According to the new market research report “Cast Acrylic Sheet Market by Type (Cell, and Continuous), Application (Sanitary Ware, Signage & Display, Architecture & Interior Design, Transportation, Medical, Food &Catering), and Region (APAC, Europe, NA, ME&A, and SA) – Global Forecast to 2024″, is expected to grow at from USD 3.0 billion in 2019 to USD 4.1 billion by 2024 at a compound annual growth rate (CAGR) of 6.4% during the forecast period.
The major factor driving the cast acrylic sheet industry during the forecast period includes increasing expenditure on outdoor advertising and growing demand for lightweight material as a replacement for glass coupled with its usage in a wide range of applications are the key drivers for the cast acrylic sheet market.
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The cast acrylic sheet market size is expected to grow from USD 3.0 billion in 2019 to USD 4.1 billion by 2024, at a compound annual growth rate (CAGR) of 6.4% during the forecast period. Better chemical and mechanical properties of cast acrylic sheet than glass, and wide application range is driving the industry growth.
Cast acrylic sheet price has been increasing over the past few years due to the shortage of MMA supply, which is a challenge for the manufacturers to compete with its substitutes such as polycarbonate sheet, extruded acrylic sheet, and glass. Increasing demand for lightweight materials and property of high impact resistance as a replacement for glass leading to its usage in a wide range of applications such as signage & display, transportation, sanitaryware, and medical will drive the demand for cast acrylic sheet during the forecast period.
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The cast acrylic sheet market size is expected to grow from USD 3.0 billion in 2019 to USD 4.1 billion by 2024, at a compound annual growth rate (CAGR) of 6.4% during the forecast period. Cast acrylic sheet has a higher impact resistance and optical clarity than glass and is lightweight and customizable to various color and design combinations. Cast acrylic sheet has a wide range of applications, which include signage, POP (Point of Purchase) displays, large-screen LCDs, interactive screens, display cases, skylights, furniture, aquariums, mirrors, office stationery, shelf panels, partitions, solar panels, and sanitaryware.
The cast acrylic sheet market is highly fragmented with a large number of global and regional manufacturers. Some of the prominent players in the market are Mitsubishi Chemical Corporation (Japan), Altuglas International (France), Asia Poly (Malaysia), 3A Composites (Switzerland), and Aristech Acrylics (US). These companies have adopted the strategies of merger & acquisition, expansion, and new product development to fortify their market position. Merger & acquisition is the most dominant strategy adopted by the major players from 2016 to 2018, which helped them to consolidate and expand their presence in new markets.
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One of the major players in the market, Mitsubishi Chemical Corporation offers cast acrylic sheets under advanced molding & composites business segment as high-performance engineering plastics, under the brand SHINKOLITE. The company has consolidated itself by merging three companies. In 2018, it has also undertaken a joint venture with SABIC for the production of raw material, thus strengthened its position through backward integration made them less dependent on raw material suppliers.
Another major player is 3A Composites, formerly known as Alcan Composites. It is an independent division of Schweiter Technologies (Switzerland). The company has a diversified array of products portfolio that includes aluminum composites, acrylic glass (PMMA), PET, PVC, polycarbonate, paper, and lightweight foam boards. The company has various products to offer under the acrylic sheets category, namely, Perspex, Crylux, Crylon, and Akrylon. The company has production sites in Germany, Switzerland, and Ireland. In 2018, the company bought out Perspex from Lucite international and a range of continuous cast acrylic sheet from Polycasa. These acquisitions have helped the company to strengthen its position internationally and in Europe. It has also helped the company to expand its product portfolio and offer both cell as well as continuous cast acrylic sheet in the market.
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