Cast acrylic sheets market size
is forecast to reach $4.6 billion by 2025, after growing at a CAGR of 6.3% during 2020-2025. The major factor driving the cast acrylic sheets industry during the forecast period includes increasing expenditure on outdoor advertising, growing demand for lightweight material as a replacement for glass and its usage in a wide range of applications such as signage, POP display, large-screen LCDs, interactive screens, display cases, skylights, furniture, aquariums, mirrors, office stationery, shelf panels, partitions, solar panels, and transportation. Increasing concern over environmental issues and the transition to a more sustainable growth model has increased green building constructions which is influencing the cast acrylic sheets market growth.
By Type – Segment Analysis
During the forecast period the cell cast acrylic sheet holds the highest share in 2019, owing to optical clarity, greater surface hardness, higher molecular weight and better machinability. Customized colors and special effects are easily available in cell cast acrylic sheets. It is preferred over continuous cell process type as it provides better surface strength, and manufacturers bear less cost in setting up the plant. These factors have led to the rapid growth of the cell cast process type market during the forecast period.
By Application – Segment Analysis
The signage and display sector holds the highest share in 2019 and is growing at a CAGR of 7.2%, owing to growing preference of out-of-home advertising, large displays, LED signage boards in the retail stores, hotels, and airport lobbies. Because of their long service life and lightweight properties it is also used in the manufacture of sanitary ware such as faucets, bath fittings, and bathtubs. The need for lightweight material in automotive and development of high transportation infrastructures such as bus stands, modernization of railway station and airports have resulted in demand for cast acrylic sheet in the automotive and transportation application as well.
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By Geography – Segment Analysis
Asia Pacific holds the largest share in the cast acrylic sheets market in 2019 up to 30%, owing to increased infrastructural development and disposable income. The adoption of green building technologies in countries such as China, India and Japan is increasing, which is influencing cast acrylic sheets demand as these sheet material provides building and construction professionals advanced signage, light energy transmission properties, easy fabrication and attractive display facilities which is expected to drive the cast acrylic sheets market. Significant growth in the construction industry and increased advertising spending in India, Indonesia, China and other countries is anticipated to propel the cast acrylic sheets market in APAC.
Drivers – Cast Acrylic Sheets Market
- Demand of Lightweight Materials
The growing demand for lightweight materials from the automotive and aviation, industry is driving cast acrylic sheets demand as, these sheets add durability and luminescence to the vehicles. According to OICA, in 2018, the light commercial vehicles production has increased to 20,635,799 units from 19,481,394 units in 2017. The increasing popularity for reducing the weight of vehicles to increase fuel efficiency and reduce the GHG emissions supported by the introduction of electric vehicles are driving the use of cast acrylic sheets in the automotive & transportation industry during the forecast period.
- Enhanced Characteristics As Compared To Other Similar Materials
Cast acrylic sheets are used as a substitute for materials such as glass, ceramic, and wood in the sanitary ware, architecture, and signage & display industry because of its superior characteristics such as high strength, clarity, lightness and glare reduction. Cast acrylic sheets are safer than glass as it does not shatter. Thus, they can be used as an alternative for glass panel which acts as a driver for the forecast period.
Challenges – Cast Acrylic Sheets Market
- High Price of Cast Acrylic Sheets and Availability of Substitutes
Cast acrylic sheets are high quality products and are expensive, the manufacturing process is more time taking and labor extensive. Since substitute materials which are equally effective in nature are also available for less prices the consumer might not prefer cast acrylic sheets. This factor may act as a restraint to the market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the cast acrylic sheets market. In 2019, the market of cast acrylic sheets has been consolidated by the top five players accounting for xx% of the share. Major players in the cast acrylic sheets market are Gevacril Srl, Arkema S.A., BASF SE, Evonik Industries AG, 3A Composites GmbH, Mitsubishi Chemical Corporation, PT Astari Niagara Internasional, Aristech Surfaces LLC, PyraSied Xtreme Acrylic, Spartech LLC, MADREPERLA S.p.a., Ray Chung Acrylic Enterprise Co. Ltd. , Acrilex Inc., PT. Margacipta Wirasentosa, Polyplastics Co. Ltd. and Limacryl N.V.
- In March 2018, Evonik industries AG commenced production of stretched acrylic sheets for the aviation industry from its most forged production polishing plant located at Weiterstadt, Germany.
- In September 2018, PT. Margacipta Wirasentosa launched its new line of MC® LED VIVID AND LED READY CAST ACRYLIC during the “Margarita’s with Margacipta” event at the IAPD Annual Convention in Washington.
- Asia-Pacific dominates the cast acrylic sheets market, owing to the rising demand for lightweight materials in the automotive, aeronautics, construction and consumer good sectors in the region. Increased urbanization and purchases are also the key factors driving the cast acrylic sheet market in APAC.
- Features incorporated with acrylic sheets such as high strength, light weight, clarity, resistance proof, anti-fogging and glare reduction are the key factors that accelerate the growth of acrylic sheet market.
- The easy molding property of acrylic sheets on providing high temperature is also one of the factors driving acrylic sheets market.
- The manufacturing process of cast acrylic products releases highly toxic fumes which are hazardous to health and can create hurdles for the cast acrylic sheets market.
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