Polymethyl Methacrylate Market Size, Share & Trends Analysis Report By Product Type (Extruded Sheets, Pellets, Acrylic Beads), By End Use (Signs & Displays, Construction, Electronics, Automotive), And Segment Forecasts, 2019 - 2025

Industry Insights

The global Polymethyl Methacrylate (PMMA) market size was valued at USD 4.72 billion in 2018 and is projected to expand at a CAGR of 8.4% from 2019 to 2025. Rapid digitalization has driven the need for attractive advertising options in the retail industry, leading to increased PMMA demand in signs and displays, lighting, and similar applications. The product is utilized across several industries owing to its inherent advantageous characteristics including high thermal and chemical resistance, durability, low smoke emission, and excellent abrasion resistance.

Manufacturers are utilizing the product as a shatterproof alternative to glass in illuminated signs, aircraft canopies and shatterproof of windows. It is almost 40% lighter than glass and provides better rigidity, toughness, 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 in 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 Type Insights

Extruded sheets is the dominant product segment. It occupied over 51.39% of the global volume share in 2018 owing to robust demand for high-performance sheets in various industrial sectors. Excellent thickness tolerance of these sheets make them ideal for applications where complex shapes are required. Additionally, extruded sheets also provide cost-efficiency since they are produced using economical techniques.

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 the fastest CAGR of 9.2% from 2019 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 generating lucrative opportunities for pellets and cast acrylics.

End Use Insights

Based on end use, the market has been segmented into automotive, construction, electronics, and signs and display. The product is widely used in internally lighted signs for advertising and directions since it fosters excellent transmission of visible light. Telecommunication signs and displays and endoscopy applications are also utilizing fiber optics made from this material, owing to its property to retain a beam of reflected light within surfaces.

Rising demand for lightweight parts in vehicles to attain fuel-efficiency is boosting PMMA consumption in the automotive sector. Automotive glazing is another popular application owing to the high weathering and UV resistance of the product, along with optimum acoustic properties.

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

Regional Insights

In terms of revenue, Asia Pacific is expected to register the highest CAGR of 9.1% over the forecast period. Increasing per capita income 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 companies who are shifting their production bases to these emerging economies to tap lucrative opportunities in the region. Middle East & Africa is projected to emerge as the second major consumer in the next few years.

Several upcoming projects and consolidation of major industry participants with manufacturers in the region is likely to have a positive impact on the market dynamics. The industry is also witnessing significant potential in emerging countries across Central & South America, where the demand for signs and displays was amplified during the Rio Olympics in Brazil (2016). The Central American & Caribbean Games in 2018 also contributed toward industry growth in the region.

Polymethyl Methacrylate Market Share Insights

Key companies in this market 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. Major participants have developed novel manufacturing processes to gain a competitive advantage.

For instance, 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 helped reduce the capital investment. Companies are also engaged in strategic initiatives to consolidate their position, which is likely to boost investments in product line extension and capacity expansion.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global polymethyl methacrylate market report on the basis of product type, end use, and region:

• Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Extruded Sheets

  • Pellets

  • Acrylic Beads

  • Others

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

  • Automotive

  • Construction

  • Electronics

  • Signs & Displays

  • Others

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

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE