The Global Polymethyl Methacrylate (PMMA) Market is anticipated to reach USD 8.16 billion by 2025, according to a new report by Hexa Reports. The growing demand for LED flat screens in Asia Pacific is projected to propel market demand over the coming years.
The PMMA industry has shifted its focus toward developing bio-based alternatives to combat volatile raw material prices. Eco-friendly PMMA is now being developed with the introduction of bio-based raw materials such as MMA from renewable organic feedstock. This in turn is anticipated to provide lucrative growth opportunities for new entrants.
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Extruded sheets are expected to remain the dominant product segment with nearly 50% of the volume share in 2015. Extruded sheets have a better tolerance on thickness, typically +/-10%, as compared to cast acrylic sheets. The product is also expected to witness growth on account of its high transparency that makes it ideal for signs & displays in the advertising sector.
Further Key Findings From the Study Suggest:
• The growing demand for sophisticated infrastructure along with presence of major automotive OEMs is anticipated to boost the demand for acrylic beads
• The signs & displays segment is projected to grow at the CAGR of 7.8% owing to increasing demand for commercial billboards, display cabinets and leaflet dispensers
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• North America and Europe are characterized by presence of leading resin manufacturers and technological capabilities of further processing these resins for end-uses
• Sluggish economic growth and Brexit are likely to affect industrial output in Europe, which in turn is expected to be a challenge for industry growth in the region
• Asia Pacific is projected to grow at the highest CAGR of 7.0% on account of increasing investments in renewable energy infrastructure and commercial projects undertaken in China, India, and Japan
• The polymethyl methacrylate market exhibits significant untapped potential in medical applications and ample scope in the sanitary ware industry for shower & bath installations
• New market entrants are actively engaged in the development of novel production technologies to improve process efficiency and reduce operational costs
• Influential companies include Evonik Industries AG, Mitsubishi Rayon Group, Arkema SA, Kuraray Group, Sumitomo Chemical Company Ltd., The Dow Chemical Company, SABIC and Asahi Kasei Corporation among others
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Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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