Synthetic and bio-based polymethyl methacrylate market: Asia Pacific to witness highest growth rate over 2015-2022
Publisher : Fractovia | Published Date : 2017-03-22Request Sample
Aesthetics and advertisement of a product are the key factors that help acquire large sales in today’s market. Polymethyl methacrylate industry is booming with the advent of consumerism and marketing & advertising campaigns. Shifting preference of companies toward product branding in terms of visual displays and hoardings is likely to upswing the PMMA market share. As per a report by Global Market Insights, Inc., “Synthetic and Bio-based PMMA Industry size is estimated to be valued at USD 14.4 billion by 2022, with an annual growth rate of more than 6.3% over the period of 2015-2022.”
In order to combat volatile raw material prices, PMMA market has placed greater emphasis on developing bio-based alternatives. Raw materials such as ammonia, acetone, and methanol, used in the manufacturing of MMA, generate toxic wastes. Development of bio-based raw materials from renewable organic feedstock will prompt the manufactures to use bio-based or eco-friendly PMMA. Global bio-based PMMA industry is anticipated to register a CAGR of above 16.5% over the period of 2015-2022. Stringent government regulation to curb greenhouse gas emissions will generate heavy demand for bio-based raw materials. Bio PMMA market is also predicted to generate a demand of over 530 kilo tons by 2022.
Germany PMMA market size, by product, 2012-2022 (Kilo Tons)
In terms of application, signs & display segment led the PMMA industry by accounting for 37.3% of total share in 2014. Construction is another prominent application, which is estimated to witness an annual growth rate of more than 6.2% from 2015-2022. Properties of polymethyl methacrylate such as optical clarity, chemical inertness, and strength gives an additional-value to the product in the construction sector.
Extruded sheets to dominate the product landscape
Extruded sheets, beads, pellets, cell cast sheets & blocks are the various types of products in polymethyl methacrylate market. Extruded sheets and pellets are the two major product types of PMMA industry that are witnessing lucrative gains. Extruded sheets accounted for over 56% of the total share in 2014, and generated a revenue over USD 3.4 billion. Use of extruded sheet in manufacturing of LED screens will further stimulate the market share. Pellets accounted for more than 25% of the total demand in 2014, owing to its wide application in healthcare, signs & displays, and fashion & apparel industries.
Asia Pacific to be a major revenue pocket
Asia Pacific polymethyl methacrylate industry, having generated the maximum revenue of over USD 1.35 billion in 2014, is estimated to register highest growth rates over 2015-2022. The presence of a large consumer base and cost effective work force in countries such as India and China will generate flourishing prospects for the market in this region.
Slow-paced retrieval of automobiles and construction industry post-recession in Europe will lead to an average growth rate for the regional PMMA industry over the period of 2015-2022.
The market is highly consolidated with top four companies sharing 60% of the overall demand. Major industry players include Sumitomo Chemicals, Chi Mei Corp., Kuraray, Mitsubishi Rayon, LG MMA, Dow Chemical, Arkema, and Polycasa.
