Polymethyl Methacrylate Market to Reach Valuation of USD 7.36 Billion by 2028 – Growth in the Adoption of Cloud and Big Data Drives the Market

In terms of revenue, the Global Polymethyl Methacrylate Market is expected to reach USD 7.36 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.1% from 2023 to 2030.

PMMA is widely used in LCD fibre, and the development of the LCD market is also driving the PMMA market. In addition, more and more advanced applications of PMMA are emerging in electronics and automotive needs. PMMA manufacturers also spend enormous amounts on research and development and focus on efficiency plans. In the coming years, the main growth driver of the Polymethyl Methacrylate market will be the growing demand for LED flat panel displays and the growing number of products that use them instead of glass. Polymethyl Methacrylate is mostly used in the automotive industry because it is lightweight and weather resistant. In automotive applications, it is used in body panels and accessories. It is used in the taillights of the PMMA market and is expected to recover from the impact of COVID-19, with increasing EV penetration expected to drive demand.

Key Highlights from the Report

· Among Type, the Extruded Sheet market segment accounted for the maximum CAGR during the forecast period because it is cost-effective and has advantages like optical clarity and weather resistance.

· By End-Use, the Automotive market segment accounted for the maximum CAGR during the forecast period because of increased EV penetration and a growing preference for lightweight vehicles.

· In terms of Region, North America held the major market share in 2021 and is likely to be the most gainful market in the future. The demand for the global PMMA market in the North America increased due to demand for PMMA from various end-use industries of the region.

Market Dynamics

Polymethyl Methacrylate is a synthetic polymer produced by polymerizing methyl methacrylate. It is a clear, rigid plastic commonly used in shatterproof windows, skylights, illuminated signs, and aero plane canopies. In addition, PMMA LCD fiber optics also deliver brighter light than traditional guide plates. Therefore, PMMA is widely used in LCD fiber, and the development of the LCD market is also driving the PMMA market. In addition, more and more advanced applications of PMMA are emerging in electronics and automotive needs. PMMA manufacturers also spend enormous amounts on research and development and focus on efficiency plans. In the coming years, the main growth driver of the Polymethyl Methacrylate market will be the growing demand for LED flat panel displays and the growing number of products that use them instead of glass.

Polymethyl Methacrylate is mostly used in the automotive industry because it is lightweight and weather resistant. In automotive applications, it is used in body panels and accessories. It is used in the taillights of the PMMA market and is expected to recover from the impact of COVID-19, with increasing EV penetration expected to drive demand.

However, the deficiency of raw material to produce PMMA is the major restraint that may impede the growth of the global Polymethyl Methacrylate Market. Due to the scarcity of raw materials, manufacturers cannot produce bulk goods. Nevertheless, investment of a large amount in R&D by the PMMA manufacturers is anticipated to remove the issue of scarcity of raw materials.

North America Polymethyl Methacrylate market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Rohm GmbH (Germany), ChiMei Corporation (Taiwan), and Mitsubishi Chemical Holdings Corporation (Japan), are anticipated to accelerate market growth in the area. Additionally, the North America location is witnessing several investments, often from international automakers like BMW, Hyundai Motors, and Honda. These companies want to enter the automotive business in Asia and the Pacific, mainly to make more cars and meet the growing demand for more advanced vehicles. China dominates the PMMA market in Asia Pacific regarding value and volume. After North America, North America and Europe showed significant growth in the PMMA market.

The Global Polymethyl Methacrylate Market is Segmented as follows

• Form
  • Extruded Sheet
  • Cast Acrylic Sheet
  • Pellets
  • Beads
  • Other Forms
• Grade
  • General Purpose Grade
  • Optical Grade
• End-Use Industry
  • Signs & Displays
  • Construction
  • Automotive
  • Lighting Fixtures
  • Electronics
  • Marine
  • Healthcare
  • Agriculture
  • Consumer Goods
  • Other End-Use Industries
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Polymethyl Methacrylate Market is

HCS Group GmbH (Germany), Dymatic Chemicals Inc. (China), Chevron Phillips Chemical Company LLC (U.S.), SK Geo Centric Co. Ltd. (Korea), LG Chem (U.S.), Maruzen Petrochemical (Japan), Mitsubishi Chemical Corp. (Japan), CHIME (U.S.), Asahi Kasei Corp. (Japan), SABIC (Saudi Arabia)

The Global Polymethyl Methacrylate Market Scope can be Tabulated as below