Increasing concerns regarding degradability of conventional polymers have been driving focus on development of their renewable and sustainable alternatives. This trend is expected to drive the global bio-based PMMA market over the forecast period. Favorable environmental regulations by agencies such as EPA and REACH regarding production of bio-based materials is expected to further augment the market growth over the next six years. On account of rising petrochemical prices coupled with uncertainty regarding crude oil reserves, companies operating in the PMMA market are shifting their focus towards development of bio-based products in order to reduce production costs and increase profitability.
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Conventional PMMA is widely used in construction, automotive, signs & displays and electrical & electronics applications. Growing importance for sustainable products in order to reduce carbon footprint is expected to drive bio-based PMMA demand in the respective applications as a substitute for conventional PMMA. Electrical & electronics is expected to be the fastest growing application segment for the market owing to growing demand for PMMA in LED screens. Bio-based PMMA is considered to be a potential substitute in medical devices owing to its biocompatibility compared to other bio-based polymers such as PVC and PC. Increasing acceptance for bio-based PMMA in medical applications is expected to further drive the market growth. Growing demand for bio-adhesive PMMA in drug delivery systems is expected to further drive its demand in medical applications over the forecast period. Asia Pacific and Latin America are expected to witness significant growth owing to growing demand for electronics on account of increasing income levels in emerging markets such as Brazil, China, India and Mexico.
Companies such as Arkema have been involved in the production of bio-based medical grade PMMA since 2012. Some of the major companies involved in the global bio-based PMMA market include Evonik, Arkema, Mistubishi Rayon and Lucite International.
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