Global Polymethyl Methacrylate Market
As stated in our extensive report; the Global Polymethyl Methacrylate Market accounted for USD 5.2 Billion in the year 2022 is projected to reach a value of USD 7.36 Billion by 2030
Polymethyl Methacrylate is a synthetic resin produced by polymerizing methyl methacrylate. It is a clear, rigid plastic commonly used in shatterproof windows, skylights, illuminated signs, and aeroplane canopies. In addition, PMMA LCD fiber optics also provide brighter light than traditional guide plates. Therefore, PMMA is widely used in LCD fiber, and the development of the LCD market also drives the PMMA market. In addition, advanced applications of PMMA in the electronics and automotive markets are also increasing. Also, PMMA manufacturers spend huge sums on R&D and focus on their efficiency plans.
Polymethyl Methacrylate is widely used in the automotive industry as it is light in weight and weather resistant. In automotive applications, it is utilized in body parts and accessories. It is used in taillights PMMA market is expected to recover from the impact of COVID-19, and the rising penetration of EVs is expected to drive demand.
These are the primary factors that must be considered to propel the growth of the global Polymethyl Methacrylate market. However, the deficiency of raw material to produce PMMA is the major restraint that may impede the growth of the global Polymethyl Methacrylate Market. The market shift towards PMMA, primarily as a replacement for polycarbonate, should create a number of growth opportunities over the next few years.
Key factors influencing Polymethyl Methacrylate Market Growth
The growth of the global Polymethyl Methacrylate market can be attributable to the following:
- Polymethyl Methacrylateis a clear, rigid plastic commonly used in shatterproof windows, skylights, illuminated signs, and aeroplane canopies.
- PMMA LCD fiber optics also deliver brighter light than traditional guide plates. Therefore, PMMA is widely used in LCD fiber, and the development of the LCD market is also driving the PMMA market.
- The bio-based PMMA is an alternative sustainable solution for high-performance, non-renewable products as PMMA synthesized from petrochemicals causes environmental issues.
- Advanced applications of PMMA in the electronics and automotive markets are increasing day by day. Also, PMMA manufacturers spend huge sums on R&D and focus on their efficiency plans which will overcome the issue of cost.
- The market shift towards PMMA, primarily as a replacement for polycarbonate, should create a number of growth opportunities over the next few years.
- PMMA has excellent light transmission properties and an exceptionally long service life. Due to its proven properties, PMMA is becoming increasingly popular in the automotive sector.
- Along with the auto industry, the EV market is expected to grow and gain momentum, particularly in China and Europe, after government initiatives to move away from fossil fuels have encouraged designers to explore new possibilities.
North America Region Projected to Lead the Market in Projected Period
The North America location accounted for the biggest marketplace proportion globally. The demand for the global PMMA market in the North America increased due to demand for PMMA from various end-use industries of the region. The growing demand from sectors like construction, electrical and electronics, automotive and transportation, and more is primarily driving the need for PMMA.The North America location is witnessing several investments, often from international automakers like BMW, Hyundai Motors, and Honda. These companies want to enter the automotive business in Asia and the Pacific, mainly to make more cars and meet the growing demand for more advanced vehicles. China dominates the PMMA market in Asia Pacific regarding value and volume. After North America, North America and Europe showed significant growth in the PMMA market.
Increasing usage of PMMA in Signs & displays, construction, automotive, and electronics are positively influencing the overall Polymethyl Methacrylate market.
Some of the key players in the Global Polymethyl Methacrylate Market includes- HCS Group GmbH (Germany), Dymatic Chemicals Inc. (China), Chevron Phillips Chemical Company LLC (U.S.), SK Geo Centric Co. Ltd. (Korea), LG Chem (U.S.) and others.