What is the global market size of Polymethyl Methacrylate Market?

Polymethyl Methacrylate Market size was valued at USD 4.49 billion in 2021 and is poised to grow from USD 4.8 billion in 2022 to USD 7.31 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).

Global Polymethyl Methacrylate Market Size, Share, Growth Analysis, By form(Extruded sheet, Cast acrylic sheet Pellets), By End user(Buildings and Construction, Electrical and Electronics) - Industry Forecast 2024-2031

Report ID: SQMIG15E2131 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 64 | Figures: 75

Global Polymethyl Methacrylate Market Regional Insights

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 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.

Global Polymethyl Methacrylate Market Report Snapshots

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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).

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. 'Mitsubishi Chemical Corporation', 'Sumitomo Chemical Co., Ltd.', 'Evonik Industries AG', 'Arkema S.A.', 'LG Chem Ltd.', 'Chi Mei Corporation', 'Kuraray Co., Ltd.', 'Asahi Kasei Corporation', 'Plaskolite, LLC', 'Altuglas International (Arkema Group)', 'Shanghai Jingqi Polymer Science Co., Ltd.', 'Gevacril GmbH', '3A Composites GmbH', 'Aristech Surfaces LLC', 'Spartech LLC', 'Perspex International (Lucite International Group)', 'PPG Industries, Inc.', 'Gehr Plastics, Inc.', 'Polycasa N.V.', 'Quadrant AG'

The primary growth driver for the polymethyl methacrylate market is the rising need for inexpensive, damage-resistant transparent materials across various sectors. PMMA is in high demand due to the expansion of several end-user industries, particularly the automotive, electronics, and construction sectors. Acrylic glass is used in vehicle glazing, caravan windows, headlights, taillights, and windshields in the automotive industry. Huge demand is created by the developing nations' fast infrastructure expansion. PMMA is used in the infrastructure sector for building design and architectural alteration. The market share of polymethyl methacrylate is growing due to its superior mechanical features over glass, such as scratch resistance, UV light protection, less brittleness, etc. PMMA can also be utilised as a less expensive substitute for polycarbonate to reduce manufacturing costs, which has a competitive advantage. Its ability to be recycled further supports its preference over transparent plastics. As a result, the PMMA has promising market prospects as a material with exceptional qualities that is generally eco-friendly.

PMMA is created using petroleum-based materials, which results in products that hurt the environment and release carbon dioxide. However, due to the growing need for PMMA, alternate production methods that utilise bioenergy and biochemical processes have been found. The production of a PMMA-producing enzyme has caused the development of microbial PMMA treatments. Organic PMMA can be made to have a range of various qualities in addition to leaving a smaller environmental imprint. Consider the Plexiglas Renew organic thermoplastic polymer from Arkema as an example. Because it contains more than 25% biodegradable material, it has greater chemical properties than conventional thermosets.

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Global Polymethyl Methacrylate Market Size, Share, Growth Analysis, By form(Extruded sheet, Cast acrylic sheet Pellets), By End user(Buildings and Construction, Electrical and Electronics) - Industry Forecast 2024-2031

Global Polymethyl Methacrylate Market Regional Insights

Global Polymethyl Methacrylate Market Report Snapshots

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