Polymethyl Methacrylate (PMMA) Market Size, Share, Growth Insight, Competitive Analysis, Business Opportunities, Statistics, And Regional Forecast To 2023.
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PMMA manufacturers to apply innovative ideas to open up new application possibilities for the global market, such as in the field of automotive glazing or wood-acrylic composites
The global market for polymethyl methacrylate is poised to grow stronger during the forecast period (2016-2023), forecasts Market Research Future (MRFR). The market size will be influenced in the coming years by many factors such as rapid digitalization of rural areas driving the need for attractive advertising options in the retail industry. This leads to PMMA demand in signs & displays, lighting, and similar applications. Also, the healthy growth of major end-use industries such as electronics and automotive has triggered the market growth globally. Other applications of PMMA include interiors and furniture, fashion and apparel, solar panels, medicine and healthcare, and sanitary ware.
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Moreover, the market volatility is prompting many PMMA manufacturers to apply innovative ideas to open up new application possibilities for the global market, such as in the field of automotive glazing or wood-acrylic composites. PMMA also possesses some highly favorable properties such as high strength, durability, resistance to chemicals and weathering, and ease of processing, hence making them highly essential in several industries.
However, PMMA is a weak material and is quite brittle, a fact that could be particularly damaging to the market growth. Despite threats, the market is set to grow by leaps and bound due to many major market players, in response to increasing demands, constantly investing in projects to expand their customer base and enhance the quality of the products in several parts of the globe. These players include Asian companies like Chi Mei in Taiwan and China and Mitsubishi Rayon in Korea. Moreover, the strategic activities such as partnerships and collaborations entered into by many players cannot be sidelined. For instance, in 2012, Ampaglas Plastics Group (South Africa) and Evonik Industries entered a joint venture and founded the joint venture Evonik Acrylics Africa (EAA) for the extrusion of PMMA semi-finished goods.
The Global Polymethyl Methacrylate (PMMA) Market is categorized on the basis of type, application, and regions. On the basis of type, the market is segmented into extruded sheets, pellets, cast sheets, and beads. On the basis of the application, the market is classified into signs & displays, construction, automotive, electronics, and others. On the basis of the regions, the market is classified into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Global Key Players:
*Kolon Industries, Inc. *Polycasa N.V. *Saudi Arabia Basic Industries Corporation *Asahi Kasei Corporation *Arkema SA *Mitsubishi Rayon Co. Ltd. *Sumitomo Chemical Co. Ltd. *CHI MEI Corporation *Evonik Industries AG *Gehr Plastics, Inc. *Kuraray Group *The Dow Chemical Company
Companies have invested heavily in creative and innovative products and continuous development of prevailing product lines to broaden the current spectrum of applications. For instance, Evonik Industries AG has come up with ambient illumination in automotive interiors through usage of PMMA molding compounds that are developed, especially, of LED applications.
The Global Polymethyl Methacrylate (PMMA) Market is categorized into five regions, Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia Pacific region emerged as the leading regional market driven by factors such as a surge in automotive production coupled with rising construction spending. The strong growth of LED flat screens sales in countries such as China, India, Japan, South Korea, Thailand, Indonesia, and Malaysia is touted to remain the key driving factors for market growth within the region. The rise of smart TV's in the recent times has further triggered the consumption of PMMA in the electronics industry. Over 45% of the televisions shipped globally in 2016 were smart TVs and is estimated to surpass USD 120 million by 2020.
Europe followed Asia Pacific in terms of demand for Polymethyl Methacrylate. Strong demand for glazing and facades in the region is expected to drive regional market growth. PMMA offers the construction industry long-lasting and superior aesthetics material choice. UV protection, availability in varied colors, and easy casting are some of the prominent features driving its usage in the European construction industry.
Latin America is also expected to witness above-average growth rate with strong growth of the construction and automotive industry. With major automotive companies establishing their respective manufacturing bases in the region, the demand for PMMA is set to rise at a significant rate. Moreover, the global sports events such as Rio Olympics, 2016 and upcoming Central America and Caribbean Games is anticipated to increase the product demand.
*Polymethyl Methacrylate (PMMA) Manufacturers *Traders and Distributors of Polymethyl Methacrylate (PMMA) *Production Process Industries *Potential Investors *Raw Material Suppliers *Nationalized Laboratory
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|Date:||Aug 20, 2019|
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