The Global Polymethyl Methacrylate (PMMA) Market is projected to grow at a CAGR of around 5.5% during the forecast period, 2023-28, says MarkNTel Advisors in their recent research report. The rising demand in various applications such as building & construction, automotive, electronics, and electrical appliances, paints & coatings, etc., is anticipated to drive the growth of the market in the forthcoming years. Numerous advantages of using this chemical compound, such as transparent properties, weather resistance, surface hardness, and non-toxic composition, are further facilitating its usage over the glass, plastics, etc.
Furthermore, the healthcare sector has been a driving force for the demand for PMMA, as it is used in various biomaterial applications, including bone cement, lenses, orthopedic surgeries, trauma surgeries, as well as dental implants. Hence, this is further augmenting the growth of the market. In 2019, the World Health Organization reported that globally two billion population suffers from caries of permanent teeth & 520 million children suffer from caries of primary teeth.
In addition, the surging manufacturing capabilities of electronic & electrical appliances such as LCDs, smartphones, etc., owing to the growing purchase ability of the population worldwide, is also anticipated to accelerate the demand in the forecast years, further states the research report, "Global Polymethyl Methacrylate (PMMA) Market Analysis, 2023.”
Increased Construction Activities to Boost the Demand in the Coming Years
Based on the end user, the market is divided into Building & Construction, Automotive & Transportation, Consumer Goods (Electronics), Paints & Coatings, Marine, Packaging, and Others. Among them, Building & Construction accounted for the major share of the market. This is attributed to a rise in demand for a variety of applications such as plumbing, roofing, insulation, waterproofing, doors, windows, and many others. Furthermore, rising international tourism has raised the number of 5- and 7-star hotel & resort construction projects worldwide.
Moreover, the implementation of acrylic glass sanitarywares, such as wash basins, shower panels, etc., has been seen in luxurious hotels, retail malls, etc., for aesthetic enhancement purposes. The expanding residential construction activities in regions such as the Middle East, Asia-Pacific, Europe, etc., would also upsurge the demand in the forecast years. Consequently, the requirement for this chemical compound would increase in the period of 2023 to 2028 due to the rise in building & construction activities.
North America to Lead the Market
Geographically, North America possessed a substantial share of the Global Polymethyl Methacrylate (PMMA) market during the past period due to the presence of leading manufacturers in the region, such as Trinseo, Ensinger, and others, as well as rising demand in various applications such as auto parts, paints, electrical appliances, and others. The burgeoning tendency of customers toward acrylic sanitaryware, such as wash basins, acrylic shower panels, etc., for artistic aspects, is attributed to the significant demand in the years ahead. In addition to this, the intensifying construction of luxurious hotels, corporate offices, etc., has pushed up the demand for PMMA for a variety of applications such as bathroom fittings, door panels, windows, and various others.
Moreover, the manufacturers are expanding their manufacturing capabilities in countries, including the US. As a result, spiking demand for passenger cars in the region is projected to drive up demand for PMMA in the coming years.
Key Competitors in the Market
According to MarkNtel Advisors, the leading players in the Global Polymethyl Methacrylate (PMMA) Market are, Trinseo, LG Chem Ltd., Mitsubishi Chemical Holdings Corporation, Sumitomo Chemical Co. Ltd., SABIC, LG MMA Corporation, The Dow Chemical Company, Evonik Performance Materials GmbH, Kurary Group, Chi Mei Corporation, Asahi Kasei Corporation, Makevale Group, Polycasa N.V., Röhm GmbH, LOTTE Chemical CORPORATION, Others.
Key Questions Answered in the Study.