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The global polymethyl methacrylate (PMMA) market is expected to register a CAGR of about 3% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period.
Increasing Demand in Developing Economies
The emerging economies in Asia-Pacific, South America, and the Middle-East & Africa have been registering considerable growth rates since the past few years. The consistent growth in the economy has improved the financial status of consumers, in turn, improving their purchasing power. This is boosting the growth of PMMA in the emerging economies. In addition, social and cultural factors also influence the demand in the market. The growth in percentage of disposable incomes of Asia’s middle and upper classes is resulting in an increased consumption of durable and non-durable goods, made from polymers and chemicals. The electrical & electronics industry, which is one of the major applications of PMMA, is booming in emerging economies, such as Brazil, India, China, and the ASEAN countries. Engineering plastics play a vital role in the production of electrical devices and microelectronic components. Further, the increase in awareness of the advantages of replacing materials (used in majority of the industrial applications) by PMMA (owing to their light-weight nature and advanced properties), is driving the demand for the same.
Automotive Dominated the Market Growth
PMMA is an environment-friendly and 100% recyclable material, which has a high resistance to UV light and exhibits the greatest surface hardness among all the thermoplastics. Owing to the aforementioned benefits, along with its extremely long service life and high light transmission characteristics, PMMA is used in automotive sector for various applications, including exterior & interior lighting, instrument covers, spoilers, and other ancillaries. The automotive market is one of the fastest growing markets in recent years, particularly in the United States, China, and developing countries. Approximately 95 million vehicles were produced in 2016 . China is the largest producer of motor vehicles, followed by the United States and Japan. The automotive industry is witnessing a gradual rise, globally, with increasing sales and production of different types of motor vehicles. This growth in the automotive industry is expected to positively drive the market for PMMA in the near future.
Asia-Pacific to Dominate the Market
Asia-Pacific is the largest market for PMMA, accounting for more than 50% of the global market. The region also is the largest producer and consumer of PMMA, globally. In China, the consumption of engineering plastics (including PMMA) has increased drastically in the recent past, due the growing population, increasing urbanization, and substitution of many metals by suitable engineering plastics (including PMMA) in variable applications. This increasing demand has made China, the largest consumer of PMMA over the years. The demand for PMMA is increasing from various end-user sectors, including electrical & electronics, automotive & transportation (the fastest growing segment), construction, signs & displays, and others. The abundant availability of raw materials and low cost of production is estimated to boost the demand for PMMA market, during the forecast period.
Major Players: SABIC, Arkema, 3A Composites GmbH, Lucite International, Mitsubishi Chemical Corporation, LOTTE Chemical CORPORATION, and Kolon Industries, Inc. amongst others.
Reasons to Purchase the Report
How the increasing demand in developing economies will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The type and application that are expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Increasing Demand in Developing Economies
The emerging economies in Asia-Pacific, South America, and the Middle-East & Africa have been registering considerable growth rates since the past few years. The consistent growth in the economy has improved the financial status of consumers, in turn, improving their purchasing power. This is boosting the growth of PMMA in the emerging economies. In addition, social and cultural factors also influence the demand in the market. The growth in percentage of disposable incomes of Asia’s middle and upper classes is resulting in an increased consumption of durable and non-durable goods, made from polymers and chemicals. The electrical & electronics industry, which is one of the major applications of PMMA, is booming in emerging economies, such as Brazil, India, China, and the ASEAN countries. Engineering plastics play a vital role in the production of electrical devices and microelectronic components. Further, the increase in awareness of the advantages of replacing materials (used in majority of the industrial applications) by PMMA (owing to their light-weight nature and advanced properties), is driving the demand for the same.
Automotive Dominated the Market Growth
PMMA is an environment-friendly and 100% recyclable material, which has a high resistance to UV light and exhibits the greatest surface hardness among all the thermoplastics. Owing to the aforementioned benefits, along with its extremely long service life and high light transmission characteristics, PMMA is used in automotive sector for various applications, including exterior & interior lighting, instrument covers, spoilers, and other ancillaries. The automotive market is one of the fastest growing markets in recent years, particularly in the United States, China, and developing countries. Approximately 95 million vehicles were produced in 2016 . China is the largest producer of motor vehicles, followed by the United States and Japan. The automotive industry is witnessing a gradual rise, globally, with increasing sales and production of different types of motor vehicles. This growth in the automotive industry is expected to positively drive the market for PMMA in the near future.
Asia-Pacific to Dominate the Market
Asia-Pacific is the largest market for PMMA, accounting for more than 50% of the global market. The region also is the largest producer and consumer of PMMA, globally. In China, the consumption of engineering plastics (including PMMA) has increased drastically in the recent past, due the growing population, increasing urbanization, and substitution of many metals by suitable engineering plastics (including PMMA) in variable applications. This increasing demand has made China, the largest consumer of PMMA over the years. The demand for PMMA is increasing from various end-user sectors, including electrical & electronics, automotive & transportation (the fastest growing segment), construction, signs & displays, and others. The abundant availability of raw materials and low cost of production is estimated to boost the demand for PMMA market, during the forecast period.
Major Players: SABIC, Arkema, 3A Composites GmbH, Lucite International, Mitsubishi Chemical Corporation, LOTTE Chemical CORPORATION, and Kolon Industries, Inc. amongst others.
Reasons to Purchase the Report
How the increasing demand in developing economies will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The type and application that are expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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