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The polymethyl methacrylate (PMMA) market size is estimated to grow at a CAGR of 5.54% between 2023 and 2028. The market size is forecast to increase by USD 1.79 billion. The growth of the market depends on several factors increased demand from the construction industry in emerging economies, strong demand for PMMA from the automotive industry and increased use of PMMA in the medical sector.
This polymethyl methacrylate (PMMA) market report extensively covers market segmentation 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Strong demand for PMMA from the automotive industry is notably driving the market growth. The increase in the demand from the automotive industry is a major driver contributing to the growth of the global polymethyl methacrylate (PMMA) market. PMMA is increasingly replacing conventional plastics and metals in automotive applications. PMMA products are used for manufacturing instrument panels, center consoles, door panels, roof modules, rear windshield glazing, wheel covers, door handles, interior trims, housings, and bumpers. Furthermore, PMMA is also used in many other automotive applications such as fabric coating, sealing components, bumpers, powertrain, electrical components, chassis, and trim components.
Moreover, the demand for PMMA Is increasing with the growth of the transportation sector globally. The global demand for automobiles has increased in recent years, especially in developing countries, because of an increase in per capita income and economic development. The growth in the automotive and transport industries, coupled with the increasing number of suppliers in the automotive sector, is a significant pointer toward the growth in the demand for PMMA globally, which will thereby drive the growth of the market during the forecast period.
Technological innovations in PMMA products are an emerging trend shaping the market growth. There has been a significant increase in R&D by major vendors in recent years. Research is being conducted to increase the application of PMMA in various industries because of its weather resistance, enhanced clarity, abrasion resistance, minimal water absorption, low smoke emission, and better rigidity. The major PMMA players worldwide have increased their R&D expenditure to reduce the manufacturing cost of PMMA and to increase its strength and durability.
Moreover, new and higher value-added applications of PMMA are auto headlamp lenses, acrylic cap stock for PVC, and high-performance acrylic films, an R&D breakthrough by Arkema SA. Thus, the growing number of technological innovations in PMMA products is expected to drive the growth of the market during the forecast period.
High production cost associated with PMMA is a significant challenge hindering market growth. PMMA production requires a large initial investment to set up the plant and machinery. The capital-intensive nature of the industry makes it difficult for small and medium-sized companies to compete in the polymethyl methacrylate market. The costs involved in setting up the manufacturing plant and the changes in the value chain and production facilities to reduce production costs act as major barriers to market players, as these changes incur significant expenses.
In addition, the high production cost restricts new companies from entering into the market which restricts the polymethyl methacrylate market growth. Therefore, such factors limit the growth of the PMMA market and are likely to continue to impede the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Polymethyl Methacrylate (PMMA) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The extruded sheets segment is estimated to witness significant growth during the forecast period. The polymethyl methacrylate (PMMA) market by extruded sheets is expected to register moderate growth during the forecast period. Extruded sheets 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.
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The extruded sheets segment was the largest and was valued at USD 2.80 billion in 2018. PMMA does not contain heavy metals or toxic materials that are harmful to human health and the environment. It is used as a sheet product owing to its clarity and durability. Extruded sheets provide exceptional thickness. The key properties of extruded sheets are excellent mechanical properties, excellent optical properties, weathering and ageing resistance and UV resistance. The rising demand for end-use applications is expected to fuel the growth of the extruded sheets segment in the global polymethyl methacrylate (PMMA) market during the forecast period.
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APAC is estimated to contribute 69% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the largest and fastest-growing region in the polymethyl methacrylate (PMMA) market due to the growth of the construction and automotive sectors. Moreover, in APAC, China, Japan, India, and South Korea were among the top producers of motor vehicles in 2021 and are expected to maintain their leading positions during the forecast period. This will ultimately drive the demand for PMMA in the region. The rapid urbanization in the region requires higher infrastructure construction and non-residential construction activities, which will have a positive impact on the regional construction material market.
For instance, in India, with the rise in the urbanization rate, urban areas are predicted to account for 40% of the country's total population and generate 75% of the country's GDP by 2030. The demand for and popularity of bio-based polyurethane has been growing in recent years, with the product finding higher utilization than fiberglass. Urbanization and industrialization, along with the need for energy-efficient buildings, are enhancing the need for insulation, which will drive the growth of the regional polymethyl methacrylate (PMMA) market during the forecast period.
The outbreak of COVID-19 affected several countries in APAC. However, the resumption of normal business activities and the implementation of various disease containment measures such as mass vaccination drives, resulted in the easing of lockdown restrictions in several APAC countries. Eventually, factories and manufacturing units reopened, and construction activities also gained pace. Such recovery in business operations will enable the regional polymethyl methacrylate market. These factors are expected to drive the growth of the regional polymethyl methacrylate (PMMA) market during the forecast period.
The polymethyl methacrylate (PMMA) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Polymethyl Methacrylate (PMMA) Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.54% |
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Market Growth 2024-2028 |
USD 1.79 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.15 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 69% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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