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Bio-based PMMA Market Size
Bio-based PMMA Market size valued at USD 130 million in 2022 and is estimated to exhibit over 15% CAGR from 2023 to 2032. The attributes, such as being lightweight, flexibility, and the ability to refract light, are the major factors driving business expansion.
Bio-based PMMA is a lightweight engineered plastic designed to reduce the carbon footprint of high-performance resins. It serves as a green alternative to non-renewable resins. It also provides excellent optics, improved melt processability, and increased toughness & impact resistance as compared to traditional standard acrylic grades. Bio-based PMMA is widely employed in end-use industries such as medical, automobile, electronics, and construction.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 130 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 560 Million |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 465 |
| Segments covered: | Product, Type, Application, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
The increased use of bio-based PMMA in the making of automotive components is accelerating bio-based PMMA market growth. Bio-based PMMA is a strong, lightweight, and clear plastic used as an alternative to glass due to its energy efficiency and weather resistance. It is mostly used in lenses of exterior lights for vehicles. It is extensively dominant in the automotive industry owing to its ease of processability and enhanced all-weather performance. As the manufacturers are focused on producing sustainable products, they are opting for bio-based PMMA for automotive components.
Bio-based PMMA Market Analysis
Bio-based PMMA market from general PMMA segment generated USD 50 million in 2022 and is set to register gains at around 15.5% during 2023 to 2032. This type of bio-based PMMA finds applications in laptop light guide panels, monitor light guide panels, and LED TVs. On account of its features of high transparency, luminance, and improved quality, several laptop and TV manufacturers are adopting general PMMA around the globe.
The bio-based PMMA market in the form of extruded sheet is projected to grow at a more than 15.7% CAGR between 2023 and 2032. Extruded sheets offer advantages such as better thickness tolerance, reduced cost, less dirt, and lesser lint or particulate contamination in the sheet. Bio-based PMMA in the form of extruded sheets are used in sanitary ware applications. They are also being increasingly adopted in homeware applications including digital displays such as computer screens or mobile phones. Extruded sheets are versatile, can be modified to tinted colors, and acquire properties such as scratch resistance, antifogging, solar reflectivity, and reduced glare & UV transmissions. These features will promote segment expansion.
The bio-based polymethyl methacrylate market from the signs & display segment is anticipated to observe 15.2% CAGR up to 2032. Bio-based PMMA is used in signs & displays as it is clear and can be easily printed on. It can withstand harsh weather conditions and is durable. Optical grade bio-based PMMA exhibits enhanced transparency and clarity, making it suitable for usage in display windows, display cabinets, and illuminated signages. Thus, the rising demand for signs & displays from various end-use industries is amplifying the market revenue.
Europe bio-based PMMA market is poised to surpass USD 275 million by 2032. Construction activities are expected to increase in various nations including Germany and the UK, further supporting industry share. The adoption of bio-based PMMA in electronics and the growing electronics industry in the region, as a result of increased income and growing population, are amplifying market growth. Government attempts to reduce carbon emissions in the automotive industry are accelerating product adoption in the market. The rising need for automotive is also favoring the demand for bio-based polymethyl methacrylate in Europe.
Bio-based PMMA Market Share
The major manufacturers of bio-based PMMA market include
- Evonik Industries
- Arkema SA
- Mitsubishi Chemical
- Altuglas International Sas
- Kuraray Group
- Asahi Kasei Corp.
- Sumitomo Chemical Co., Ltd
- Sabic
- Makevale Group
- RTP Company
These companies are concentrating on several strategic innovations to strengthen their position in the market. Production capacity expansion, regional expansion, and acquisitions are among the major industry developments.
The bio-based polymethyl methacrylate market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Feet and revenue in USD Million from 2018 to 2032 for the following segments:
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By Type
- General PMMA
- Heat-resistant PMMA
- Impact-resistant PMMA
By Product
- Extruded Sheet
- Pellets
- Beads
- Others
By Application
- Automotives
- Electronics
- Consumer goods
- Signs and Display
- Construction
- Healthcare
- Others
The above information is provided on a regional and country basis for the following:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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