Global PMMA Market 2017-2021
PMMA is a synthetic resin produced by the polymerization of methyl methacrylate. It is a clear acrylic material that is replacing glass products. PMMA is a linear thermoplastic polymer that possesses high mechanical strength and is scratch resistant.
Technavio’s analysts forecast the global PMMA market to grow at a CAGR of 4.94% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global PMMA market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of PMMA.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global PMMA Market 2017-2021
Technavio recognizes the following companies as the key players in the global PMMA market: Arkema, Chi Mei Corporation, Evonik Industries, KURARAY, and Sumitomo Chemical
Other Prominent Vendors in the market are: Asahi Kasei, GEHR Plastics, and Saudi Methacrylates Company (SAMAC)
Commenting on the report, an analyst from Technavio’s team said: “The rising demand for renewable and sustainable polymers is a key trend in the global PMMA market. Environmental regulation clearance from REACH and EPA is expected to augment the growth of the market, coupled with the growing importance of reducing carbon footprint. The exhaustion of fossil fuel reserves and the volatile petrochemical prices are expected to increase the demand for bio-based PMMA. The development of bio-based PMMA is expected to increase the profitability. Bio-based PMMA is expected to be extensively used in manufacturing medical components owing to its bio-compatibility in comparison with polycarbonate (PC) and Polyvinyl chloride (PVC). The demand for bio-adhesive PMMA in devices-drug delivery systems in human is likely to augment the demand for bio-based PMMA in medical applications. Bio-based PMMA is replacing glass in lightweight engineering plastics owing to its resistance and shatter proof properties. Vendors, therefore, are now shifting focus toward the production of bio-based PMMA, which will drive the global PMMA market.”
According to the report, PMMA covers can be installed for LEDs in TVs instead of fluorescent tubes, as the diodes emit less heat. PMMA molding compounds stay stable, irrespective of the vicinity of the light source, thus enabling LEDs to manage heat more easily. Furthermore, the durability and light transmittance capability of PMMA makes it suitable for use in small to large LED flat screens. The use of PMMA reduces the thickness of the TV and makes it look more attractive. The key benefit of PMMA in LED screens is that the consumption of power can be reduced significantly per TV. These LED TVs are among the top selling products in the visual entertainment segment owing to the advanced technology that makes them lighter and slimmer in comparison with conventional TV models. The increasing awareness about green construction, the growing large screen and display backlighting markets, and the decreasing cost of LEDs will augment the LED market during the forecast period.
Further, the report states that volatility of raw material prices is a major challenge being faced by vendors in the global PMMA market. Petrochemicals are the primary raw materials used in the production of PMMA; its price, therefore, depends significantly on the price of crude oil. With increased volatility in the prices of crude oil in the international market, PMMA manufacturers are finding it difficult to maintain profitability. As a result of the volatile political situation in Iraq, the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC), manufacturers have a tough road ahead of them during the forecast period.
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Arkema, Chi Mei Corporation, Evonik Industries, KURARAY, Sumitomo Chemical, Asahi Kasei, GEHR Plastics, and Saudi Methacrylates Company (SAMAC)
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