Global Polymethyl Methacrylate (PMMA) Market Research Report: Forecast (2023-2028)

Market Definition

Polymethyl Methacrylate (PMMA) is a chemical compound found in engineered plastics such as acrylic, which serves as a lightweight, shatter-proof glass alternative for doors, windows, and other numerous places, such as doors, windows, etc. It is used for various applications such as extruded sheets in building & construction, as beads in automobiles & transportation, and as a display in electronic & electrical appliances. In addition, it is also used in various biomaterial applications like bone cement, lenses, and bone substitutes, among others.   

Market Insights & Analysis: Global Polymethyl Methacrylate (PMMA) Market (2023-28)

The Global Polymethyl Methacrylate (PMMA) market is projected to grow at a CAGR of around 5.5% during the forecast period, i.e., 2023-28, due to the large-scale applications of this chemical compound in the automotive, construction, and lighting industries, among others. Further, the growing use in biomaterial applications such as bone cement, and lenses, along with in dental implants where the polymer material is used to replace lost tooth roots, would drive the market growth in the forthcoming years.

The growing building & construction activities in the countries such as China, the UAE, Germany, etc., have been positively impacting the demand for door panels, window & door profiles, etc. In addition, the rising international business & leisure travelers worldwide have been igniting the construction activities of commercial buildings such as luxurious hotels, malls, etc.

Furthermore, due to the rising demand for electrical & electronic appliance applications in the regions such as Asia, more companies are looking forward to expanding their polymethyl methacrylate manufacturing capacity to facilitate the requirement for electronic equipment display, etc. For instance:

• In 2022, Röhm announced the expansion of production facilities for PLEXIGLAS molding compounds in Worms (Germany) & Shanghai (China). In addition, the company is also expanding the capacities of impact-resistant PLEXIGLAS, the brand polymethyl methacrylate.

Furthermore, the product is being used as a shatterproof alternative to glass in illuminated signs, aircraft canopies, and shatterproof windows. It is nearly 40% lighter than glass and has higher rigidity, toughness, and transparency. In addition, the product emits negligible amounts of smoke during processing, ensuring that it meets stringent manufacturing and emission standards. Hence, increasing investments in the development of such renewable products are also opening up new market avenues, which benefits the market.

Global Polymethyl Methacrylate (PMMA) Market Key Trend:

Surging Inclination Towards Bio-based PMMA Application in Healthcare Industry - The inclination towards bio-based PMMA has been observed in the healthcare sector in recent years, owing to its biodegradable property as well as recyclable behavior. The usage of this application for manufacturing test tubes & syringes has been a trend over the last few years. Thus, this has further contributed to the demand for in the market. In addition, rigorous research & development is also conducted on PMMA-based bone cement for fixation implants in different orthopedic & trauma surgeries. Thus, rapid R&D in the field of bio-based PMMA is expected to launch new bio-based applications in the healthcare industry in the coming years.    

Global Polymethyl Methacrylate (PMMA) Market (2023-28): Segmentation Analysis

The Global Polymethyl Methacrylate (PMMA) Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Type, and End User the market has been further classified as:

Based on Type:

• Beads
• Resin
• Extruded Sheets
• Acrylic Sheets

Among them, the Extruded Sheets held a substantial share in the Global Polymethyl Methacrylate (PMMA) market during the historical period in line with the cost-effectiveness & advantages such as high clarity, weather-resistant, ease of mold & process, high durability, etc. Such characteristics are extremely desirable in several industries, including building & construction, marine, and packaging. Besides offering a more affordable option than other forms, extruded sheets are also recyclable. Further, considering their superior width flexibility, they are ideal for complex forms. However, to curb the spread of the coronavirus, the demand for transparent extruded sheets surged significantly in 2020, owing to its increased application as a protective barrier in commercial stores, pharmacies, offices, and some public transports.

Based on the End User:

• Building & Construction
  • Bathroom & Fittings
  • Lighting & Fixtures
  • Doors, Windows & Railings
  • Others (Furnishing & Decors, etc.)
• Automotive & Transportation
• Consumer Goods (Electronics)
• Paints & Coatings
• Marine
• Packaging
• Others (Visual Communication Tools, Cosmetics, etc.)

