DELRAY BEACH, Fla., Sept. 16, 2024 /PRNewswire/ — The report “Polymethyl Methacrylate (PMMA) Market by Grade (General Purpose, Optical), Form (Extruded Sheet, Cast Acrylic Sheet, Pellets, Beads), End-Use Industry (Signs & Displays, Construction, Automotive, Lighting Fixtures, Electronics) – Global Forecast to 2029″, size is projected to grow from USD 5.1 billion in 2024 to USD 6.1 billion by 2029, at a CAGR of 3.4% during the forecast period. The Polymethyl Methacrylate (PMMA) market is driven by the increasing construction, automotive and electronics industries. However, the market faces restraints from competition from substitute materials. Opportunities lie in the growing demand for bio-based and innovative types of PMMA. The challenges include raw material shortages and a negative impact of the plastic on the overall environment.
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250 – Tables
55 – Figures
271 – Pages
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The Optical grade PMMA segment is projected to be fastest growing segment in the global Polymethyl Methacrylate (PMMA) market during the forecast period.
The demand for optical grade PMMA is expected to increase due to the demand from motor vehicles, EVs, and the construction sector. This is because PMMA is significantly lighter than glass, which helps reduce overall vehicle weight, enhancing fuel efficiency. Additionally, PMMA provides excellent visibility, making it ideal for components such as headlights, taillights, and windshields. PMMA also allows for high-light transmission while providing good heat insulation, making it suitable for windows, skylights, and canopies. PMMA is shatter-resistant, making it a safer alternative to glass for applications such as safety barriers, and other installations where strength is essential.
Extruded sheet accounts for largest segment in the Polymethyl Methacrylate (PMMA) market.
Extruded sheets are estimated to be the largest form of PMMA. This is due to its advantages: clarity, good surface quality, easy maintenance, surface hardness, lightweight, and easy fabrication. It is also a cost-effective option of PMMA. Extruded PMMA sheets are available in various colors and finishes, providing flexibility for design and aesthetic requirements. This makes them suitable for decorative applications as well. Extruded sheets are known for having high impact resistance, which can be used in areas requiring strength and toughness, for a prolonged period. Companies are opting for this type of PMMA as it is an affordable option. It is usually thicker in nature as compared to acrylic sheets, which makes it suitable for high strength uses.
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The Automotive segment accounted for second largest share during forecast period.
The automotive segment is to account for the second largest share, after construction sector. PMMA is used in automotive parts like windows, windshields, taillights, interior and exterior panels. This is because it has good light transmittance, is impact resistant, and helps to reduce the overall weight of the vehicle. Therefore, many automotive manufacturers are opting for PMMA. In the automotive industry, PMMA is being used majorly because it reduces the overall weight of the vehicle, which makes it easier to operate.The material is also easily moldable, due to which it can used to make different shapes and sizes according to the requirements of the automotive makers.
Asia Pacific region is the largest market for Polymethyl Methacrylate (PMMA).
APAC is estimated to be the largest market for PMMA. This is due to the rising demand from the construction, and automotive sectors. The emerging economies in this region like Thailand, Vietnam, and India are showing an increase in construction activities. Besides this, other countries of this region are the manufacturers of prominent cars and other vehicles. Additionally, the improved lifestyle and income is leading to increase in purchase of four-wheelers in this region, which are leading to surge in automotive sales. There is also a shift to electric vehicles being observed in this region, where countries like China are contributing majorly towards exports of EVs.
The PMMA market comprises major manufacturers such as Asahi Kasei Corporation (Japan), CHIMEI Corporation (Taiwan), Mitsubishi Chemical Group Corporation (Japan), SABIC-Saudi Arabia Basic Industries Corporation (Saudi Arabia), and Sumitomo Chemical Co., Ltd. (Japan) are the key players operating in the PMMA market, all located in Asia Pacific. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their position in the PMMA market.
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Market Players
Trinseo S.A. (US), SABIC (Saudi Arabia), Rohm GmbH (Germany), Asahi Kasei Corporation (Japan), Mitsubishi Chemical Group Corporation (Japan), LX MMA (South Korea), and CHIMEI Corporation (Taiwan) are the key players operating in the PMMA market. Expansions, acquisitions, and deals are some of the major strategies adopted by these key players to enhance their positions in the Polymethyl Methacrylate (PMMA) market.
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