Polymethyl Methacrylate (PMMA) Market - Worldwide Demand Boost Anticipated 2021
The growing demand for plastics with high durability, strength, UV & chemical resistance and increased light transmission are some of the key factors that are driving the Polymethyl Methacrylate (PMMA) market demand. Polymethyl methacrylate is a transparent & lightweight thermoplastic mainly used as a substitute for glass due to its energy efficient and weather resistance properties. It finds applications across various verticals of industries such as electronics construction, interiors and furniture, solar panels, fashion and apparel, sanitary ware, medicine and healthcare. Rising demand from major end-use industries and growing preference for LED TV & LED flat screens panels are major growth drivers, which are anticipated to fuel Polymethyl Methacrylate (PMMA) market growth for the product during the forecast period.
In the report added by DecisionDatabases.com “Global Polymethyl Methacrylate (PMMA) Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast”
the growth of key end-user industries including automotive, signs & displays, especially in emerging economies are expected to boost the market demand over the coming years. Increasing usage as casting resin, an alternative to glass, inks & coatings, owing to its lightweight, shatter resistant properties will further aid in the growth of the market. Furthermore, rising R&D activities for the development of bio-based PMMA along with promising applications for optical based PMMA in coatings and emulsions, medical and healthcare and solar power sectors is projected to augment the market demand in the near future. However, volatility in the prices of raw materials is one of the key restraints, which can hinder the growth of the market in the forthcoming years.
The global market has been segmented based on grade into general purpose grade and optical grade. General purpose grade dominates the market and is expected to grow at a significant rate in the near future owing to its widespread usage for various applications across the globe. The market has been further segmented based on the form into extruded sheet, cast acrylic sheet, pellets, and beads. Extruded sheet is a leading form segment and is estimated to witness a double-digit growth in the study period on account of rising application scope across major end-use industries including signs and display, electronics, construction, and automobiles among others. Beads form is expected to be the fastest growing segment over the coming years due to its growing usage in coatings and emulsions market. Furthermore, the market has been segmented based on application.
Asia Pacific has accounted for major market share and is anticipated to continue its dominance during the forecast period due to rising preference for better quality plastics from end-use industries along with an increased demand from the electronics & automotive market in the region.
Moreover, the expanding infrastructural development is further increasing the market demand in the region. Major industry players include Arkema SA, Evonik Industries AG, Mitsubishi Rayon Co., Ltd., Saudi Arabia Basic Industries Corporation, Sumitomo Chemical Co., Ltd., Asahi Kasei Corporation, CHI MEI Corporation, Gehr Plastics, Inc., Kolon Industries, Inc., and Polycasa N.V. The global market is highly consolidated due to the presence of key multinational corporations.
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