The Polymethyl Methacrylate has great thermal resistance, robustness, superior abrasion resistance whereas low smoke emission owing to which it is used across numerous industries such as automotive, construction, electronics, sign and displays, and several more.
According to the report analysis, ‘Global Polymethyl Methacrylate Market to reach USD 11.8 billion by 2027’ states that speedy digitalization led to the innovation of dissimilar forms of displays, lighting, and signs which improve the growth of the market. As per McKinsey during 2018, 25 % of digitization has been witnessed across the world.
As per Statista is April 2020, the worldwide online penetration rate is 59% of the world populace motivating digital advertisements and improving the growth of the market. Manufacturers’ usage of Polymethyl Methacrylate is unconventional to glass in shatterproof windows and aircraft canopies as it is 40% agiler than glass with better inelasticity, transparency, and toughness. Owing to the low emission of smoke, there is a speedy increase in requirement for sustainable polymers backed up by Government regulations causing the occurrence of the market. In the automotive industry, the requirement for lightweight particles in vehicles to accomplish better fuel efficiency advances customer attraction.
Owing to Covid-19 Pandemic, manufacturing industries practice sudden changes in supply and demand which limit market growth around several industry verticals. However, with deterioration in the covid-19 situation, growth in Polymethyl Methacrylate will be witnessed. Polymethyl Methacrylate is highly utilized in LED flat screens such as tablets, smartphones, television, and music players the requirement for which has been growing lately. This is a foremost factor to propel the market growth as traditional LCD or other televisions are frequently replaced by led flat screens. As per Statista, during 2020, the growth of LED technology is invented to be 61% greater than the last 6 years. The usage of LED has also been proclaimed for interior lighting in the vehicles and innovation market. However, the shortage of raw materials for the introduction of Polymethyl Methacrylate is the major limiting factor that impedes the growth of the market over the review period of 2020-2027.
Whereas, Global Polymethyl Methacrylate Market is valued approximately at USD 6.2 billion in 2019 and is anticipated to grow with a growth rate of more than 8.40 % over the forecast period 2020-2027. Moreover, the major market player encompassed in this report are Evonik Industries AG (Germany), Mitsubishi Rayon America, Inc. (US), Sumitomo Chemical Co. Ltd. (Japan), The Dow Chemical Company (US), Chi Mei Corporation (Taiwan), Kuraray Co., Ltd. (Japan), Asahi Kasei Corporation (Japan)., LG MMA Corp. (China), Makevale Group Ltd (US), Shanghai Jing Qi Polymer Science Co. Ltd. (China) and Polycasa N.V. (Belgium)
Although, the regional analysis of the international Polymethyl Methacrylate market is considered for the effective regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific is the leading/significant economy across the world owing to high investments for the introduction of electronics and electrical devices in the region. Whereas, the Asia-Pacific is also predicted to exhibit the highest growth rate / CAGR over the calculated period of 2020-2027. Influences such as augment in income levels, effective augment in the number of market players would produce lucrative growth prospects for the Polymethyl Methacrylate market around the Asia-Pacific region.
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Ankur Gupta, Head Marketing & Communications