Polymethyl Methacrylate (PMMA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Polymethyl Methacrylate (PMMA) Market is Segmented by Type (Extruded Sheet, Pellets, Beads, and Other Types), End-user Industry (Buildings and Construction, Electrical and Electronics, Automotive and Transportation, Signs and Displays, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Polymethyl Methacrylate in volume (kilo tons) and revenue (USD Million) for all the above segments.

Market Snapshot

Polymethyl Methacrylate (PMMA) Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %
Polymethyl Methacrylate (PMMA) Market Major Players

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Market Overview

The Global Polymethyl Methacrylate (PMMA) market is projected to register a CAGR of more than 6% during the forecast period (2021-2026).

The coronavirus pandemic has impacted the Polymethyl Methacrylate (PMMA) market. Due to nationwide lockdowns and strict social distancing measures, there was a huge demand for protective equipment and sanitizers across the world due to rising health awareness which caused a huge surge in demand for polymethyl methacrylate (PMMA) transparent sheets, used across the globe as protective barriers to prevent the spread of the virus. However, due to the sudden decrease in demand in the automotive and transport sector, the demand for PMMA also decreased, thus creating a negative impact on the market.

  • Over the medium term, the major factors driving the polymethyl methacrylate market’s growth include increasing demand for LED flat screens and growing usage as a substitute for glass in various products.
  • However, on the flip side, the high production cost is expected to restrain the growth of the market studied.
  • The automotive and transportation industry accounted for the largest market, and it is expected to witness significant growth during the forecast period. This is primarily due to rising awareness regarding hygiene and increasing demand for cosmetic products.
  • The market shift toward PMMA, mainly as a substitute for polycarbonate, is likely to provide various growth opportunities during the forecast period.
  • The Asia-Pacific region is expected to dominate the market globally. This is primarily due to the increasing demand from the end-user industries, such as automotive, electrical and electronics, and construction.

Scope of the Report

Polymethyl Methacrylate (PMMA) is a thermoplastic polymer of Methyl Methacrylate (MMA). It is a clear, strong, and lightweight plastic generally used as a substitute for glass due to its energy efficiency and weather resistance. It is available in two grades and can be classified as optical and general-purpose grades based on its usage. The Polymethyl Methacrylate market is segmented by type, end-user industry, and region. By type, the market is segmented into Extruded Sheet, Pellets, Beads, and Other Types. By end-user industry, the market is segmented into Buildings and Construction, Electrical and Electronics, Automotive and Transportation, Signs and Displays, and Other End-user Industries. The report also covers the market size and forecasts for the polymethyl methacrylate market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons) and revenue (USD Million).

Type
Extruded Sheet
Pellets
Beads
Other Types
End-user Industry
Buildings and Construction
Electrical and Electronics
Automotive and Transportation
Signs and Displays
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

The Automotive and Transportation Industry is Projected to Dominate the Market

  • PMMA is an eco-friendly and 100% recyclable material. It is highly resistant to UV light and exhibits the greatest surface hardness, compared to other thermoplastics.
  • Furthermore, PMMA holds an extremely long service life, along with high light transmission properties. Hence, due to the aforementioned characteristics, PMMA is gaining immense popularity in the automotive industry.
  • In vehicles, PMMA sheets are used in windows of cars, interior and exterior panels, motorcycle windshields, instrument covers, spoilers, fenders, and other ancillaries.
  • It facilitates the benefit of design customization for car manufacturers, owing to its exceptional formability, pleasant acoustic properties, and excellent surface hardness.
  • The automotive industry has been witnessing growth in terms of both investments and production, especially in countries in the Asia-Pacific region, such as India, Indonesia, Malaysia, and Thailand. Moreover, in 2020, the global automotive production is about 77.62 million units which declined by 15.8% compared to 92.18 million units in 2019. The declining automotive industry is likely to affect the market growth during the forecast period.
  • However, the development of electric vehicles is expected to continue to gain momentum in the future, especially in Europe and China, owing to government programs that are promoting the move away from fossil fuels, owing to various environmental concerns, thus, prompting designers in all automotive segments to discover new possibilities. The lightweight material research has been increasing to further reduce the weight of electric vehicles, which is driving the market studied.
  • According to Boeing, the market value for commercial airplanes is expected to reach USD 3.1 trillion by 2028, as operators are expected to replace older jets with more fuel-efficient models and expand their fleets to accommodate the steady rise in air travel across emerging and established markets. However, the current pandemic of coronavirus is expected to hamper the demand for new aircraft in the coming years.
  • Moreover, regions such as North America and Europe have been investing in the innovation and development of vehicles with efficient and eco-friendly materials. These practices are expected to drive the demand for PMMA, especially from the automotive and transportation industry, during the forecast period.
Polymethyl Methacrylate (PMMA) Market, Revenue Share (%), by End-user Industry, Global, 2020

The Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region accounted for the largest market share globally. The demand for PMMA is mainly driven by the increasing demand from industries, such as automotive and transportation, construction, and electrical and electronics.
  • The governments in countries such as China, India, Indonesia, and Singapore have been witnessing huge investments in the construction industry. This is likely to drive the demand for PMMA.
  • Currently, China has numerous airport construction projects, such as Beijing Capital International Airport, Chengdu Shuangliu International Airport, and Guangzhou Baiyun International Airport. These projects are under development or in the planning stage. Moreover, the Indian government is planning to build about 100 airports before 2032.
  • The automotive production in China declined by -2% and stood at 25.23 million units in 2020, down from 25.75 million units in 2019. The number of passenger cars produced in November 2020 is about 2.33 million, which registered a staggering 11.8% month-on-month growth, while 518 thousand commercial vehicles were produced in November with a 10.6% M-o-M growth.
  • The number of passenger cars produced from January to November is down by 8.1% year-on-year compared to the same period last year, while commercial vehicle production increased by 22.2%. The uncertainties in the automobile industry are expected to impact the market studied. However, the industry is likely to bounce back as soon as the overall domestic consumption increased at a significant rate in the country post-COVID.
  • The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. Additionally, in India, technology transitions, such as the rollout of 4G/LTE networks and IoT (Internet of Things), are driving the adoption of electronics products. Initiatives, such as ‘Digital India’ and ‘Smart City’ projects, raised the demand for IoT in the country.
  • The government launched new schemes to promote electronics production in India, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and the scheme for modified Electronics Manufacturing Clusters (EMC 2.0) alongside Production Linked Incentive (PLI).
  • According to the PLI scheme, the government is likely to offer incentives as manufacturers increase production in India, with US 5.5 billion available over five years. This is likely to boost the production of electronics in the country, which is expected to create market demand.
  • According to the Japan Electronics and Information Technology Industries Association (JEITA), in 2020, the total production value of the electronics industry in Japan amounted to around JPY 9.96 trillion, which is around 96.6% of the previous year value. The country is specialized in the manufacturing of electronic components and devices, such as passive components, connecting components, discrete semiconductors, integrated circuits, and liquid crystal devices.
  • The electronics industry in the country recovered during the second half of 2020, but the output is still lower than the previous year. The declining demand for electronics is depicting a negative market for the market studied. However, the electronics market is expected to recover in the coming years, driving the market demand.
  • The Asia-Pacific region is witnessing numerous investments, primarily from global automakers, like BMW, Hyundai Motors, and Honda. These companies are planning to venture into the Asia-Pacific automotive industry, primarily to increase production while catering to the increasing demand for advanced automotive.
  • All these factors are expected to increase the market for polymethyl methacrylate in the region during the forecast period.
Polymethyl Methacrylate (PMMA) Market - Growth Rate by Region, 2021-2026

Competitive Landscape

The polymethyl methacrylate (PMMA) market is consolidated, where few players account for a significant market share. Some major players include CHIMEI, Röhm GmbH, Mitsubishi Chemical Corporation, Sumitomo Chemical Asia Pte Ltd, and Arkema.

Recent Developments

  • In March 2019, Advent International announced the acquisition of Evonik's methacrylates business for EUR 3 billion to strengthen its PMMA product portfolio in the construction, automotive, and electronics industries. The MMA and PMMA (Plexiglas) rebranded itself as Röhm.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for LED Flat Screens

      2. 4.1.2 Increasing Usage as a Substitute for Glass in Various Products

    2. 4.2 Restraints

      1. 4.2.1 High Production Costs

      2. 4.2.2 Impact of the COVID-19 Pandemic

      3. 4.2.3 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis

    6. 4.6 Raw Material Analysis

    7. 4.7 Patent Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Extruded Sheet

      2. 5.1.2 Pellets

      3. 5.1.3 Beads

      4. 5.1.4 Other Types

    2. 5.2 End-user Industry

      1. 5.2.1 Buildings and Construction

      2. 5.2.2 Electrical and Electronics

      3. 5.2.3 Automotive and Transportation

      4. 5.2.4 Signs and Displays

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3A Composites Holding AG

      2. 6.4.2 Arkema

      3. 6.4.3 Asahi Kasei Corporation

      4. 6.4.4 CHIMEI

      5. 6.4.5 Gehr Kunstoffwerk GmbH & Co. KG

      6. 6.4.6 Heilongjiang Zhongmeng Longxin Chemical Co. Ltd

      7. 6.4.7 Kolon Industries Inc.

      8. 6.4.8 KURARAY CO. LTD

      9. 6.4.9 LG Chem

      10. 6.4.10 LOTTE Chemical CORPORATION

      11. 6.4.11 Lucite International

      12. 6.4.12 Makevale Group

      13. 6.4.13 Mitsubishi Chemical Corporation

      14. 6.4.14 NIPPON SHOKUBAI CO. LTD

      15. 6.4.15 Röhm GmbH

      16. 6.4.16 RTP Company

      17. 6.4.17 SABIC

      18. 6.4.18 Sumitomo Chemical Asia Pte Ltd

      19. 6.4.19 UNIGEL

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Market Shift Toward PMMA as a Substitute for Polycarbonate

**Subject to Availability

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Frequently Asked Questions

The Polymethyl Methacrylate (PMMA) Market market is studied from 2016 - 2026.

The Polymethyl Methacrylate (PMMA) Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

CHIMEI, Röhm GmbH, Mitsubishi Chemical Corporation, Sumitomo Chemical Asia Pte Ltd, Arkema are the major companies operating in Polymethyl Methacrylate (PMMA) Market.

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