Polymethyl Methacrylate (PMMA) Market Analysis By Product (Extruded Sheets, Pellets, And Acrylic Beads), By End-Use (Automotive, Construction, Electronics, Signs & Displays), Competitive Landscape, And Segment Forecasts 2018 - 2025

Industry Insights

The global polymethyl methacrylate (PMMA) market size was valued at USD 4.06 billion in 2015 and is projected to grow at a CAGR of 7.4% from 2016 to 2025. Rapid digitalization of rural areas has driven the need for attractive advertising options in the retail industry, leading to PMMA demand in signs & displays, lighting, and similar applications.

PMMA is utilized across several industries owing to its inherent advantageous characteristics including high thermal & chemical resistance, durability, low smoke emission and, excellent abrasion resistance.

U.S. PMMA market revenue by product, 2014 - 2025 (USD Million)

Manufacturers are utilizing the product as a shatterproof alternative to glass in illuminated signs, aircraft canopies and shatterproof of windows. It is over 40% lighter than glass and provides enhanced toughness, rigidity, and transparency. The product also emits negligible amounts of smoke while processing, conforming to stringent manufacturing and emission standards.

Rapidly increasing demand for sustainable polymers backed by favorable government regulations has led to the emergence of bio-based raw materials. It represents an effective alternative to petroleum derivatives and reduces the energy consumption up to 30% during industrial work. Increasing investments towards the development of such renewable products is also paving new market avenues.

Multiple technologies including emulsion polymerization, suspension polymerization, and bulk polymerization are deployed in manufacturing. The industry has witnessed several innovative technologies in recent years and major companies have been engaged in extensive R&D to develop innovative products that meet ever-changing consumer needs.

Product Insights

Extruded sheets is the dominant product segment, occupying over 51% of the volume share in 2015, owing to robust demand of high-performance sheets in various industrial sectors. Excellent thickness tolerance provided by these sheets make them ideal for applications where complex shapes are required. Additionally, extruded sheets also provide cost-efficiency since they are produced using longer and economical techniques.

The increasing usage of acrylic beads as a texturing agent for thermoplastics or coatings is likely to prove conducive to future growth. The segment is expected to grow at about 7.5% CAGR from 2016 to 2025. These beads are also an ideal ingredient as binders in curable formulations such as glues, resins, and composites. Increasing demand for aquariums and other structural panels is also generating lucrative opportunities for pellets and cast acrylics.

End-Use Insights

PMMA is widely used in internally lighted signs for advertising and directions since it fosters excellent transmission of visible light. Telecommunication signs & displays and endoscopy applications are also utilizing fiber optics made from this material, owing to its unusual property to retain a beam of reflected light within surfaces.

Rapidly growing demand of light weight parts in vehicles to attain fuel-efficiency is boosting PMMA consumption in the automotive sector. Automotive glazing is another popular application among manufacturers owing to the high weathering & UV resistance of this product, along with optimum acoustic properties.

A wide array of polymethyl methacrylate pipe materials & vacuum insulation panels are used for low & passive energy buildings. Cast acrylics and extruded sheets are also rapidly gaining popularity in thermal insulation applications. The growing construction activities mainly in China, India, and Brazil owing to growing disposable income and governmental support in the nations is expected to drive market expansion.

PMMA market volume share by end-use, 2015

Regional Insights

Asia Pacific is expected to register the highest growth of 8.1% over the forecast period. Increasing per capita income among middle class in countries such as China and India is anticipated to fuel automotive sales, subsequently boosting product demand. The region is also witnessing numerous investments from multinational players who are shifting their production bases to these emerging economies in order to tap lucrative opportunities in the region.

Middle East & Africa is projected to emerge as the second major consumer and is expected to grow at a CAGR of 10% in the forthcoming years. Several upcoming projects and consolidation of major industry players with regional manufacturers in the region is likely to positively influence market dynamics.

The industry is also witnessing significant potential in emerging countries across Central & South America, where the demand for signs & displays was amplified during the Rio Olympics in Brazil (2016). The upcoming Central American & Caribbean Games in 2018 are further projected to contribute towards industry growth in the region over the near future.

Competitive Insights

Key players include Evonik Industries, Mitsubishi Rayon Group, Sumitomo Chemical Company Ltd., The Dow Chemical Company, Chi Mei Corporation, Kuraray Group, Asahi Kasei Corporation, LG MMA Corp., Makevale Group, Shanghai Jing-Qi Polymer Science Co. and, Polycasa N.V.

Lucite International has developed Alpha technology, an entirely novel method to produce MMA by using carbon monoxide, ethylene, and methanol as raw materials. This technology has significantly improved the operating economies and has also provided an opportunity to reduce the capital investment.

Other prominent corporations are also engaged in strategic initiatives to consolidate their position, which is likely to boost investments in product line extension and capacity expansion. Major participants have also developed novel manufacturing processes in order to gain a competitive advantage.

Report Scope

Segments covered in the report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this report, Grand View Research has segmented the PMMA market on the basis of product, end-use and region:

• Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  • Extruded Sheets

  • Pellets

  • Acrylic Beads

  • Others

• End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  • Automotive

  • Construction

  • Electronics

  • Signs & Displays

  • Others  

• Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East and Africa

    • Saudi Arabia