H1 2023: The major producers of Polymethyl Methacrylate (PMMA) in H1 2023 were Evonik, Sumitomo Chemical, and Chi Mei Corporation. In H1 2023, the Asia Pacific region consumed the largest percentage of the global PMMA market. During the first half of 2023, PMMA prices in China fluctuated. PMMA prices rose till February and fell in March 2023 due to weak demand from the downstream automotive and construction industries. There was robust availability of inventories at ports and good logistics, which resulted in high material availability in the Chinese market. However, due to improved demand dynamics, PMMA prices dramatically climbed in May 2023 in China. On the other hand, in Europe, PMMA prices shot up in the first three months of 2023. Due to good buying sentiments in the region, PMMA prices surged dramatically in the European market after the New Year holidays. Operating rates were consistent with healthy consumption from downstream sectors. Another factor was that the feedstock MMA costs rose, resulting in high PMMA prices in the European market. However, the market sentiments turned pessimistic beginning in April 2023. Prices for polymethyl methacrylate (PMMA) continuously declined in the Italian market from April 2023, owing to low feedstock prices and ample inventory. Inquiries from the downstream construction sector were hazy. However, demand from other industries, such as the automotive sector was slightly higher but didn’t lead to any noticeable increase in PMMA prices in European countries like Italy and Germany.
The global polymethyl methacrylate (PMMA) market is reporting a healthy rise due to the continuous expansion in the construction sector and the surge in the need for lighter and more fuel-efficient vehicles. The PMMA market is expected to continue registering growth at a CAGR of 3.89% during the period from 2023 and 2032. The growth trajectory of this sector faced adversity due to the COVID-19 pandemic. The global lockdown, border closures, and temporary halting of manufacturing operations caused by the pandemic disrupted supply chains on a global scale.
PMMA films offer buildings both protection against harmful ultraviolet rays and an enduring, visually appealing façade. Notably, escalating investments in the aerospace and defense sectors have notably influenced recent PMMA production trends. This versatile material finds application in crafting submarine periscopes, aircraft windscreens, canopies, and non-shattering shields and windows. Furthermore, ongoing research and technological advancements have fostered its integration across diverse sectors, including automotive, construction, furniture, healthcare, and electronics. With the automotive industry's expanding output, a positive trajectory is anticipated for the PMMA market during the forecast period.
Market Drivers
Increasing Demand in Automotive Industry
The growing automotive industry is a significant driver for the global polymethyl methacrylate (PMMA) market. PMMA is utilized in various automotive applications, such as windows, light covers, and interior trim, due to its lightweight, impact-resistant, and aesthetically appealing properties. As automotive manufacturers strive to improve vehicle aesthetics, fuel efficiency, and safety, the demand for PMMA as a substitute for traditional materials continues to rise.
Expanding Applications in Electronics and Healthcare Sectors
The electronics and healthcare sectors are increasingly adopting PMMA due to its optical clarity, durability, and biocompatibility. PMMA is used in displays, touchscreens, lenses, and medical devices. With the proliferation of electronic devices and the growing focus on advanced healthcare solutions, the demand for PMMA is projected to increase, driving market growth.
These drivers highlight the versatile nature of PMMA and its ability to cater to diverse industries, contributing to its global market expansion.
Market Restraints
Raw Material Price Volatility
The PMMA market is susceptible to fluctuations in the prices of its raw materials, such as methyl methacrylate monomer (MMA). Supply chain disruptions, changes in feedstock availability, or geopolitical factors can impact the cost of raw materials, leading to uncertainty in production costs and potential price instability for PMMA products.
Environmental Concerns and Sustainability
The production of PMMA involves the use of petrochemical feedstocks, which raises environmental concerns related to carbon emissions and non-renewable resource consumption. As global awareness of environmental issues grows, regulatory pressures and consumer preferences for eco-friendly alternatives could pose challenges to the PMMA market's growth, encouraging the industry to adopt more sustainable practices and materials.
Trends & Opportunities
Sustainable and Recyclable Solutions
One notable trend in the global PMMA market is the increasing emphasis on sustainable and recyclable solutions. As environmental awareness rises, industries are seeking materials with reduced carbon footprints and improved end-of-life disposal options. Manufacturers are exploring ways to develop PMMA products that are more environmentally friendly, either through the use of bio-based raw materials, improved recycling processes, or circular economy approaches. This trend aligns with the broader global movement towards sustainable practices and offers the PMMA market a pathway to meet evolving consumer and regulatory demands.
Emerging Applications in Healthcare and Medical Devices
An important opportunity for the global PMMA market lies in the expanding applications within the healthcare and medical device sectors. PMMA's optical clarity, biocompatibility, and ease of sterilization make it suitable for various medical applications such as lenses, surgical instruments, diagnostic equipment, and dental materials. As technological advancements continue to shape the healthcare industry, PMMA's properties position it favorably to meet the stringent requirements of medical applications, creating a promising avenue for market growth and diversification.
End-Use Analysis
In terms of end-use, the global polymethyl methacrylate (PMMA) market is segmented into construction, automotive, electronics, and others. The construction segment is leading the global market at present and is expected to continue on this trajectory over the next few years. PMMA is widely used in construction for windows, skylights, roofs, and architectural elements. Its transparency, UV resistance, and weatherability make it an ideal choice for enhancing natural lighting and design aesthetics in buildings. The increase is ins construction and refurbishing activities are likely to aid this segment in the near future.
The second-dominant end-use segment of this market is the automotive industry. PMMA is employed in automotive applications, such as windows, light covers, instrument panels, and interior trim. Its lightweight nature, optical clarity, and impact resistance contribute to enhanced aesthetics and safety in vehicles. As the automotive industry seeks lightweight and fuel-efficient solutions, the demand for PMMA in car design is on the rise.
Regional Analysis
The polymethyl methacrylate market reports its presence across North America, Europe, Asia Pacific, South America, and the Middle East and Africa. In 2022, APAC dominated the global PMMA market, capturing over 52% of the total demand volume. The substantial population within the region is bolstering the expansion of sectors, such as real estate, automotive, and electronics, particularly in Asian nations, such as India, China, and South Korea. As indicated by the World Bank Group, India had an urbanized population of 35% in 2021, while China's urban population reached 63%, displaying a persistent upward trend. This ongoing urbanization is fostering the development of both residential and commercial spaces, consequently driving the growth of the PMMA market in the APAC region.
North America is also reporting a significant rise in the global PMMA market. widespread use of polymethyl methacrylate in various forms across sectors like real estate, construction, healthcare, and design. The growing electronics industry, healthcare equipment demand, and increased automobile production further drive PMMA demand in the region. For instance, U.S. vehicle production rose by 4% in 2021 to 9.1 million units, as reported by the International Organization of Motor Vehicle Manufacturers (OICA).
Competitive Landscape
Evonik, Chi Mei Corporation, Sumitomo Chemical, LX MMA, Lotte MCC, Mitsubishi Rayon Co., Ltd., Wanhua Chemical, Suzhou Double Elephant Optical Materials, and Kuraray Co., Ltd. are some of the key players in the global PMMA market.
Years considered for this report:
Historical Period: 2015-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
The objective of the Study:
• To assess the demand-supply scenario of polymethyl methacrylate which covers the production, demand, and supply of the polymethyl methacrylate market.
• To analyze and forecast the size of the polymethyl methacrylate market.
• To classify and forecast the polymethyl methacrylate market based on end-use and regional distribution.
• To examine competitive developments, such as expansions, mergers & acquisitions, and partnerships, of the polymethyl methacrylate market.
To extract data for the polymethyl methacrylate market, primary research surveys were conducted with polymethyl methacrylate manufacturers, suppliers, distributors, wholesalers, and traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the polymethyl methacrylate market over the coming years.
ChemAnalyst calculated the demand for polymethyl methacrylate in the world by analyzing the historical data and demand forecast which was carried out considering the demand for polymethyl methacrylate by the end-user industries across the world. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, such as company websites, association reports, annual reports, were also studied by ChemAnalyst.
Key Target Audience:
• Polymethyl methacrylate manufacturers and other stakeholders
• Organizations, forums, and alliances related to polymethyl methacrylate distribution
• Government bodies, such as regulating authorities and policymakers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as polymethyl methacrylate manufacturers, customers, and policymakers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, the polymethyl methacrylate market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
|
Attribute
|
Details
|
|
Market Size Volume in 2022
|
2055 Thousand Tons
|
|
Market Size Volume by 2032
|
2990 Thousand Tons
|
|
Growth Rate
|
CAGR of 3.89% from 2023 to 2032
|
|
Base Year for Estimation
|
2023
|
|
Historical Data
|
2015 - 2022
|
|
Forecast Period
|
2024 - 2032
|
|
Quantitative Units
|
Demand in Thousand Tons and CAGR from 2023 to 2032
|
|
Report Coverage
|
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End-Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, and Policy and Regulatory Landscape
|
|
Segments Covered
|
By End-Use: (Construction, Automotive, Electronics, and Others)
By Sales Channel: Direct Sales and Indirect Sales
|
|
Regional Scope
|
North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
|
|
Pricing and Purchase Options
|
|
Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what you are looking for, feel free to connect with our custom research team at sales@chemanalyst.com.
