PMMA Market Analysis | 2024-2030

Market Insights

The PMMA Market was estimated at USD 4.6 billion in 2023 and is likely to grow at a CAGR of 3.5% during 2024-2030 to reach USD 5.8 billion in 2030.

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Market Dynamics

Introduction

PMMA, or Polymethyl Methacrylate, is a versatile thermoplastic material commonly used in molding compounds due to its properties, including high transparency, UV stability, and ease of processing. With exceptional clarity, it serves as an effective glass substitute and is highly resistant to UV radiation and outdoor elements. PMMA is widely employed in various applications, including signs & displays, construction (facades, windows, skylights, and others), lighting fixtures, and automotive parts.

Market Drivers

• Increased Urbanization and Construction Activities- Rapid urbanization globally is driving the Polymethyl Methacrylate (PMMA) market for applications specifically for windows, skylights, facades, etc. The PMMA material is known for its lightweight, strong, and aesthetic features, making it the material of choice for applications where traditionally, glass is used. PMMA’s optical clarity, impact resistance, and resistance to extreme weather conditions further boost its usage in buildings and other constructions. With the growing urbanization projected by the World Bank Group—where nearly 7 in 10 people will live in urban areas by 2050—demand for energy-efficient building materials like PMMA is poised to rise significantly.
• Use of PMMA in Automotive Components- Fuel efficiency and sustainability are important in the automotive industry, further necessitating materials like PMMA. PMMA is widely used for manufacturing components such as windows, light covers, and interior panels since it can decrease up to 10% in vehicle weight which leads to a 6% to 8% improvement in fuel economy. Lightweight, optically clear and durability of PPMA makes it the material of choice for many automakers as an acceptable substitute for glass that meets vehicle performance, and regulatory requirements.

Market Challenges:

• Raw Material Cost Fluctuations – Fluctuations in the costs of materials like methanol and acetone can impact PMMA production expenses. In Germany, the price of methacrylic acid (MAA) increased by 2% in August 2024 as a result of a 3% increase in acetone prices. Furthermore, in November 2023, major manufacturers such as Roehm and Mitsubishi Chemical Methacrylate announced price increases for methyl methacrylate (MMA), despite falling acetone prices. This is a challenge as complex market dynamics.
• Environmental and Regulatory Challenges – During the production of PMMA, hazardous waste and volatile organic compounds (VOCs) are also produced, which necessitates regulations. The production of 1 kg of PMMA beads releases ~1,700 mg of Chemical Oxygen Demand (COD) into water sources.

Market Opportunities:

• Investment in Chemical Recycling Technologies- Companies are investing in chemical recycling technologies to recover methyl methacrylate (MMA). In Europe, PMMA generates around 30,000 tonnes of waste per year, and about 10% of that production every year is collected for recycling. The P2L project, funded by the European Union, developed a new recycling technology to recycle PMMA back into MMA, allowing a circular economy and decreased impact on the environment. This shows that there is a market opportunity for sustainable PMMA.
• Innovation in Scratch-Resistant Coatings- The innovation of scratch-resistant coatings for transparent plastics such as PMMA via sol-gel technology creates an opportunity for the market because the coatings display excellent adhesion strength and toughness, as well as optical transparency (greater than 89% transmittance). These coatings are innovated by the Advanced Research Centre for Powder Metallurgy & New Materials (ARCI) and offer durability and longevity which makes the coatings well-suited for automotive headlamps, helmet visors, pavement markers, ophthalmic lenses, and aircraft canopies. This innovation can generate new market opportunities through increased demand for high-performance transparent materials in industries where safety is a concern.

Segments Analysis

By End-Use Industry Type

“Construction is expected to remain dominant in the market  with the market share of more than 30% during the forecast period”

• The end-use industry of the PMMA market is segmented into automotive, construction, electrical & electronics [consumer electronics and lighting fixtures], sign & display, and others.
• The construction industry dominated the market as PMMA is lightweight to install and requires relatively little structural support. PMMA withstands harsh weather conditions and is UV resistant, thus, can be used in exterior designs PMMA can be recycled within the construction business, being quite relevant for the current environment-saving trends.
• In construction, it is used in constructing parts such as window panels, skylights, sound barriers, facades, and greenhouses, and for waterproofing purposes, given these developments such as urbanization as well as infrastructure development PMMA finds more uses in construction.
• Moreover, the need for materials with more adaptability, and lower density, and the increasing need for materials that lower construction cost while improving aesthetics is likely to fuel market growth.

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By Grade Type

“General-purpose grade is expected to capture the largest share of more than 50% in the market whereas optical grade is the fastest-growing market during the forecast period”

• The market is segmented into general-purpose PMMA and optical-grade PMMA.
• General-purpose grade is expected to dominate the market due to its wide usage in various applications since it has superior impact, weather resistance, and processing characteristics. This grade has the advantage of high clarity in light transmission that makes the products to have been highly perceived when it comes to transparency such as the display and lighting items.
• General-purpose grades used in corporate furniture, home decor, packaging, etc., have gained strength due to the rising adoption of PMMA in consumer goods.
• Optical grade is expected to have a higher CAGR throughout the forecasted period. This segment has been growing due to the rising need for electronics and healthcare equipment.

