USD 4.8 Billion
Report ID:
SQMIG15E2131 |
Region:
Global |
Published Date: July, 2024
Pages:
184
|Tables:
64
|Figures:
75
Global Polymethyl Methacrylate Market size was valued at USD 4.8 Billion in 2022 and is poised to grow from USD 5.06 Billion in 2023 to USD 7.71 Billion by 2031, at a CAGR of 5.40% during the forecast period (2024-2031).
PMMA is a transparent material that outperforms glass in terms of quality. As a result, it is frequently used in place of glasses in a variety of industries. Polymethyl methacrylate was far more durable, easier to make, and less expensive to generate than equivalent compounds. It is used to make a wide range of products, including aquariums, LCD panels, optical glasses, lighting covers, glass windows, vehicle glass, cell phone displays, and aquarium glass. The price of polymethyl methacrylate was increasing on the market as a result of the faster rise of its final sectors. Due to its better eyecare properties, such as great transparency & ultraviolet light protection, PMMA does have a competitive edge. It also complies with stringent environmental safety regulations to be accepted commercially because it is made of reusable plastics.
The rise of bio-based raw materials is a result of the quickly rising demand for environmentally friendly polymers, which is supported by benevolent governmental policies. It is a good substitute for petroleum derivatives and can cut energy use in industrial processes by up to 30%.
New Polymethyl Methacrylate market opportunities are also being opened up by increasing investments in the development of such renewable products. Manufacturing uses a variety of processes, such as emulsion polymerization, suspension polymerization, and bulk polymerization. In recent years, the sector has seen the emergence of a number of breakthrough technologies, and big corporations have invested heavily in research and development to create cutting-edge products that cater to the changing needs of consumers.
US Polymethyl Methacrylate Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.8 Billion
Largest Segment
Extruded sheet
Fastest Growth
Extruded sheet
Growth Rate
5.40% CAGR
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Polymethyl methacrylate market is segmented based on the form, end user and region. Based on form, polymethyl methacrylate market is segmented into Extruded sheet, Cast acrylic sheet Pellets, Beads and Others. Based on end user, the polymethyl methacrylate market is segmented into Buildings and Construction, Electrical and Electronics, Automotive and Transportation, Signs and Displays and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Polymethyl Methacrylate Market Analysis by Form
Based on form, Extruded films are expected to be the largest and fastest growing PMMA market over the projection duration. Extruded sheets include advantages like optical purity, weather resistance, a lustrous surface, ease of manufacturing, and more. Extruded sheets are additionally more cost-effective than other types. The majority of the market is made up of extruded sheets. It had around 53.5% of the global market volume in 2021 as a result of the increased demand for high-quality sheets across multiple manufacturing industries. These sheets' enhanced breadth flexibility makes them ideal for applications where complex forms are required. Extruded sheets are very economical to produce since they utilize low-cost techniques.
Polymethyl Methacrylate Market Analysis by End-User
Based on end-user, The automotive sector is likely to be the largest segment sector category for the PMMA industry during the anticipated timeline. In the automotive industry, PMMA is used for body parts, headlight covers, and exterior and interior ornamentation. The growing inclination for personal mobility combined with increased EV use is one of the key reasons driving the mobile sector. PMMA is preferred over other materials and traditional polymers because of its superior performance characteristics. Additionally, the material is lightweight. As a result of the evolving regulatory environment and the government's successful implementation of EVs, the PMMA market is estimated to grow over the course of the projected decade.
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Asia Pacific has the highest CAGR during the course of the predicted period. The demand for products would ultimately increase due to increased per capita income in countries like China and India. Global firms are making large investments in the area and transferring their manufacturing facilities there to take advantage of the region's exciting possibilities.
The Middle East and Africa are expected to surpass Europe as the second-largest consumers in the upcoming years. The mix of major industry players, regional producers, and a number of active initiatives will certainly improve the Polymethyl Methacrylate Market dynamics. A significant portion of the market's potential lies in emerging countries in Central and South America, where the Rio Olympics in Brazil saw a surge in demand for signage and projections (2016). The local industry has grown as a result of the 2018 Middle American and Caribbean Games. Rapid urbanisation, greater R&D activity, and the expansion of international players are the main drivers of this region's growth. PMMA is more in demand as a result of rising building and development activities, rising industry expansion in developing countries like China, India, and Japan, and rising automobile acceptance. The industry's market for polymethyl methacrylate has been further stimulated by the substance's expanding use in the pharmaceutical and electrical industries.
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Polymethyl Methacrylate Market Drivers
Extended Features to Bolster Demand for Polymethyl Methacrylate in Numerous Industries
Polymethyl Methacrylate Market Restraints
Inability to Endure Stress will Hinder Its Growth during Forecast Period
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Polymethyl methacrylate market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Polymethyl Methacrylate Market Top Player's Company Profiles
Polymethyl Methacrylate Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our polymethyl methacrylate market analysis, Growing urbanisation, industrialisation, and increased commercial interest globally have all contributed to the growth of the polymethyl methacrylate sector. The construction and building sector has grown as a result of rising living standards and rising disposable money, particularly in emerging economies. Implementing international design standards, growing economic growth, and expanding infrastructure development are all elements encouraging market expansion.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 4.8 Billion |
Market size value in 2031 | USD 7.71 Billion |
Growth Rate | 5.40% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Polymethyl Methacrylate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Polymethyl Methacrylate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polymethyl Methacrylate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Polymethyl Methacrylate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15E2131
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