Polymethyl Methacrylate Market To Generate Revenue worth $8,946.1 Million by 2030

The global polymethyl methacrylate market is projected to generate USD 8,946.1 million revenue by 2030, advancing at a CAGR of 5.5% during 2024–2030. This can be ascribed to the rising usage of PMMA in industries such as signs & displays, construction, automotive, and electronics, increasing demand for lightweight materials across verticals, growing construction activities, especially in developing nations; high R&D spending by industry giants, and favorable government policies.

Automotive Category Will Witness Highest Growth Rate

Based on application, the market is categorized into signs & displays, construction, automotive, electronics, marine, healthcare, agriculture, consumer goods, and others. Among these, the automotive category will register the fastest growth during the forecast period, with a CAGR of 6.0%. This is due to the growing automotive industry with the rising number of on-road vehicles, surging demand for low-cost and lightweight automobiles, and high R&D spending by automotive giants to procure new materials for their models. Additionally, EVs are gaining popularity, which further creates a strong need for lightweight materials during their manufacturing, to attain an optimized performance.

Furthermore, the construction category contributed significant revenue in 2023. This is due to the growing spending by governments on construction activities, increasing industrialization rate, along with the high rate of urbanization, especially in emerging economies; and the rising standard of living.

The optical grade made a significant revenue contribution in 2023. This can be ascribed to its heavy usage in the automotive sector for rear lights, windshields, and visors and in the healthcare industry for the manufacturing of lenses and eyeglasses.

Based on type, the market is categorized into extruded sheets, pellets, beads, and others. Among these, the extruded sheets category contributed the highest revenue to the market in 2023, and it is further expected to maintain its dominance during the forecast period. This is due to the extensive usage of such sheets in the automotive sector to manufacture windshields, visors, and other interior and exterior components. This is because these materials have several advantages, such as weather resistance, ease of fabrication, optical clarity, and cost-efficiency.

Geographically, APAC held the major revenue share in 2023, and it is further expected to maintain its dominance during the prediction period. This can be ascribed to the growing urbanization rate in emerging economies, along with the rising disposable income, increasing popularity of EVs, rapid infrastructure development, and high investment by industry giants to expand their production capacities.

Moreover, North America will register significant growth in the coming years. This can be ascribed to the high-volume utilization of PMMA sheets, beads, and pallets in the construction, signs & displays, and healthcare sectors. In this regard, the rising need for lightweight medical equipment and devices will help in the market growth.

Major players operating in the PMMA market are Röhm GmbH, Trinseo PLC, The Dow Chemical Company, Sumitomo Chemical Co. Ltd., Mitsubishi Chemical Group Corporation, Toray Industries Inc., Asahi Kasei Corporation, Lotte Chemical Corporation, LG Chem Ltd., and SABIC.