By Form Type

“Sheet is expected to remain dominant in the market with the share of more than 50% during the forecast period”.

• The PMMA market in form type is segmented into molding compounds and sheets [extruded sheets and cast sheets].
• Sheets dominated the market in the forecasted period owing to wide usage in the applications signs & displays, construction industry, and electrical & electronics industry.
• Sheet is further segmented into extruded sheets and cast sheets. Extruded sheets hold a major share of the market. Extruded PMMA sheets are generally more affordable to produce than cast sheets, making them an attractive option for a wide range of applications.
• Extruded PMMA sheets offer high-light transmission, making them suitable for applications like skylights, lighting fixtures, and display cases.

Regional Analysis

“Asia-Pacific is expected to remain the largest as well as a fastest-growing market with the market share of more than 70% during the forecast period”

• The Asia-Pacific region is the largest due to mammoth manufacturing facilities in countries such as China, Japan, India, Korea, and Australia. China is the world's largest market for MMA and PMMA. China is the largest producer and consumer of electronic goods, including smartphones, tablets, computers, and appliances, creating a substantial demand for materials like PMMA.
• PMMA is predominant in Australia and Japan primarily in architectural applications where clarity and design are important factors in residential, commercial, and various types of structures.
• Some of the major industries that utilize PMMA in the region are building & construction, automotive, and electrical & electronics. Due to the leading manufacturers involved in the production of EVs having located their production facilities in Asia-Pacific, BYD, Tesla, Nissan, and General Motors which in result have boosted the consumption of PMMA. The automotive sector in China is rapidly growing, with PMMA used for components like headlights, taillights, and interior parts.
• Additionally, the presence of major players in the region, such as Röhm, The Mitsubishi Chemical Group, Sumitomo Chemical Co. Ltd, and Wanhua Chemical, are contributing to the growth of the market.

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Recent Development

Recent Market JVs, Acquisitions and Expansion

More companies entering the recycled PMMA market, which intensifies the competition in the market. This can lead to greater innovation as companies strive to differentiate their products and improve quality. A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In October 2024, Trinseo S.A. collaborated with Japan Steel Works Europe GmbH (Germany) for the recycling of PMMA chemicals.
• In June 2024, Trinseo S.A., launched a depolymerization plant in Italy to recycle the PMMA and build the circular economy system.
• In July 2023, SABIC signed a partnership agreement with Plastic Energy (England), A. Siemer-Disposal GmbH (Germany), and Landbell Deutschland (Germany), to recycle used plastics for further use.
• In December 2022, Sumitomo Chemical constructed a new pilot facility for chemical recycling of acrylic resin (polymethyl methacrylate or PMMA) at its Ehime Works in Niihama City, Ehime Prefecture, Japan.
• In May 2021, Trinseo, a global materials manufacturer, bought Arkema’s PMMA business for €1.137 billion which is nearly equal to $ 1.36 billion. Overall, this acquisition helped expand Trinseo’s product range and establish the company as a key player in international markets.

Recent Product Development

• In March 2024, SABIC launched LNP ELCRES SLX1271SR (Resin) for automotive use, which is scratch-resistant and manufactured from PMMA grade and a blend of PMMA and acrylonitrile styrene acrylate.
• In February 2024, Rohm GmbH produced its product PLEXIGLAS® XT Antimicrobial, an extruded sheet in April this year to fill the need for even more hygienic items.
• In May 2023, Röhm GmbH received the ISCC (International Sustainability and Carbon Certification) PLUS certification for all methyl methacrylate (MMA)- and polymethyl methacrylate (PMMA) products at their largest production site in Worms (Germany).

Key Players

The market is highly fragmented with the presence of several players. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The emergence of players inclined towards recycled PMMA portends a more competitive market and this competition can influence production improvements, but at the same time put pressure on pricing and profitability for players already in the field. Engaging in depolymerization technology can help to improve their competitiveness in the market. The following are the key players in the PMMA Market. Some of the major players are highly integrated in the market.

Here is the list of the Top Players (Based on Dominance)

• Röhm
• The Mitsubishi Chemical Group
• Trinseo S.A.
• Sumitomo Chemical Co., Ltd
• Schweiter Technologies (3A Composites)
• LG Chem Ltd.
• Chi Mei Corporation
• Lotte Chemical Corporation
• Asahi Kasei Corporation
• Kuraray Co., Ltd.
• Suzhou Shuangxiang Optical Materials Co.
• Wanhua Chemical

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s PMMA market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The PMMA market is segmented into the following categories:

By End-Use Industry Type 

• Automotive
• Construction
• Electrical & Electronics 
• Sign & Display
• Others

By Grade Type 

• General Purpose
• Optical Grade

By Form Type 

• Molding Compounds
• Sheets 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]