Here, the Buildings & Construction sector captured a considerable market share during the historical period in the Global Polymethyl Methacrylate market, owing to the extensive application of PMMA in plumbing, roofing, insulation, waterproofing, doors, windows, and others. As per the World Bank, the global construction industry grew from about USD21.66 trillion in 2017 to nearly USD23.3 trillion in 2019. Further, the surging construction activities across the globe, be it commercial, residential, or industrial, have been a consequential contributor to the growth of the market since 2017.

Global Polymethyl Methacrylate (PMMA) Market Regional Projection

Geographically, the market expands across:

• North America
• South America
• Europe
• Asia-Pacific
• The Middle East & Africa

Of all the regions across the globe, North America held a significant share in the market during the historical period due to the presence of leading PMMA manufacturers in the region, such as Trinseo, Ensinger, etc., along with the rising demand for various applications such as auto parts, paints, electrical appliances, etc. The encouraging demand for passenger vehicles & the escalating inclination towards electric vehicles in the countries such as the US, Canada, etc., has been further catalyzing the demand for manufacturing automobile parts. According to the US Department of Energy, the sales of electric vehicles increased from 308,000 in 2020 to 608,000 in 2021.

Moreover, the manufacturers are also expanding their manufacturing capabilities in the countries like the US. Therefore, the rising demand for passenger cars in the region is projected to propagate the requirement for PMMA in the forecast years. For instance:

• Mitsubishi Chemicals announced the construction of a methacrylate (MMA) production plant of capacity 350,000 tons per year in Louisiana, the US, with an investment of nearly USD915 million. The company aims to cater to the growing demand for PMMA for auto parts in the region. In addition, the factory is expected to start production by 2025.

Furthermore, the growing inclination of customers toward acrylic sanitaryware, such as wash basins, acrylic shower panels, etc., for aesthetic purposes is attributed to the notable demand in the forthcoming years. Along with this, the accelerating construction activities of lavish hotels, corporate offices, etc., have been upsurging the need for PMMA for different purposes like bathroom fittings, door panels, windows, etc. Additionally, the growing number of business & leisure travelers in the region has been magnifying the construction of hotels, resorts, etc., in the region.      

Global Polymethyl Methacrylate (PMMA) Industry Recent Developments 

• 2022: Sumitomo Chemicals Co. Ltd. announced the establishment of a new MMA Division to boost its MMA business, which includes MMA (methyl methacrylate) monomer & acrylic resin (PMMA, polymethyl methacrylate). The newly established division would take charge of strategy formulation & global marketing & sales for the business.

Global Polymethyl Methacrylate (PMMA) Market Key Driver:

Burgeoning Growth of the Electronics & Electric Industry to Positively Impact the Market - The rising demand for PMMA for the manufacturing of electronic equipment displays, LCD screens, mobile phone screens, etc., due to its benefits such as durability, light transmittance, high scratch & impact resistance, etc., has positively contributed to the growth of the market during 2018-22. In addition, the growing disposable income of customers from across the globe is positively impacting the commercial sales of electronic gadgets such as mobile phones, TV & video equipment, etc.

Moreover, the surging demand for electrical & electronic appliances has led to the expansion of manufacturing capabilities. Thus, the growing demand from the electronics & electric industry is expected to create an opportunity for developing more PMMA manufacturing sites in the forecast years.

Global Polymethyl Methacrylate (PMMA) Market Growth Restraints:

Low-cost Substitute Availability to Hamper the Market Growth - The presence of cost-effective PMMA substitutes like polycarbonate is anticipated to pose a challenge to the market in the forecast years. Although polycarbonate & PMMA both pose similar physical characteristics such as transparent plastics, surface hardness, non-toxic composition, etc. They are well suited for the same applications in the industries like electronic components, smartphone parts, automotive parts, construction, etc.

However, the differences in prices, as the polycarbonate possesses less price, would provide a choice to the customers & which is likely to reduce the chances for the sale of PMMA during the forecast period.  

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