The global Polymethyl Methacrylate (PMMA) market size is expected to reach USD 7.28 billion by 2030, according to a new study by Polaris Market Research. The report “Polymethyl Methacrylate (PMMA) Market Share, Size, Trends, Industry Analysis Report, By Form (Pellets, Extruded Sheet, Cast Acrylic Sheet, Beads, Others); By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Asia Pacific dominated the global polymethyl methacrylate market in 2021 and is expected to maintain its dominance over the forecast period. Rising industrial growth, urbanization, and growth in the construction sector support industry growth in this region.
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Growth in population and greater demand for automobiles further increases the demand for PMMA in Asia-Pacific. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
Companies operating in the automotive industry are increasingly turning towards PMMA for higher performance, greater fuel efficiency, and cost-effectiveness. Polymethyl Methacrylate is used in a wide range of automotive applications such as cabin interiors, lamp covers, and interior and exterior trims, among others. PMMA offers high specific strength, chemical resistance, higher freedom in component design, and weather resistance, thereby enhancing automotive design and reducing energy consumption.
PMMA is widely used in the building and construction sector. The use of PMMA enables buildings to withstand harsh environments, extreme temperatures, and mechanical stresses. PMMA offers benefits such as lightweight, high strength, and durability in buildings and structures. Economic growth and strengthening of the construction sector in developing economies are expected to offer growth opportunities during the forecast period.
The demand for PMMA has increased owing to industrialization and increasing commercial activities. The introduction of international building codes, growing investment in the construction industry, and development of public infrastructure further boost the industry growth. PMMA is being used in automotive, construction, and industrial sectors to provide greater strength and weather resistance.
However, the COVID-19 outbreak has restricted the growth of the PMMA industry due to decline in automotive, and construction sectors. The industry has been impacted by operational challenges, disruption of supply chain, delayed installations, deferred maintenance, and workforce impairment.
Polymethyl Methacrylate (PMMA) Market Report Highlights
- Extruded sheets held a significant share owing to greater demand from the building and construction sector.
- The automotive sector captured the largest revenue share and is expected to maintain its dominance during the forecast period owing to greater demand for passenger vehicles, rise in adoption of electric vehicles, and modernization of vehicles.
- The Asia Pacific dominated the global PMMA industry owing to Rising industrial growth, urbanization, and growth in the automotive sector.
- The global PMMA industry is highly competitive owing to the existence of large industry players with global presence including Arkema SA, Asahi Kasei Corporation, ChiMei Corporation, Dow Chemical Company, and Evonik Industries AG.
Polaris Market Research has segmented the polymethyl methacrylate (PMMA) market report based on form, end-use, and region:
Polymethyl Methacrylate (PMMA), Form Outlook (Revenue – USD Billion, 2018 – 2030)
- Extruded Sheet
- Cast Acrylic Sheet
Polymethyl Methacrylate (PMMA), End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Electrical and Electronics
- Signs and Displays
- Buildings and Construction
- Automotive and Transportation
Polymethyl Methacrylate (PMMA), Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa