Global polymethyl methacrylate (PMMA) market size is likely to be valued at USD 11.65 billion by 2022; as per a new research report by Radiant Insights, Inc. Increasing spending on advertising & marketing for building strong brand equity and product recall is likely to favor demand.
Growing demand for light-weight & low emission vehicles coupled with increased fuel efficiency requirement is anticipated to support growth. Bio PMMA market size was estimated at USD 188.4 million in 2014, with growth estimates of 18% up to 2022. Growing demand for LED flat panel display TVs particularly in Asia Pacific is anticipated to drive PMMA market.
Increasing application scope in healthcare sectors for manufacturing cuvettes, bone cements, dentures and syringes are likely to positively influence demand. Fluctuating prices of raw materials such as acetone, ammonia and methanol are likely to affect PMMA market prices, thereby affecting industry profitability. Extruded sheets were largely consumed products accounting for over 55% of the total volume in 2014.
Increase in LED screens popularity coupled with growth in signs & display segment is likely to drive extruded sheets demand. Cell cast sheet & blocks are likely to be fastest growing product segment with an estimated CAGR of 6.9% from 2015 to 2022.
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Key report insights suggest:
• Global PMMA market size was estimated 1.99 million tons in 2014 and may register 3.24 million tons by 2022 growing with an estimated CAGR of 6.4% from 2015 to 2022.
• Signs & display dominated the application segment and accounted for 37.3% of the total volume in 2014. Electronics applications are likely to be the fastest growing with an estimated CAGR of 7.7% from 2015 to 2022.
• Bio PMMA market is likely to reach 535.95 kilo tons by 2022 with an estimated growth rate of 16.9% up to 2022. Europe dominated the regional bio-based PMMA demand and accounted for over 45% of the total share in 2014.
• Electronics applications dominated bio PMMA market demand and accounted for over 34% of total volume in 2014, followed by automotive sector with over 23%..
• Asia Pacific dominated regional demand and accounted for 68.8% of the total volume 2014. Asia Pacific is also likely to be the fastest growing region owing to presence of larger consumer based and availability of cheap labor rates in countries such China, and India
• North America is likely to witness below average growth rates with an estimated CAGR of 3.6% up to 2022. Recovery of end-use industries such as construction and automotive post recession is likely to drive regional demand.
• The global PMMA market share is consolidated and top four companies account for over 60% of the global share. Major companies include Mitsubishi Rayon, Evonik Industries, Arkema, Sumitomo Chemicals, Dow Chemical Company, LG MMA and Kuraray Co.
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