New York, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The polymethyl methacrylate (PMMA) market size is expected to grow by USD 1.79 billion from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of 5.54% during the forecast period, according to Technavio. Increased demand from the construction industry in emerging economies is notably driving the polymethyl methacrylate (PMMA) market. However, factors such as volatility in raw material prices used in production on PMMA may impede market growth. The market is segmented by Type (Extruded sheets, Pellets, and Others), Application (Signs and display, Construction, Automotive, Electronics, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the polymethyl methacrylate (PMMA) market, including Asahi Kasei Corp., Avient Corp., Celanese Corp., Chimei Corp., Dow Chemical Co., Gehr Kunstoffwerk GmbH and Co. KG, Go Yen Chemical Industrial Co. Ltd, KURARAY Co. Ltd., LG Chem Ltd., Lotte Chemical Corp., Makevale Group, Mitsubishi Chemical Corp., Nippon Shokubai Co. Ltd., Plaskolite Inc., Roehm GmbH, Samyang Corp., Saudi Basic Industries Corp., Schweiter Technologies AG, Trinseo PLC, and Wanhua Chemical Group Co. Ltd. The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Sample Report
Polymethyl Methacrylate (PMMA) Market 2024-2028: Company Analysis
Asahi Kasei Corp. - The company offers polymethyl methacrylate such as DELPET SRG097 which is a superior acrylic resin molding material with excellent transparency, surface hardness, and chemical resistance.
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Market Dynamics
Driver - The thriving Polymethyl Methacrylate (PMMA) market experiences notable growth due to the automotive industry's demand. PMMA, commonly known as Acrylic Glass or Plexiglas® (Brand), is favored for its optical clarity, impact resistance, and UV resistance. Its versatility in Injection Molding and Extrusion Process caters to various applications, including Light Guide Panels (LGP), Medical Devices, and Dental Applications. This sustained demand is propelling the PMMA market forward.
Trend - Emerging as a significant trend, technological innovations within Polymethyl Methacrylate (PMMA) products are reshaping market growth. With a focus on Automotive Components, Signage and Displays, Construction Materials, and Aerospace Applications, advancements in LED Lighting, Electronics Enclosures, and Greenhouse Panels are prevalent. Moreover, the emphasis on Recyclability, Biocompatibility, and PMMA resin highlights the industry's drive towards sustainable and versatile solutions, marking a significant trend in PMMA market evolution.
Challenge - The substantial challenge facing the Polymethyl Methacrylate (PMMA) market lies in its high production cost, impacting its growth. Influenced by Global Supply Chain intricacies and fluctuations in Raw Material Prices, this challenge is compounded by navigating stringent Environmental Regulations and meeting Sustainability Initiatives. Moreover, while keeping pace with Market Trends and exploring Emerging Markets, the demand for Innovation in Applications, Custom Fabrication, and Acrylic Sheets persists, adding complexity to the cost-related challenges in the PMMA industry.
Polymethyl Methacrylate (PMMA) Market 2024-2028: Segmentation
Type
- The extruded sheets segment is significant during the forecast period. The products in this segment are increasingly used in applications such as framing, skylight applications, plaster of Paris (POP) displays, lighting control lenses, illuminated graphic panels, store displays, and rear projection screens. Some of the features of these products include excellent mechanical properties, excellent optical properties, weathering and aging resistance, and UV resistance.
- Application (Signs and display, Construction, Automotive, Electronics, and Others).
Geography
- APAC will contribute 69% to the growth of the global market during the forecast period. China, Japan, India, and South Korea were among the top producers of motor vehicles in 2021. These countries are also expected to maintain their leading positions during the forecast period, which ultimately drives the demand for PMMA in the region. Factors such as the rapid urbanization in the region require higher infrastructure construction and non-residential construction activities, which will have a positive impact on the regional construction material market.
- Europe, North America, South America, and Middle East and Africa.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report
Polymethyl Methacrylate (PMMA) Market 2024-2028: Key Highlights
- Historic Market Size 2018-2022
- CAGR of the market during 2024-2028
- Detailed information on factors that will assist polymethyl methacrylate (PMMA) market growth during the next five years
- Estimation of the polymethyl methacrylate (PMMA) market size and its contribution to the parent market
- Forecasts on upcoming trends and changes in consumer behavior
- The growth of the polymethyl methacrylate (PMMA) market
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will impede the growth of polymethyl methacrylate (PMMA) market companies
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
