According to a report by Grand View Research, Inc., global polymethyl methacrylate (PMMA) market is anticipated to value USD 8.16 billion by 2025. Growing requirement for aesthetic advertising options in retail sector is anticipated to propel demand for polymethyl methacrylate over the forecast period (2018 to 2025). PMMA is likely to offer characteristics such as durability, thermal and chemical resistance, superior abrasion resistance, and low smoke emission.
Rising demand for light-weight materials in manufacturing companies can propel market growth. PMMA is likely to be 40% lighter than glass and can offer transparency, rigidity, and toughness. This, in turn, can augment growth of market in the forthcoming years. Stringent regulations pertaining to harmful emissions and manufacturing are expected to drive market expansion. PMMA is estimated to emit less smoke as compared to other products. Advent of advanced manufacturing techniques such as suspension polymerization, emulsion polymerization, and bulk polymerization can stimulate market growth. Rising R&D investments to develop advanced products matching consumer demand can boost market expansion in the forthcoming years.
Volatility in prices of raw materials can hamper growth of market over the forecast period. However, growing adoption of bio-based raw materials over petroleum derivatives attributed to less consumption of energy can spur market growth. Rising investments towards development of renewable raw materials can create lucrative opportunities for new market entrants.
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U.S. PMMA market revenue by product, 2014 - 2025 (USD Million)
The polymethyl methacrylate market can be segregated on the basis of product, end-use, and region. Based on product, the market can be categorized into pellets, extruded sheets, acrylic beads, and others. In 2015, extruded sheets segment dominated the market and accounted for 51% volume share. Rising demand for high-performance sheets in end-use sectors can augment growth of segment. In addition, cost-efficiency offered by extruded sheets owing to economical and longer production techniques can fuel product demand.
Based on end-use, the market can be classified into electronics, automotive, construction, signs & displays, and others. Signs and displays segment is predicted to witness growth at CAGR of 7.8% during the forecast period. Rising demand for display cabinets, commercial billboards, and leaflet dispensers can drive growth of segment. In addition, increasing use of fiber optics made from PMMA in endoscopy applications and telecommunication signs & displays can also stimulate growth.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America (CSA), and Middle East & Africa (MEA). Asia Pacific region is anticipated to register highest CAGR of 8.1% during the forecast period. Increasing automotive sales attributed rising per capita income in countries like India and China can boost product demand. This, in turn, can augment growth of market in the forthcoming years. In addition, rising investments from international market players to build their production in India and China and avail lucrative opportunities can stimulate market expansion. Moreover, increasing number of construction activities in India, China, and Brazil attributed to support from government can augment regional growth.
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PMMA market volume share by end-use, 2015
In North America, the market is likely to grow well attributed to presence of major manufacturing companies producing resins in the region. These manufacturers are expected to processes resins using innovative technologies for end-use applications.
In Europe, the market is estimated to grow slow owing to Brexit and slow economic growth. This, in turn, can hamper market growth in this region over the forecast period.
In MEA, the market is expected to witness growth at CAGR of 10% over the forecast period. Increasing number of collaborations between local manufacturing companies and key market players can drive regional growth.
Central and South America region is projected to witness significant market growth owing to rising demand for displays and signs in sports events.
Some of the leading companies operating in the market for polymethyl methacrylate are Sumitomo Chemical Company Ltd., Evonik Industries, Chi Mei Corporation, The Dow Chemical Company, and Mitsubishi Rayon Group. Most market players are likely to adopt business strategies that can boost investments in capacity expansion and product line extension. In addition, leading market players are also expected to develop novel manufacturing techniques to gain competitive edge over others.
Grand View Research has segmented the PMMA market on the basis of product, application and region:
PMMA Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
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Extruded Sheets
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Pellets
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Acrylic Beads
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Others
PMMA End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
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Automotive
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Construction
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Electronics
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Signs & Displays
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Others
PMMA Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Asia Pacific
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China
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India
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Japan
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CSA
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Brazil
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MEA
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Saudi Arabia
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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