Polymethyl Methacrylate Market Worth $5.6 Billion by 2026 : Growing at a CAGR of 5.7%
Northbrook, IL — (SBWIRE) — 09/20/2021 — The report “Polymethyl Methacrylate Market by Form (extruded sheet, cast acrylic sheet, beads and pellets), Application (Sign & Display, Automobile, Construction, Electronics, Lighting & Fixture), Grade, and Region – Global Forecast to 2026” The Polymethyl methacrylate market size is estimated to be USD 4.2 Billion in 2021 and is projected to reach USD 5.6 Billion by 2026, at a CAGR of 5.7%. Factors such as changing work style and adoption of work from home increases the electronics demand across the globe that support the market growth. Moreover, the significant growth of the construction and automobile industry in developing countries are driving the PMMA market.
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PMMA Extruded Sheets accounted for the largest share in 2020
Extruded sheets are estimated to be the largest form of PMMA. This is due to its advantages, which include clarity, good surface quality, range of colors, easy maintenance, surface hardness, lightweight, and easy fabrication.
Sign & display application accounted for the largest share in 2020
Sign & display is estimated to be the largest market for PMMA due to its increasing demand for marketing communications. The range of colors available in PMMA makes it suitable to before used in signs. Similarly, the optical properties of PMMA make it the preferred material for point-of-sale displays. The rising demand for weather-resistant, energy-efficient, and lightweight materials is estimated to fuel the demand for PMMA in sign & display. PMMA is largely used in the manufacture of automotive panels, bumpers, and other molded parts. Furthermore, as PMMA provides clarity and light transmission, it is used in rear and indicator light covers.
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APAC is projected to account for the largest share of the PMMA market during the forecast period
APAC is estimated to be the largest market for PMMA and is projected to reach USD 2,903 Million by 2026. The market in the region is primarily driven by the rising demand for durable plastic products from the construction, automotive, and electronics segment segments. The demand for PMMA in the Middle East is expected to increase. It is propelled by the increasing demand for lightweight, durable, and weather-resistant substitute to glass. The rising demand for durable and advanced products in the signs & displays sign & display, construction, and electronics applications are driving the market for PMMA in the region.
The PMMA market comprises major manufacturers such as Asahi Kasei (Japan), Chi Mei Corp. (Taiwan), Evonik Industries AG (Germany), Mitsubishi Rayon Co., Ltd. (Japan), Saudi Arabia Basic Industries Corporation (Saudi Arabia), and Sumitomo Chemical Co., Ltd. (Japan) are the key players operating in the PMMA s market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the PMMA s market.
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Recent Developments :
– In 2021. Kuraray is planning to expand its production capacity that includes setting up Isoprene plant in Thailand, Water soluble PVA Film plant in US & Poland, Calgon Carbon new plants in US & Belgium.
– In Feb 2020, Evonik successfully completed the acquisition of PeroxyChem for USD 640 million. This purchase allows the access of the organization, to new growth prospects because of the purchase, particularly in the market for environmentally friendly disinfectants.
In Jan 2020, Aramco purchase a 70% interest in SAUDI Basic Industries Corporation (SABIC) from the Public Investment Fund (PIFF), Saudi Arabia’s sovereign wealth fund, for a total purchase price of USD 69.1 billion.
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