(PR Web Via Acquire Media NewsEdge) Albany, New York (PRWEB) June 21, 2014
Global Polymethyl Methacrylate market (PMMA) was valued at USD 5.74 billion in 2012 and is expected to reach USD 10.53 billion by 2019, growing at a CAGR of 7.9% over the forecast period from 2013 to 2019.
Growth of major end use industries such as electronics especially LED flat screens, signs and displays and automotive mainly in the emerging economies of Asia Pacific is expected to boost the market for PMMA over the next six years. However, the volatility in raw material prices is expected to hinder market growth over the forecast period. In order to reduce reliance on petroleum derived products, major manufacturers such as Mitsubishi Rayon Company, Evonik Industries AG and Arkema SA have been shifting their focus towards developing bio-based PMMA.
PMMA extruded sheets and pellets together accounted for more than 70% of the total global market in 2012. These PMMA formsTransparency Market Research find wide applications in several industries including electronics, signs and display, construction and automobiles among others. Owing to its new found use in coatings and emulsions market PMMA beads (powder) form is expected to be the fastest growing market at an estimated CAGR of 8.8% from 2013 to 2019.Cell cast sheet and blocks is another PMMA form widely used for construction activities owing to its impact strength and weather resistance.
Signs and displays industry emerged as the largest consumer of PMMA with 37% of the global market in 2012. The electronics industry especially flat display screens is expected to be the fastest growing market for PMMA at an estimated CAGR of 8.8% over the forecast period, owing to growing disposable income of the population in developing countries.of such as China, India, Brazil, South Africa, among others In addition, broadening application of PMMA in other segments such as furniture and interiors, sanitary ware, fashion and apparel among others, is expected to boost PMMA consumption over the next six years.
Asia Pacific dominated the PMMA market with more than 50% of the global market in 2012. Along with being the largest market, Asia Pacific is also expected to be the fastest growing market at an estimated CAGR of 9.3% for PMMA from 2013 to 2019. Europe is expected to witness moderate growth rate in the near future owing to euro-zone crisis, while Middle East and Africa (MEA) and Central and South America (CASA) are expected to show above average growth for the PMMA market.
The PMMA market is concentrated with top four players holding more than 70% share. Some of the key manufacturers of PMMA include Mitsubishi Rayon Company, Evonik Industries AG., Arkema SA (Altuglas International),Chi Mei Corporation, Sumitomo Chemical Company and Dow Chemical Company among others.