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Polymethyl Methacrylate Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Polymethyl Methacrylate Market
Polymethyl Methacrylate Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8.76 billion In 2028 At A CAGR Of 9.0% :
The polymethyl methacrylate market size has grown rapidly in recent years. It will grow from $5.6 billion in 2023 to $6.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to growth in the construction and architectural industries, demand for transparent and lightweight materials, expansion of automotive and transportation applications, development of uv-resistant and weatherable resins, regulatory standards for material safety..
The polymethyl methacrylate market size is expected to see strong growth in the next few years. It will grow to $8.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to sustainable and eco-friendly acrylic resin formulations, customized acrylic solutions for specific applications, growth in electric vehicle and ev battery applications, expansion in led and optical devices, increased use in medical implants and prosthetics.. Major trends in the forecast period include bio-based and biodegradable acrylic resins, regulatory compliance in acrylic material safety, nanocomposite and high-impact acrylic materials, smart and self-cleaning acrylic surfaces, collaboration between acrylic and material science..
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Polymethyl Methacrylate Market Major Segments
The polymethyl methacrylate market covered in this report is segmented -
1) By Form: Extruded Sheet, Cast Acrylic Sheet, Pellets, Beads
2) By Grade: General Purpose Grade, Optical Grade
3) By End User Industries: Buildings and Construction, Electrical and Electronics, Automotive and Transportation, Signs and Displays, Other End User Industries
Key Driver - Increasing Demand For Pmma In Electronics And Automobile Industries
The increasing demand for polymethyl methacrylate (PMMA) in the electronic and automobile industries is contributing to the growth of the polymethyl methacrylate market. PMMA could be synthesized by polymerizing methyl methacrylate monomer. It is scratch-resistant and transparent, so it is used as a replacement for glass in some applications in the industry. PMMA is a lightweight material having a density of half that of glass and is transparent, so that it is being used in car windows, motorcycle windshields, interior, and exterior panels. It is also being used in LCD/LED TV screens, laptops, smartphone displays, and electronic equipment displays. Due to its features, the automobile and electronics have increasingly used PMMA. For instance, the global electronic products market size grew from $948.78 billion in 2020 to $1055.29 billion in 2021 at a compound annual growth rate (CAGR) of 11.2%. Similarly, auto sales hit just over 15 million vehicles in 2021, up 3.4% from 2020. Therefore, increasing demand from the electronics and automobile industries is contributing to the growth of the polymethyl methacrylate market.
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Prominent Trend - The Growing Trend Of Bio-Based Pmma And Its Expanding Role In The Market
The development of bio-based PMMA is providing opportunities to expand and is a key trend gaining popularity in the market. Bio-based PMMA is supposed to be a substitute in medical devices due to its biocompatibility compared to others. The medical industry has a higher demand for bio-based PMMA. Companies are also increasingly working on introducing new bio-based PMMA. For instance, in November 2021, Arkema launched a new advanced bio-circular polyamide 11 medical polymer. This polyamide 11 contains castor beans, which do not directly involve the food chain and do not harm the forest. Increasing the use of a product like castor bean is expected to increase the demand for bio-based polymethyl methacrylate market.
Polymethyl Methacrylate Market Players
Major companies operating in the polymethyl methacrylate market include Arkema SA, Mitsubishi Rayon Co. Ltd., Sumitomo Chemical Co. Ltd., CHI MEI Corporation, Evonik Industries AG, Kolon Industries Inc., Polycasa N.V., Saudi Arabia Basic Industries Corporation, Asahi Kasei Corporation, Gehr Plastics Inc., Kuraray Group, Dow Inc., LG Chem Ltd., Makevale Group, Röhm GmbH, Trinseo S.A., Toray Industries Inc., Plaskolite LLC, Altuglas International, Spartech LLC, Perspex International, Shanghai Jingqi Polymer Science Co. Ltd., Jumei Chemical Co. Ltd., Zhejiang Unipolymer Material Co. Ltd., Guangzhou Jufeng Plastics Co. Ltd., Suzhou Omay Optical Materials Co. Ltd., Jiangsu Juhua Polymer Co. Ltd., Shandong Dongyue Polymer Material Co. Ltd., Shandong Allplace Environmental Protection Technology Co. Ltd., Guangzhou Lianguan Machinery Co. Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the polymethyl methacrylate market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the polymethyl methacrylate market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Polymethyl Methacrylate Market Report Structure
3. Polymethyl Methacrylate Market Trends And Strategies
4. Polymethyl Methacrylate Market - Macro Economic Scenario
5. Polymethyl Methacrylate Market Size And Growth
…..
27. Polymethyl Methacrylate Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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