saudi
Arabia Basic Industries Corporation
·
Asahi
Kasei Corporation
·
Arkema SA
·
Mitsubishi
Rayon Co. Ltd.
·
Sumitomo
Chemical Co. Ltd.
·
CHI MEI
Corporation
·
Evonik
Industries AG
·
Kolon
Industries, Inc.
·
Gehr
Plastics, Inc.
·
Kuraray
Group
·
The Dow
Chemical Company
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.
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.
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