Increasing demand for sustainable polymers and growing application scope are expected to remain key driving factors for the bio-based polymethyl methacrylate market. Volatile petrochemical prices coupled with depleting fossil fuel reserves are expected to significantly augment bio PMMA market growth over the forecast period. Bio PMMA products are cheaper in comparison to petrochemical-derived products. Increasing government regulations on account of environmental concerns are expected to fuel bio PMMA market growth. Convention PMMA synthesis from petrochemical feedstock results in the production of harmful by-products and various wastes identified as an environmental threat.
Bio PMMA is lightweight engineering plastics majorly used as glass replacement owing to its properties such as shatterproof and UV resistant. Demand from end-use industries such as signs & display, automobile, electronics, and constructions are expected to significantly augment bio PMMA market growth. Signs & displays dominated bio PMMA application followed by construction. Electronics is expected to be the fastest-growing bio PMMA application for LED screens owing to population expansion and an increase in middle-class disposable incomes. Emulsions & coatings applications are also expected to show steady growth rates for bio PMMA demand over the forecast period. Increasing investments in R&D for product development in niches applications are expected to provide a key opportunity for bio-based polymethyl methacrylate market growth. The bio PMMA market is highly consolidated with the top three players forming the majority of the share. Key industry participants such as Evonik Industries AG, Arkema SA, and Mitsubishi Rayon Comp are concentrating on bio-based polymethyl methacrylate (PMMA) product developments. Recently, medical application for bio-adhesive PMMA micro-devices for controlled drug delivery in human beings was developed. It helps in increasing drug concentration at a specific target by reducing gastrointestinal denaturation and prolonging direct contact with intestinal cells.
Major demand is expected from emerging bio-based polymethyl methacrylate market such as the Asia Pacific and South America. Countries such as China, India, and Brazil are expected to show higher growth rates owing to the increasing population coupled with growing demand electronics in these regions. Another major demand is expected from matured markets of North America and Europe owing to increasing government regulations to control greenhouse gases (GNG). European countries such as the UK and Germany are anticipated to witness higher growth rates owing to manufacture light and fuel-efficient commercial vehicles.
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Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.
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