Global Polymethyl Methacrylate Market is valued approximately at USD 6.2 billion in 2019 and is anticipated to grow with a growth rate of more than 8.40 % over the forecast period 2020-2027.
Polymethyl Methacrylate has high thermal resistance, durability, excellence abrasion resistance whereas low smoke emission due to which it is utilized across several industries such as automotive, construction, electronics, sign and displays and many more. Rapid digitalization led to the innovation of different types of displays, lighting and signs which enhances the growth of the market. As per McKinsey in 2018, 25 % digitization has been overserved across the globe.
As per Statista is April 2020, global online penetration rate is 59% of the world population motivating digital advertisements and enhancing the growth of the market. Manufacturers use Polymethyl Methacrylate as an alternative to glass in shatterproof windows and aircraft canopies as it is 40% lighter than glass with better rigidity, transparency and toughness. Due to low emission of smoke, there is a rapid increase in demand for sustainable polymers backed up by Government regulations causing emergence of the market. In automotive industry, demand for lightweight particles in vehicles to attain better fuel efficiency gains customer attraction.
Due to Covid-19 Pandemic, manufacturing industries experience sudden change in supply and demand which hamper market growth across various industry verticals. However, with decline in covid-19 situation a growth in Polymethyl Methacrylate will be observed. Polymethyl Methacrylate is highly used in LED flat screen such as tablets, smartphones, television and music player the demand for which has been increasing lately. This is a major factor to drive the market growth as traditional LCD or other televisions are usually replaced by led flat screens. As per Statista, in 2020, growth of LED technology is supposed to be 61% higher since last 6 years. Use of LED has also been announced for interior lighting in the vehicles and innovation market. However, the deficiency of raw materials for the production of Polymethyl Methacrylate is the major restraining factor which impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Polymethyl Methacrylate market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world due to high investments for production of electronics and electrical devices in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increase in the income levels, rise in the number of market players would create lucrative growth prospects for the Polymethyl Methacrylate market across Asia-Pacific region.
Major market player included in this report are:
Evonik Industries AG (Germany)
Mitsubishi Rayon America, Inc. (US)
Sumitomo Chemical Co. Ltd. (Japan)
The Dow Chemical Company (US)
Chi Mei Corporation (Taiwan)
Kuraray Co., Ltd. (Japan)
Asahi Kasei Corporation (Japan)
LG MMA Corp. (China)
Makevale Group Ltd (US)
Shanghai Jing Qi Polymer Science Co. Ltd. (China)
Polycasa N.V. (Belgium)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Signs & Displays
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Polymethyl Methacrylate Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers