Polymethyl Methacrylate (PMMA) Market

Polymethyl Methacrylate (PMMA) Market

The global polymethyl methacrylate (PMMA) market is valued at USD 5.1 billion in 2024 and is projected to reach USD 6.1 billion by 2029, growing at 3.4% cagr from 2024 to 2029. Methyl methacrylate (MMA) is the raw material used to make PMMA. It is experiencing increasing demand due to its expanded use in automobiles, electronics, and construction. However, when materials costs rise, and environmental concerns grow, PMMA production costs may also rise. This can be an issue for the market because the prices of raw materials, i.e., MMA, are rising due to supply chain disruptions. Conversely, emerging technology and increasing demand in developing nations present favorable prospects for the PMMA sector. There are insufficient raw resources available to meet demand.

Attractive Opportunities in the PMMA Market

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PMMA Market Dynamics

Driver: Growing automotive industry

Growing investments and an increase in production in the automotive industry are expected to aid the growth of the PMMA market. Many companies are actively developing automobile-specific PMMA to cater to a wide array of vehicle applications.

According to the International Organization of Motor Vehicle Manufacturers (OICA), there has been a consistent upward trend in motor vehicle sales, with an 11.9% surge in sales from 2022 to 2023. PMMA is utilized in the manufacturing of taillights, windshields, windscreens, side windows, instrument panels, headlamps and rear lights, lenses of exterior lights, meter panels, sun visors, car sculptures, tail lamp covers, speedometer covers, and signal lamps. This surge in the automotive industry is thereby boosting the growth of the PMMA market.

Restraint: Availability of low-cost substitutes

Various substitutes of PMMA, which are less costly compared to PMMA are available in the market. polycarbonates (PC), polyvinyl chloride polymers, and structured multiwall sheets are some of the substitutes. Polycarbonates are used in automotive and electronic applications, and multiwall sheets are extended polycarbonates, for interior or exterior applications as a replacement for glass. These materials are being utilized instead of PMMA, hindering the growth of the product.

Opportunity: Increasing applications in the healthcare & medical sector

Thanks to its optical clarity, ease of sterilization, moldability, and chemical resistance, PMMA is becoming increasingly popular in the healthcare & medical sector in addition to being used for a variety of other purposes. It is used to produce dental materials, lenses, and surgical equipment. Due to its biocompatibility, it can withstand temperature fluctuations and chemical reactions. It is widely utilized in denture construction, implant filling, and bone grafting. PMMA has also greatly impacted ophthalmology, especially in producing intraocular lenses and hard contacts. As a result, PMMA is expected to find extensive use in the healthcare & medical sector.

Challenge: Raw material shortage

The PMMA industry is facing notable obstacles with the acquisition of raw materials necessary for its manufacturing. The main causes of this are supply chain interruptions and geopolitical unrest, which have raised the market price of PMMA procurement and delayed delivery. This has also led to a rise in PMMA's overall costs. The raw material price increase is primarily due to the unavailability, especially in the Europe and American region. The companies from this region usually acquire raw materials from the countries located in Asia Pacific region. And due to the supply chain disruptions, there has been a delay in shipments, leading to a higher cost of material.

Polymethyl Methacrylate (PMMA) Market ECOSYSTEM

The ecosystem of PMMA market involves companies from purchase of raw materials to end-use industries.  The raw material i.e. methyl methacrylate is acquired from raw material suppliers, which is then processed to make PMMA. This PMMA is formed in sheets, beads, pellets, or other forms, and is further sold to a vast end-use sectors, like construction, electronics, automotives, lighting, healthcare, etc.

General purpose grade PMMA to have the largest market share during the forecast period.

General grade PMMA is estimated to account for the most significant market share throughout the forecast period. The general purpose grade of PMMA comes in both extrusion and injection molding grades and finds use in various applications, including food containers, vehicle taillights, and soundproofing walls. The general purpose grade of PMMA is a flexible option for multiple applications since it has outstanding impact resistance, weather resistance, and ease of processing.

Extruded sheet is for the largest form segment in the PMMA market.

Extruded sheets hold the largest market share among different forms of PMMA, according to estimates. Its benefits include clarity, a high-quality surface, ease of maintenance, surface hardness, lightweight design, and ease of production. This form of PMMA is also reasonably priced. Extruded PMMA sheets offer versatility for design and aesthetic needs because they are available in various colors and finishes. Because of this, they can also be used in decorative applications. Due to its high optical clarity, and easy moldability, it can be utilized to make complex shapes. Many companies are choosing this type of PMMA, as it helps them save on costs. The extruded sheet is known to have high impact resistance, which can be used in applications requiring strength and durability.

Construction segment accounted for the largest share during the forecast period.

Due to the growth in the construction sector, the construction segment is predicted to have the largest market share. In construction, PMMA is used to construct various parts, like window panels, skylights, sound barriers, facades, greenhouses, and waterproofing. The high-impact resistance of PMMA makes it the most suitable for construction applications. It also provides UV resistance making it suitable for exterior applications as well. For example, PMMA is used to make greenhouse structures. Because of PMMA, the plants receive the right amount of light from the external environment and are also protected from the UV rays of the sun. Similarly, it is utilized to make huge aquariums, as it has high impact resistance and optical properties, making it suitable for this use.

Asia Pacific dominated the market in 2023.

 The Asia Pacific region is expected to have the largest PMMA market. This results from the growing demand from the automotive and construction industries. Construction activity is rising in this region's growing economies, such as Thailand, Vietnam, and India. In addition, numerous countries in this region produce well-known automobiles and other vehicles. Besides the production of normal cars, the region is rising in producing electric vehicles (EVs). According to the International Energy Agency, China accounted for 38% of EV sales compared to Europe and the US in 2023. In India, Faster Adoption and Manufacturing of Electric Vehicles (FAME II), which includes incentives to buy EVs, was launched. Such programs are, again, helping to increase the growth of the automotive industry.

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Polymethyl Methacrylate (PMMA) Market Players

The PMMA market comprises key manufacturers such as Trinseo S.A. (US), SABIC (Saudi Arabia), Rohm GmbH (Germany), Asahi Kasei Corporation (Japan), Mitsubishi Chemical Group Corporation (Japan), LX MMA (South Korea), and CHIMEI Corporation (Taiwan), Kuraray Co., Ltd. (Japan), Sumitomo Chemicals Co Ltd (Japan), Chimei Corporation (Taiwan), Lotte Chemical Corporation (South Korea), Plaskolite LLC (US), Gujarat State Fertilizers and Chemicals Limited (GFSC) (india), Toray Industries, Inc (India), RTP Company (Japan). Expansions, collaborations, and acquisitions were some of the major strategies adopted by these key players to enhance their positions in the PMMA market. A primary focus was given to expansions.

Polymethyl Methacrylate (PMMA) Market Report Scope

This research report categorizes the PMMA market based on Grade, Form, End-use industry, and Region

PMMA market, By Form

• Extruded sheet
• Cast acrylic sheet
• Pellets
• Beads
• Others

PMMA market, By Grade

• General purpose grade
• Optical grade

PMMA market, By End-use Industry

• Signs & displays
  • Signage
  • Display boards
  • Point of sale boards
• Construction
  • By End-use
    • Residential
    • Multi-Family
    • Commercial
    • Industrial
  • By Type
    • Barriers
  • Shatterproof Glass
  • Noise Barriers
    • Flooring
  • PMMA Resin Flooring
  • High-end Decorative Flooring
    • Paints & Coatings
• Automotive
  • Automotive Part and Accessories
    • Body Parts
    • Lamp Covers
    • Interior & Exterior Trim
  • Vehicle Type
    • Passenger Cars
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles
    • Quad/ ATV & Side by Side
    • Snowmobiles
    • Recreational Vehicles
  •  Fuel Type
    • ICE Vehicles (Petrol, Diesel, Other)
• Electronics
  • Mobile phones, tablets and LCD screens
  • Others
• Lighting fixtures
  • Light Guide Panels
  • Solar Equipment
• Consumer Goods
  • Exercise Equipment
  • Homeware
  • Others
• Healthcare
  • Healthcare Devices
  • Furniture
  • Wall Cladding
  • Sanitaryware
  • Others
• Agriculture
  • Glazing/ Windows
  • Agriculture Machinery & Vehicles
• Marine
  • By Accessories and Parts
    • Interior Surfacing
    • Consoles
    • Glazing and Windows
    • Sinks
    • Shower Pans
    • Counter Tops
    • Wall Cladding
    • Outboard Engine Covers
    • Portable Tables
    • Others
  • By Type
    • Personal Watercraft
    • Commercial
    • Sports Watercraft
• Others

PMMA market, By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Recent Developments

• Trinseo S.A., in June 2024, opened a depolymerization plant in Italy, to recycle PMMA and develop a circular economy.
• SABIC introduced LNP ELCRES SLX1271SR (Resin) in March 2024 for automotive applications. It is scratch-resistant, made from PMMA grade and a blend of PMMA and acrylonitrile styrene acrylate.
• In February 2024, Rohm GmbH signed a sales agreement with ALBIS Distribution GmbH & Co. KG (Germany), to expand its product distribution in Türkiye and North Africa.
• In July 2023, SABIC collaborated with Plastic Energy (England), A. Siemer-Disposal GmbH (Germany), and Landbell Deutschland (Germany), to recycle used plastics for further use.
• In October 2022, Trinseo S.A. partnered with Japan Steel Works Europe GmbH (Germany) to work toward recycling of PMMA chemicals.
• In April 2021, Rohm GmbH launched its product PLEXIGLAS XT Antimicrobial, an extruded sheet, to meet the demand for extra-hygienic products.

Frequently Asked Questions (FAQ):

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