The Polymethyl Methacrylate (PMMA) Production in Europe Is Anticipated to Reach 365 Thousand Tons in 2023
The European polymethyl methacrylate (PMMA) market was equal to 355 thousand tons in 2013. The largest country market within the region was Germany, which in 2013 accounted for a share of 43% of the total in volume terms. Until 2023, the European market is forecast to reach around 370 thousand tons, thus growing at a CAGR of about 0.7% per annum in the period 2018-2023. This is a slight increase, compared to the growth at a CAGR of around 0.1% per year, registered in 2013-2017.The European production of polymethyl methacrylate (PMMA) is likely to grow to around 365 thousand tons in the medium term. Flat dynamics of the overall installed production capacities in the region and their annual average utilization rates, on the other hand, are expected to increase. In addition, the market is forecast to remain relatively balanced in terms of supply and demand, also showing moderately upwards dynamics in the medium term.
Due to its qualities such as weather resistance and energy efficiency, this polymer is usually used as a replacement for glass. Moreover, the outstanding clarity enables the use of PMMA in many different optical and related applications. In addition, owing to its UV-stability and surface hardness, the polymer is also widely used for many outdoor applications and on furniture, kitchen, bath walls or cabinet facades, respectively. Therefore, the growing application of PMMA in various industries on a global scale is the key growth factor for the development of the global PMMA market. Based on the form, the market can be segmented into extruded sheets, pellets, cell cast sheets and blocks, and beads. Among them, the segment of PMMA extruded sheets accounted for a dominant share of more than 51% of the global PMMA market in 2016 in terms of volume. Another leading trend on the global PMMA market is linked with the rapid digitalization of rural areas, which has propelled demand for advertising materials in the retail industry, which, in turn, has boosted demand for PMMA in signs & displays, lighting, and similar applications.
Merger and acquisition activity has been robust in the chemical industry during the past few years. Although, the consolidation trend has been stable even in uncertain times, the number of global chemical merger and acquisition deals is decreasing. Particularly on the polymethyl methacrylate market, there has been interest in corporate restructurings. One of the most recent deals is the acquisition of Next Polymers Ltd., an Indian engineering thermoplastics (ETP) compounder by Celanese Corp. in the beginning of 2019. The global specialty materials company is aiming to establish its position on the Indian market. Celanese will incorporate Next Polymer's products within its engineered materials business. This includes polyamide 6 and polyamide 66, polypropylene, acrylonitrile butadiene styrene, polycarbonates and polymethyl methacrylate (PMMA). In addition, Evonik Industries also struck a deal for 3.4 billion USD in 2019 to sell its methacrylate business to the private equity firm Advent International. The transaction is part of the company’s strategy to focus on less cyclical specialty chemicals. The sale includes methyl methacrylate, polymethyl methacrylate (MMA/PMMA) operations among others.
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