Press release
Polymethyl Methacrylate Market Size to Reach $9.32 Billion by 2029 | Growth at 8.8% CAGR Forecast
Polymethyl Methacrylate Market Size
What is the Projected Market Size of the Polymethyl Methacrylate Industry?
The market scope for polymethyl methacrylate has been significantly expanding over the recent past. The market, which stood at $6.15 billion in 2024, is projected to rise to $6.66 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.2%. This growth trajectory seen in the historical period is driven by factors including escalation in the construction and architectural sectors, rising demand for transparent and lightweight materials, enlargement of automotive and transportation uses, progress in developing uv-resistant and weatherable resins, and regulatory standards pertaining to material safety.
What Will Be the Size of the Polymethyl Methacrylate Market by 2029?
With strong growth anticipated in the future, the polymethyl methacrylate market is projected to increase to a worth of $9.32 billion in 2029, displaying a compound annual growth rate (CAGR) of 8.8%. Factors contributing to this expected growth during the forecast period include the demand for sustainable and eco-friendly acrylic resin formulations, the creation of tailor-made acrylic solutions for specific applications, rising use in the electric vehicle and ev battery sector, expansion in LED and optical devices, and more extensive usage in medical implants and prosthetics. Projected trends for this period encompass bio-based and biodegradable acrylic resins, adherence to regulations concerning acrylic material safety, nanocomposite and high-impact acrylic materials, intelligent and self-cleaning acrylic surfaces, and partnerships between acrylic and material science.
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What Are the Key Drivers Accelerating Growth in the Polymethyl Methacrylate Market?
The rise in demand for polymethyl methacrylate (PMMA) is largely influenced by its utilization in the electronic and automotive sectors, leading to the expansion of the PMMA market. PMMA can be formulated through the polymerization of methyl methacrylate monomer, offering qualities such as resistance to scratches and transparency which allow it to substitute glass in specific industrial applications. The material, being lightweight with a density half that of glass, is significantly used in the crafting of car windows, motorcycle windshields, and interior and exterior panels. Electronic devices like LCD/LED TVs, laptops, and smartphones, also employ PMMA in their displays. Its attributes are fueling its adoption in the automotive and electronics sectors. As per a report from the UK's professional services network Deloitte Touche Tohmatsu Limited released in February 2022, smartphones, computers, and TV sets are anticipated to observe growth rates of 3-4% in 2022. Nonetheless, with expected reductions in smartphone average selling prices by over 15%, there might be a dip in the overall dollar value. Thus, the escalating demand from the electronics and automotive sectors is fostering the growth of the PMMA market.
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How Is the Polymethyl Methacrylate Market Segmented by Type, Application, and Region?
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
Subsegments:
1) By Extruded Sheet: Standard Extruded Sheets, Textured Extruded Sheets, Colored Extruded Sheets
2) By Cast Acrylic Sheet: Standard Cast Acrylic Sheets, Optical Quality Cast Acrylic Sheets, Colored Cast Acrylic Sheets
3) By Pellets: General Purpose PMMA Pellets, Specialty PMMA Pellets
4) By Beads: PMMA Beads for Decorative Applications, PMMA Microbeads For Cosmetic Applications
What Are the Key Trends Driving Growth in the Polymethyl Methacrylate Market?
Key players in the polymethyl methacrylate market are prioritizing the production of inventive products like phosphate methacrylate, which can increase durability and boost fire resistance in different uses. Phosphate methacrylate, a compound formed by merging phosphate groups and methacrylate, is frequently used in dental and industrial applications. It notably improves adhesion and robustness in dental adhesives and cements. For example, in January 2024, Evonik Industries, a chemical corporation based in Germany, introduced VISIOMER® HEMA-P 100 to heighten adhesion and augment the quality of adhesives and coatings. It offers a superior phosphate methacrylate monomer that grants transparent fire resistance, boosts adhesion for polar substrates, and enhances anti-corrosion properties. Its non-migratory characteristics provide enduring effects, thereby making it fitting for various adhesive and coating applications.
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Who Are the Leading Companies Driving Growth in the Polymethyl Methacrylate Market?
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.
Which Is the Leading Region in the Global Polymethyl Methacrylate Market?
Asia-Pacific was the largest region in the polymethyl methacrylate market in 2024 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.
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