Favorable environmental regulations by agencies such as EPA and REACH regarding production of bio-based materials is expected to drive the market.
San Francisco, California (PRWEB) January 26, 2015
Increasing concerns about the degradability of conventional polymers have been driving focus on the development of their renewable and sustainable alternatives. This trend will drive the global bio-based PMMA market over the forecast period. Environmental regulations from agencies like EPA and REACH, pertaining to the production of bio based materials, will further augment the Bio PMMA market during the forecast period. On account of rising petrochemical prices coupled with uncertainty about crude oil reserves, companies operating in the PMMA market are shifting their focus towards the development of bio-based products to cut 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 to reduce carbon footprint will drive bio-based PMMA demand in the respective applications as a substitute for conventional PMMA. Electrical & Electronics applications will be the fastest growing application segment of 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 of bio-based PMMA in medical applications will further drive the market growth. Growing demand for bio-adhesive PMMA in drug delivery systems will further drive its demand in medical applications over the forecast period. Asia-Pacific and Latin America will 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 producing 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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