LOS ANGELES, May 23, 2019 (GLOBE NEWSWIRE) -- The Global Polymethyl Methacrylate Market is estimated to grow at CAGR above 8% over the forecast time frame 2019-2026 and reach the market value around USD 8.4 billion by 2026.
In the coming years, the demand for flat-screens in Asia Pacific Light-Emitting Diode (LED) is projected to increase. The market focused on developing bio-based alternatives to tackle the price challenge of raw materials. The introduction of bio-based raw materials, such as renewable organic feedstock MMA, is currently being developed to eco-friendly PMMA. In turn, this is expected to offer new market entrants lucrative growth opportunities.
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The dominant product segment is expected to remain extruded sheets. Typically these sheets have a higher thight tolerance than cast acrylic sheets of + /-10 percent. Due to its high transparency, the product is also expected to witness growth, making it ideal for signs and advertising displays. The presence of leading resin manufacturers and technology capacities to process these resins for end applications characterize North America and Europe. Asia Pacific is expected to be approximately 9% higher than the CAGR in 2019-2026 as a result of increased renewable energy infrastructure investments as well as business projects in China, India and Japan.
End Use Insights
This product is widely used in indoor signs for advertising and direction because it promotes excellent visible light transmission. Fibers made from this material also use telecommunications signs and displays and endoscopy applications because of their property to retain a reflected light ray inside the surfaces. In the automotive sector, the growing demand for lightweight vehicle parts to achieve fuel efficiency increases the PMMA use. The high weathering and UV resistance of the product, together with optimal acoustic properties, are another popular application for automotive glazing.
For low and passive energy buildings, a wide variety of PMMA materials and vacuum isolation panels are used. In heat isolation applications, casting acrylics and extruded sheets are also becoming popular. The growing level of disposable income and government support are expected to drive the market, especially in China, India and Brazil.
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Key Findings
Increasing demand is projected to boost the demand for advanced infrastructure and the presence of major auto manufacturers of original equipment (OEMs).
Due to increasing demand for commercial panels, display cases and flyer dispensers, the sign and display segment will expand to over 8% of the highest CAGR.
In order to improve procedural efficiency and reduce operating costs, new markets are actively engaged in development of novel production technologies.
A new field on the global synthetic resin market is the PMMA market. This analysis strategically examines driving and limiting factors for this market and focuses on its growth opportunities. The global market is analyzed with a five-strength Porters model, which helps stakeholders to understand buyers and suppliers ' negotiating power, threats to new entrants and competitive rivals. Buyers ' bargaining power would be higher and buyers would be affected by low bargaining power, because the PMMA products are highly difference than conventional materials in many applications.
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Key Players & Strategies
The main companies in this market have developed new processes to achieve a competitive advantage, including Asahi Kasei Corporation, Mitsubishi Rayon Group, Evonik Industrys, LG MMA Corp, Sumitomo Chemical Company Ltd., Dow Chemical Company, Makevale Group, Kuraray Group, Chi Mei Corporation, Polycasa N.V., and Shanghai Jing-Qi Polymer Science Co.
For example, Lucite International developed Alpha technology, which is a completely novel method of manufacturing MMA using raw materials carbon monoxide, methanol and ethylene. This technology improved operating economies substantially and contributed to a reduction in capital investment. Companies are also committed to strategic initiatives to reinforce their position and boost investment in expansion and capacity development of product lines.
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