According to a report by Grand View Research, Inc.; the global polymethyl methacrylate market is projected to rise to USD 8.16 billion by 2025. The market is an emerging segment of the global synthetic resin market. Polymethyl Methacrylate (PMMA) is a synthetic resin produced by polymerizing methyl methacrylate. It finds application across several industrial verticals owing to its inherent advantageous characteristics, including durability, excellent abrasion resistance, and high chemical and thermal resistance. It is over 40 percent lighter than glass and offers enhanced rigidity, transparency, and toughness. PMMA emits less amount of smoke while processing, conforming to strict manufacturing and emission norms.
LCD light guides manufactured using PMMA are more luminous than conventional guide panels. Therefore, spiraling demand for LCD light guides can augment the market over the forecast period (2014 to 2025). Besides this, increasing demand for LED flat screens in Asia Pacific can support the growth of the market. Growing digitization of rural areas is driving the need for attractive advertising options, which, in turn, is fueling the demand for PMMA in lighting, signs and displays, and similar applications.
Full Research Report On PMMA Market Analysis: http://www.grandviewresearch.com/industry-analysis/polymethyl-methacrylate-pmma-industry
U.S. PMMA market revenue by product, 2014 – 2025 (USD Million)
Moreover, rising uptake of polymethyl methacrylate dermal fillers can propel the market. These fillers are FDA approved and are used in the treatment of imperfections such as wrinkles, skin folds, scars, and furrows. Rapid growth of end-use industries is also anticipated to stoke the growth of the market. The synthetic resin is being increasingly used in research and development activities. To put this in perspective, in October 2017, a team of researchers from Rice University and Los Alamos National Laboratory developed a technique that will probe atom-thick materials to measure the amount of hydrogen produced. Submicron holes will be drilled, through an insulating layer of PMMA, using an electron beam to probe particular areas of nanoscale flakes.
In addition, widening scope of applications is translating into the greater uptake of the synthetic resin. For instance, researchers from the National Organization Kyoto Medical Center designed and used a lens for observing fundus with a noncontact wide-angle viewing system. The lens has a fine meniscus made of PMMA and a large outer diameter. Apart from this, in May 2017, Kuraray developed a polymer, Kurarity, which is a combination of polymethyl methacrylate and hydrogenated rubber. The combination renders Kurarity clear and moldable, thereby allowing its application in manufacturing removable labels or painter’s tape.
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PMMA market volume share by end-use, 2015
On the flip side, scarcity of raw materials required for the production coupled with their protean prices can inhibit market over the forecast period. Nevertheless, to address volatile prices of raw materials, manufacturers are shifting their focus towards bio-based alternatives. This, in turn, is likely to unfold tremendous growth opportunities for the market. Bio-based raw materials such as methyl methacrylate from renewable organic feedstock are used for the production of eco-friendly PMMA. Furthermore, manufacturers are allocating hefty funds to R&D activities and focusing on capacity expansion, which will augur well for the market.
The global polymethyl methacrylate market has been segmented on the basis of product, end use, and region. Based on product, the market has been classified into extruded sheets, acrylic beads, pellets, and others. In terms of end use, construction, automotive, signs and displays, electronics, and others are the major market segments.
Key regions reviewed in the report are North America, Asia Pacific, Central and South America, Europe, and Middle East and Africa. The growth of markets in North America and Europe can be attributed to presence of a large number of key manufacturers and rapid technological advancements to enhance processing capacities. Asia Pacific is expected to exhibit high potential during the forecast period. Flourishing growth of end-use industries due to improving economic conditions is supplementing the growth of the region. Moreover, growing investments by international players to augment their production capacities in the region are estimated to contribute to the market growth.
Emerging players are focusing on development of novel production technologies to give a stiff competition to established players. Some of the prominent companies operating in the global polymethyl methacrylate market are Mitsubishi Rayon Group,Evonik Industries AG,The Dow Chemical Company,Arkema SA, and Sumitomo Chemical Company Ltd.
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