The Global Polymethyl Methacrylate (PMMA) market is projected to register a CAGR of more than 6% during the forecast period.
The coronavirus pandemic has impacted the Polymethyl Methacrylate (PMMA) market. Due to nationwide lockdowns, strict social distancing measures there was a huge demand for protective equipment and sanitizers across the world due to rising health awareness which caused a huge surge in demand for polymethyl methacrylate (PMMA) transparent sheets, used across the globe as protective barriers to prevent the spread of the virus. However, due to the sudden decrease in demand in the automotive and transport sector, the demand for PMMA also decreased thus creating a negative impact on the market.
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– Over the medium term, the major factors driving the polymethyl methacrylate market’s growth include increasing demand for LED flat screens and growing usage as a substitute for glass in various products.
– However, on the flip side, the high production cost is expected to restrain the growth of the market studied.
– The automotive and transportation industry accounted for the largest market, and is expected to witness significant growth during the forecast period. This is primarily due to rising awareness regarding hygiene and increasing demand for cosmetic products.
– The market shift toward PMMA, mainly as a substitute for polycarbonate, is likely to provide various growth opportunities during the forecast period.
– The Asia-Pacific region is expected to dominate the market, globally. This is primarily due to the increasing demand from the end-user industries, such as automotive, electrical and electronics, and construction.
Polymethyl Methacrylate (PMMA) Market
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Chromatography Resins Market
Europe Syngas Market
Thermoplastic Elastomer (TPE) Market
United States Engineering Plastics Market
China Construction Chemicals Market
Key Market Trends
Automotive and Transportation Industry is Projected to Dominate the Market
– PMMA is an environment-friendly, 100% recyclable material. It is highly resistant to UV light and exhibits the greatest surface hardness, as compared to other thermoplastics.
– Furthermore, PMMA holds an extremely long service life, along with high light transmission property. Hence, due to the aforementioned characteristics, PMMA is gaining immense popularity in the automotive industry.
– In vehicles, PMMA sheets are used in windows of cars, interior and exterior panels, motorcycle windshields, instrument covers, spoilers, fenders, and other ancillaries.
– It facilitates the benefit of design customization for car manufacturers, owing to its exceptional formability, pleasant acoustic properties, and excellent surface hardness.