Polymethyl Methacrylate Market

The global demand for polymethyl methacrylate in primary forms is steadily increasing, with forecasts showing a positive trend in both volume and value. By 2030, market volume is expected to reach 2.6M tons, with a market value of $8.7B. Key players in consumption and production include China, the United States, and Germany. Imports and exports also play a significant role in the market dynamics, with countries like South Korea, Singapore, and Japan being major players in exports.

Market Forecast

Driven by increasing demand for polymethyl methacrylate in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 2.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $8.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polymethyl Methacrylate In Primary Forms

In 2022, the amount of polymethyl methacrylate in primary forms consumed worldwide amounted to 2M tons, stabilizing at 2021 figures. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.5% against 2020 indices. Over the period under review, global consumption hit record highs at 2M tons in 2020; afterwards, it flattened through to 2022.

The global polymethyl methacrylate market size fell to $5.9B in 2022, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.3% against 2020 indices. Over the period under review, the global market attained the peak level at $6B in 2021, and then shrank modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (357K tons), the United States (229K tons) and Germany (182K tons), with a combined 38% share of global consumption. India, Japan, Indonesia, Brazil, France, South Korea, the Philippines, Egypt, Spain and Italy lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +15.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($853M), China ($784M) and Germany ($425M) constituted the countries with the highest levels of market value in 2022, with a combined 35% share of the global market. Brazil, India, Japan, France, Egypt, Indonesia, South Korea, Italy, Spain and the Philippines lagged somewhat behind, together comprising a further 29%.

Egypt, with a CAGR of +12.7%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of polymethyl methacrylate per capita consumption was registered in Germany (2,193 kg per 1000 persons), followed by South Korea (867 kg per 1000 persons), France (719 kg per 1000 persons) and Japan (711 kg per 1000 persons), while the world average per capita consumption of polymethyl methacrylate was estimated at 254 kg per 1000 persons.

In Germany, polymethyl methacrylate per capita consumption increased at an average annual rate of +1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+6.2% per year) and France (+5.2% per year).

Production

World Production of Polymethyl Methacrylate In Primary Forms

In 2022, global polymethyl methacrylate production amounted to 1.8M tons, remaining relatively unchanged against 2021 figures. In general, the total production indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.2% against 2020 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 26% against the previous year. Over the period under review, global production reached the maximum volume at 1.9M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, polymethyl methacrylate production shrank to $5.3B in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 21% against the previous year. Global production peaked at $5.5B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (241K tons), China (187K tons) and Germany (168K tons), together comprising 33% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by China (with a CAGR of +67.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Polymethyl Methacrylate In Primary Forms

After two years of growth, supplies from abroad of polymethyl methacrylate in primary forms decreased by -9.3% to 594K tons in 2022. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 11%. As a result, imports reached the peak of 654K tons, and then reduced in the following year.

In value terms, polymethyl methacrylate imports contracted slightly to $1.7B in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 28%. Global imports peaked at $1.9B in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, China (193K tons) represented the major importer of polymethyl methacrylate in primary forms, making up 32% of total imports. India (31K tons) took the second position in the ranking, followed by Singapore (27K tons). All these countries together took approx. 9.9% share of total imports. Malaysia (26K tons), Mexico (19K tons), Japan (17K tons), Italy (16K tons), Turkey (16K tons), Poland (15K tons), Hong Kong SAR (15K tons), Indonesia (14K tons), the United States (14K tons) and Germany (14K tons) took a minor share of total imports.

Imports into China decreased at an average annual rate of -1.6% from 2012 to 2022. At the same time, Singapore (+34.7%), Japan (+16.2%), India (+8.5%), Turkey (+7.3%), Italy (+6.7%), Malaysia (+4.9%), Indonesia (+4.2%), Mexico (+2.8%), the United States (+2.0%) and Germany (+1.0%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in the world, with a CAGR of +34.7% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-5.3%) illustrated a downward trend over the same period. Singapore (+4.4 p.p.), India (+2.7 p.p.) and Japan (+2.2 p.p.) significantly strengthened its position in terms of the global imports, while Hong Kong SAR and China saw its share reduced by -2.3% and -10.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($412M) constitutes the largest market for imported polymethyl methacrylate in primary forms worldwide, comprising 24% of global imports. The second position in the ranking was held by India ($82M), with a 4.9% share of global imports. It was followed by Mexico, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in China totaled -4.2%. The remaining importing countries recorded the following average annual rates of imports growth: India (+8.9% per year) and Mexico (+4.5% per year).

Import Prices By Country

The average polymethyl methacrylate import price stood at $2,853 per ton in 2022, rising by 5% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 16% against the previous year. Over the period under review, average import prices reached the peak figure at $3,179 per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($4,528 per ton), while Hong Kong SAR ($1,207 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polymethyl Methacrylate In Primary Forms

After three years of growth, overseas shipments of polymethyl methacrylate in primary forms decreased by -11.4% to 423K tons in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 7.6% against the previous year. Over the period under review, the global exports hit record highs at 477K tons in 2021, and then fell in the following year.

In value terms, polymethyl methacrylate exports dropped to $999M in 2022. Overall, exports saw a perceptible curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 23% against the previous year. Over the period under review, the global exports hit record highs at $1.3B in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, South Korea (120K tons) and Singapore (95K tons) represented the major exporters of polymethyl methacrylate in primary formsin the world, together finishing at approx. 51% of total exports. Japan (40K tons) ranks next in terms of the total exports with a 9.4% share, followed by the United States (6.1%), China (5.4%) and Malaysia (5.3%). The following exporters - Thailand (18K tons), Taiwan (Chinese) (15K tons), Belgium (13K tons), Hong Kong SAR (11K tons) and Indonesia (7.9K tons) - together made up 15% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Belgium (with a CAGR of +17.2%), while the other global leaders experienced more modest paces of growth.

In value terms, South Korea ($269M), Singapore ($196M) and Japan ($128M) were the countries with the highest levels of exports in 2022, together accounting for 59% of global exports. The United States, China, Taiwan (Chinese), Belgium, Malaysia, Hong Kong SAR, Thailand and Indonesia lagged somewhat behind, together accounting for a further 32%.

Indonesia, with a CAGR of +13.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average polymethyl methacrylate export price amounted to $2,364 per ton, falling by -1.6% against the previous year. Overall, the export price recorded a perceptible downturn. The growth pace was the most rapid in 2021 an increase of 16% against the previous year. The global export price peaked at $2,981 per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($4,219 per ton), while Thailand ($924 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform