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Global PMMA (Polymethyl Methacrylate) microspheres market size is expected to reach a value of US$305.8 million by the end of the year 2026 after growing at a CAGR of 8.1% during the forecast period from 2021-2026. The increase in demand for PMMA microspheres in the cosmetic industry is one of the major factors driving the global PMMA microspheres market growth. Furthermore, the increasing applications of PMMA microspheres in paint & coatings, 3D printing inks, electronics, and others are also contributing to the growth of the global PMMA microspheres industry. PMMA microsphere, also called acrylic glass, is a transparent thermoplastic glass that is widely used as a cosmetic additive, light diffusion agent, anti-blocking agent, matting agent, ink & rubber additive, and others. PMMA microspheres are synthesized from methyl methacrylate polymer and offer high impact resistance, heat resistance, tensile strength, and flexural strength, due to which it is widely used in various industries such as life science & biomedical, and personal care & cosmetics.
Amid the Covid-19 pandemic, the noticeable impact on the global PMMA microspheres market was experienced. The various regulations on trading activities restricted the market growth of the PMMA microspheres. In the tragedy of COVID-19, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as plastic& rubber are disruptively stopped, which is hampering the global PMMA microspheres industry growth. According to the Malaysian Rubber Council (MRC), the rubber production in Malaysia declined by 8.6% to 185.2 thousand tonnes in Q1 of 2021 from 202.6 thousand tonnes Q1 of 2020. However, the global PMMA microspheres was hugely affected in terms of consumption from the rubber sector which is limiting the market growth.
Global PMMA Microspheres Market Analysis – By Technology
Solvent-based segment held the largest share of the global PMMA microspheres market in 2020. Solvent-based technology acts as a matting agent and anti-blocking agent, thus; it is used in home appliances, wood coating, and leather finishing. Solvent-based transparent thermoplastic microsphere has poor resistance; so, it can be easily hydrolyzed ester groups. Additionally, polymethyl methacrylate offers excellent transmission and high resistance to UV lights; therefore, it is widely used as a shatterproof replacement for glass. This is estimated to grow the demand for solvent-based PMMA microspheres.
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Global PMMA Microspheres Market Analysis – By Coating
Silver-coated segment held the largest share in the global PMMA microspheres market in 2020 and is expected to grow at a CAGR of 7.1% during the forecast period. Silver coating is available in sizes between 5um and 750um. This acrylic glass silver coating is available in dry powder form which is ideal for some deflection during maintaining conductivity and compliance. This transparent thermoplastic polymethyl methacrylate microspheres silver coating can be used as conductive spacers in bond line applications and anisotropic conductive film (ACF) applications. This is majorly driving the demand for the silver coating segment in the global PMMA microspheres market size.
Global PMMA Microspheres Market Analysis – By Application
The dermal fillers segment held the largest share in the global PMMA microspheres market in the year 2020 and is growing at a CAGR of 8.9% during 2020-2026. The increase in the use in the treatment of aging is one of the main factors driving the PMMA microspheres demand in dermal filler application. The dermal filler has low viscosity so it is easy for the clinician to push through the needle and therefore the increase in demand for these fillers in the medical industry is driving the global PMMA microspheres market. For instance, according to the India Brand Equity Foundation (IBEF), the hospital industry in India is expected to reach Rs 8.6 trillion (US$ 132.84 billion) by FY22 from Rs 4 trillion (US$ 61.79 billion) in FY17. Furthermore, dermal filler is used in treatment to fill out pitted scars and to augment thin lips. This is one of the major factors driving the growth of dermal filler in the medical industry which is expected to drive the global PMMA microspheres industry.
Global PMMA Microspheres Market Analysis – By End-Use Industry
Life science & biomedical held the largest share of more than 20% in the global PMMA microspheres market in the year 2020. PMMA is also known as acrylic glass which is transparent thermoplastic microspheres that are used as a dermal filler in bone cement which is creating an opportunity for the PMMA microsphere market. Thus, the growing medical sector is estimated to fuel the demand for dermal filler which is driving the global PMMA microspheres market. According to India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market is estimated at US$41 billion in 2021. The sector is further expected to reach US$65 billion by 2024 and ~US$ 120-130 billion by 2030. Additionally, according to the National Healthcare of United States, healthcare spending increased 4.6 % to reach $3.8 trillion in 2019. Hence, the growing pharmaceutical sector is expected to propel the global PMMA microspheres market growth.
Global PMMA Microspheres Market Analysis – By Geography
Asia Pacific held the largest share of more than 35% in the global PMMA microspheres market size in the year 2020, due to the increasing demand from various end-use industries such as electrical & electronics, personal care & cosmetics, medical and paints & coatings in Asian countries such as India, China, Japan, and Malaysia which are estimated to grow the demand for PMMA microspheres. According to the India Brand Equity Foundation (IBEF), the healthcare market is expected to increase from US$ 110 billion in 2016 to US$ 372 billion in 2022, which is one of the major driving factors for the global PMMA market. Furthermore, the increasing cosmetics market in Asian countries is also boosting the consumption of transparent thermoplastic films. According to Cosmetic Europe, a personal care association, in Japan, the cosmetic industry increased by euro 32.6 billion (US$ 36.49 billion) in 2019 as compared to euro 29.4 billion (US$ 34.7 billion) in 2018. Hence, these are hugely creating an opportunity for market growth in the region.
Global PMMA Microspheres Market Drivers
Increasing R&D activities in Pharmaceutical Industry
PMMA microsphere is an acrylic glass which is a transparent thermoplastic sheet. The increase in the demand for this transparent thermoplastic sheet in the medical industry is driving market growth. Thus, the increasing demand for a medical device in various tests such as clinical and diagnostic analysis equipment, diagnostic reagents and point of care testing is accelerating R&D activities at the global level. According to the European Federation of Pharmaceutical Industries and Association, the R&D expenditure in the pharmaceutical sector in the United States increased by US$ 64.3 billion in 2019 compared to US$ 62.2 billion in 2018 and US$ 57.7 billion in 2017. Therefore, the annual growth rate in pharmaceutical R&D expenditure increased by 7.6% during 2016-2020 in the United States. In Europe, this expenditure increased by euro 37.7 billion (US$ 42.20 billion) in 2019 as compared to euro 36.3 billion (US$ 42.86 billion) in 2018 and euro 35.4 billion (US$ 39.10 billion) in 2017. This will further drive the global PMMA microspheres market.
Increasing Adoption from the Cosmetic Industry
PMMA microspheres are used as cosmetics additives in cosmetics and toiletries. Additionally, PMMA microspheres are injected under the skin to reduce wrinkles or scars permanently and improve light-scattering properties. Thus, growth in the cosmetics industry is expected to augment the demand for the PMMA microspheres market soon. According to Cosmetic Europe, a personal care association, China’s cosmetics market increased by 15.33 % to euro 54.9 billion (US$ 61.45 billion) in 2019 compared to euro 47.6 billion (US$ 56.21) in 2018. Additionally, the cosmetic industry also increased in other Asian countries such as Indian and Japan. According to Cosmetic Europe, a personal care association, the Cosmetic industry in India increased by euro 12 billion (US$ 13.43 billion) in 2019 as compared to euro 10.7 billion (US$ 12.63 billion) in 2018. Furthermore, the US cosmetics industry grew by 3.95% to euro 73.7 billion (US$ 82.50 billion) in 2019 compared to euro 67.2 billion (US$ 79.36 billion) in 2018. Hence, the globally increased cosmetics market is estimated to boost the consumption of PMMA microspheres.
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Global PMMA Microspheres Market Challenges
Polymethyl Methacrylate Poses a Health Risk
PMMA acrylic glass is not degradable due to its high curing temperatures. It is a toxic monomer that can be considered to be an irritant and a possible carcinogen. Additionally, its hazardous decomposition during burning causes mild skin and eye irritation. The rinse-off cosmetic product contains PMMA microplastic ingredient which is used in cosmetic products. ECHA’s (European Chemical Agency) Committees laid down a restriction which came into effect from 31 January 2020. D4 (octamethylcyclotetrasiloxane) and D5 (dodecamethylcyclohexasiloxane) chemical compounds were restricted on use in rinse off cosmetics product, that has a concentration of 0.1% or more by it’s weight. This will further restrict the use of such compounds in cosmetic products. However, the restriction on rinse-off cosmetic production decreases the consumption of PMMA microspheres. This is one of the major challenges faced by the global PMMA microspheres market.
Global PMMA Microspheres Market Industry Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global PMMA microspheres market. Major players in the Global PMMA microspheres market include:
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