U.S. polymethyl methacrylate(PMMA) market is expected to reach USD 1.02 billion by 2022, according to a new report by Grand View Research, Inc. Increasing PMMA consumption in automotive and construction industries is expected to drive growth over the forecast period. These industries have reached pre economic crisis levels, which have prompted the domestic demand. Volatile MMA prices coupled with stringent regulations are expected to impact profitability of key manufacturers.
Extruded sheets were the largest product segment and accounted for over 50% of total domestic demand in 2014. Rising application in LED screens, solar panels, visual marketing communication displays and interiors is expected to drive product growth. Pellets are expected to witness the highest growth of 3.6% from 2015 to 2022. Rising demand from intermediate processors who require product variety and color diversity is expected to drive product growth.
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Further key findings from the study suggest:
- U.S. PMMA market demand was 214.6 kilo tons in 2014 and is expected to grow at a CAGR of 3.4% from 2015 to 2022.
- Signs and displays was the leading application segment with demand share estimated at 34.1% in 2014. Increasing PMMA penetration in signage, display cabinets, leaflet dispensers, casings and holders application is expected to drive this segment.
- Automotive is expected to witness the highest gain in its market size over the forecast period. The segment is expected to grow at a CAGR of 3.6% from 2015 to 2022.
- Increasing product consumption in passenger car components such as LED headlights and window glazing is projected to boost automotive applications over the forecast period. Increasing demand for high performance plastics to curb the overall weight of automobiles in order to improve fuel efficiency is also expected to help in market development.
- Other niche applications such as coating, emulsions, solar panels, furniture and medical devices are also anticipated to accelerate U.S. PMMA market growth.
- Industry is highly consolidated with top four companies including Lucite International, Altuglas, Plaskolite and Evonik accounting for over 70% of total market in 2014. Altuglas International emerged as the leading player in the domestic PMMA market. Price wars, differentiated production processes and integrated supply chain are some key attributed in the domestic industry.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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