The Polymethyl Methacrylate (PMMA) Market is segmented on the basis of Type (Extruded Sheet, Pellets, Beads, and Other Types), End-user Industry (Building and Construction, Electrical and Electronics, Automotive and Transportation, Signs and Displays, and Other End-user Industries), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The polymethyl methacrylate (PMMA) market is projected to register a CAGR of above 6% during the forecast period (2019-2024). The major factors driving the market’s growth include increasing demand from the developing economies and growing usage as a substitute for glass in various products. However, high production cost are expected to restrain the growth of the market studied.
In 2018, the automotive and transportation industry accounted for the largest market, and 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
The Polymethyl Methacrylate (PMMA) market report includes:
Buildings and Construction
Electrical and Electronics
Automotive and Transportation
Signs and Displays
Other End-user Industries
Rest of Asia-Pacific
Rest of Europe
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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Key Market Trends
The Automotive and Transportation Industry is Projected to Dominate the Market
PMMA is an environment friendly, 100% recyclable material. It is highly resistant to UV light and exhibits the greatest surface hardness, as compared to other thermoplastics.
Furthermore, PMMA holds extremely long service life, along with high light transmission property. 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, regions, such as North America and Europe, have been investing in innovation and development of cars, mainly by using efficient and environment friendly materials. These practices are expected to drive the demand for PMMA, especially from the automotive industry, during the forecast period.
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The Asia-Pacific Region is Projected to Dominate the Market
In 2018, 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 Indian government has an investment target of USD 120.5 billion, for developing 27 industrial clusters. This is expected to provide a boost to construction activities in the country. Similarly, the Indonesian government is planning to invest about USD 450 billion in the construction sector, by 2021.
The Asia-Pacific region is witnessing numerous investments, primarily from the 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.
Furthermore, China has the world’s largest production base for electronics. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, and earphones, are recording the highest growth in the electronics sector. With an increase in the disposable income of the Chinese middle-class population, along with the increasing demand for electronic products, mainly from countries importing electronic products from China, the production of electronics has been increasing significantly, since the past few years.
The Indian government is mainly focusing on the electronic sector’s growth. Thus, it formulated various initiatives, such as a Phased Manufacturing Program (PMP), in order to add more smartphone components under the “Make in India” initiative. This is expected to drive domestic manufacturing of mobile handsets.
Hence, the aforementioned market trends are expected to drive the demand for PMMA in the region, during the forecast period.
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The polymethyl methacrylate (PMMA) market is consolidated, where few players account for a significant market share. Some of the major players include Chi Mei Corporation, Evonik Industries AG, Mitsubishi Chemical Corporation, Sumitomo Chemical Asia Pte Ltd, Arkema, and LOTTE Chemical Corporation, among others.