The PMMA market size is estimated to be USD 4.2 Billion in 2021 and is projected to reach USD 5.6 Billion by 2026, at a CAGR of 5.7%. Polymethyl Methacrylate (PMMA) is a transparent thermoplastic and impact-resistant substitute for glass. It is highly durable and offers the advantage of chemical and impact resistance. It is lightweight, rigid, and has color versatility. PMMA is used in various applications such as automotive, electronics, construction, signs & displays, sanitary ware, and lighting fixtures. It is available in two grades—optical grade and general-purpose grade. Optical grade PMMA is used to make Light Guide Panels (LGPs), as it provides high brightness and high purity grade, making the screen brighter and cleaner. General-purpose is the most common grade that finds applications in automotive, buildings & construction, signage and display, household, lighting fixtures, and furniture, among others.
PMMA is a versatile, recyclable, sustainable, and durable material, owing to which it is gaining traction across several industrial applications. Due to its superior properties and the changing government policies such as European Green Deals, the global market for PMMA is expected to grow.
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The demand for PMMA is mainly catered to by global players manufacturing these coatings for various end-use industries. Some of the leading companies involved in the manufacturing of PMMA are Asahi Kasei (Japan), Chi Mei Corp. (Taiwan), Evonik Industries AG (Germany), Mitsubishi Rayon Co., Ltd. (Japan), Saudi Arabia Basic Industries Corporation (Saudi Arabia), and Sumitomo Chemical Co., Ltd. (Japan) These companies, along with other regional companies, cater to the demand for PMMA globally.
Owing to the COVID-19 pandemic, there has been a mixed impact on the PMMA market on the globe. Various industries such as textile and building construction, have witnessed a significant slump.
Most European and North American countries, especially Italy, Spain, the UK, France, the US, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of manufacturing operations in several industrial sectors has resulted in a slump in overall specialty PMMA market. Moreover, owing to the COVID-19 pandemic, the demand from the manufacturing sector had slumped sharply in the H-1 2020. This impact was further intensified by increasing the supply-demand gap in the supply chain and led to a sharp spike in raw material prices. However, during the pandemic period, the growing demand from the oil and gas supports to offset the marginal decline in demand caused due to the slowdown in the manufacturing sector across the globe.
SABIC funded USD 15.6 million in various significant CSR projects that have improved the brand and put ideas into action. It has implemented seven worldwide projects, totaling 185 programs in 103 locations across 22 countries. These projects enlisted the help of 2,531 SABIC volunteers who contributed 10,874 volunteer hours to benefit nearly 340,000 people throughout the world. Thus, the company focuses on merger and acquisition and CSR for its strategic appreciation. It has a wide range of chemical goods and a global presence in 40 countries. The company has a strong production capacity and sales & distribution network. More than 1600 employees are involved in various research, with 20 centers around the world. It has total 996 patent portfolio for different sustainable solutions.
L.G. Chem has a production capacity of PMMA is 1000 Tons/day, that makes one of the leading players in the market. It is currently emphasizing on expansion in high-growth business fields through short-term, medium-term, and long-term growth strategies. The company is also focusing on developing strategies to expand global businesses and creating new business lines and acquisitions to add to the total revenue. Along with this, the company is also aiming to develop core technologies and invest on Research & development that will address the demand in the high-growth markets.
Other companies have initiated the following developments:
- In 2021. Kuraray is planning to expand its production capacity that includes setting up Isoprene plant in Thailand, Water soluble PVA Film plant in US & Poland, Calgon Carbon new plants in US & Belgium.
- In Feb 2020, Evonik successfully completed the acquisition of PeroxyChem for USD 640 million. This purchase allows the access of the organization, to new growth prospects because of the purchase, particularly in the market for environmentally friendly disinfectants.
- In Jan 2020, Aramco purchase a 70% interest in SAUDI Basic Industries Corporation (SABIC) from the Public Investment Fund (PIFF), Saudi Arabia’s sovereign wealth fund, for a total purchase price of USD 69.1 billion.
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