A recent study by Hexa Research reveals that the global polymethyl methacrylate (PMMA) market will experience growth at a CAGR of more than 6% from 2013 to 2020. Emerging economies of China and India are giving rise to industries like electronics, signs and displays and automotive, all of which are consumers of polymethyl methacrylate.
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Moreover, ongoing research in the area of bio-based PMMA and newer application areas of optical grade PMMA such as coatings and emulsions, medical and healthcare, solar power, etc. will propel market growth in future. Other upcoming applications of PMMA are expected to be in industries like sanitary ware, apparel, furniture, etc.
Based on product type, Hexa Research divides the total PMMA industry into extruded sheets, pellets, beads and cell cast sheet & blocks. Extruded sheets dominated the global market with more than 54% volumes in 2012. The market for beads will grow fastest with a CAGR of more than 6.9% from 2013 to 2020, mainly due to high demand from coatings and emulsions industry. The largest application segment for global PMMA market in 2012 was signs and display. It contributed to more than 35% of the total market volumes. However, electronics industry will prove to be the fastest growing application area in future with a CAGR of more than 7.6%. This will be mainly due to rising demand for LED flat panels and TV screens.
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Asia Pacific, with more than 65% of the total demand, was the regional market leader in 2012. It is also foreseen to be the fastest growing region with expected CAGR of 7.3% from 2013 to 2020. Strong electronic base in Taiwan, China, South Korea, etc. coupled with relaxed regulations and low-cost resources like labor, technology, etc. make Asia Pacific a lucrative market for PMMA. While Europe will experience moderate growth, Middle East, Africa and Latin America will exhibit above-average growth of PMMA.
Hexa Research identifies Chi Mei Corporation, Mitsubishi Rayon, Evonik SA, and Altuglas International to be the four leading manufacturers of PMMA. These players were responsible for more than 70% of the total global PMMA production in 2012.
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