Market Scope
MRFR (Market Research Future) expects the acrylic sheets market to record a growth rate of more than 5% between 2023 and 2028. It is also likely that the global market will reach close to USD 5,279.52 Million by 2028.
Market Boosters and Restraints
Significant strength, clarity, light weight, anti-fogging, glare reduction and resistance proof are a few essential benefits offered by acrylic sheets and are expected to be the top factors for the strong market demand. Acrylic sheet’s easily moldable characteristic helps it reach any shape also drives its use across a number of industries. Rise in industrialization as well as urbanization, particularly in emerging regions like Asia Pacific will foster market growth.
Acrylic sheets also find use in interior and furniture and in the automotive sector along with hospitals since they impart high gloss and hard surface and are easy to clean and maintain at lower price. These factors are deemed to benefit the global industry in subsequent years.
Companies active in the Acrylic Sheets Market spend considerably on bolstering their product lines and also foster their distribution networks. They frequently adopt competitive strategies like product innovation, mergers and acquisitions, expansions, and joint ventures to meet with the growing demand for excellence among end-users.
Segmental Analysis
Type and application are the major segments as per which the global market has been studied in the MRFR report.
The types of acrylic sheets available in the worldwide market are cast and extruded. Cast acrylic sheets are impact-resistant, durable, and lightweight. These are easily fabricated into any shape, are available in varying sizes, colors, finishes, thicknesses, and are compatible with display cases, windows and more. The key segments depending on cast acrylic sheets include continuous cast acrylic sheets and cell cast acrylic sheets.
Top applications are furniture & design, electricals & electronics, sanitaryware, visual communication & retail, automotive & transport, building & architecture, among others. Building & architecture applications are the most extensive with acrylic sheets mostly used in skylights, windows, doors, partitions, balcony guards and patio roofing, among others. Rising industrialization as well as growth in home renovation activities worldwide push the use of acrylic sheets in construction. Meanwhile, the automotive & transport application is expected to be the fastest advancing segment in the future, where acrylic sheets are primarily utilized in rear outer lenses, mirror housings, autonomous driving sensor lenses, badging, commercial aircraft interior window panels, motorcycle windshields, vehicle registration plates, glider & helicopter glazing, and others.
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Regional Outlook
The acrylic sheets industry has been regionally considered for Europe, Latin America, North America, MEA or Middle East & Africa as well as Asia Pacific (APAC).
North America is the market leader and is the leading consumer for acrylic sheets and is likely to experience sustained growth throughout the review timeframe. Large-scale investments in the upgradation of the existing infrastructure as well as new ones benefit the regional market. The thriving construction and building sector in the region, especially in the United States, is expected to present significant opportunities in the coming years.
Asia Pacific can expect to procure the fastest growth in the following years, thanks to the rise in consumer spending and the expanding working population. Evolving lifestyles and the surge in industrialization have catapulted China and India to the top in the region while the growth of the architecture & interior design, sanitary ware and automotive & transportation industries also foster market expansion in these countries. Increasing FDIs in construction and automotive sectors in developing countries like Malaysia, Japan and South Korea should be favorable for the APAC market during the given period.
The MEA market stands to profit from the mounting purchasing capacity of people in the UAE, Qatar, and Saudi Arabia. These countries have emerged as prominent markets for sanitary ware products, which bolsters the need for Acrylic Sheets Market Challenge Analysis while the expanding construction industry also adds to the growth.
Opportunities
Cast acrylic sheet usage are cost-effective alternative for polycarbonate sheets, which are used in display and signage applications. They are also known for their lightweight nature, and are therefore, the ideal substitutes for glass. Cast acrylic sheets escalating use in points-of-purchase to enhance brand awareness, sales, and product credibility, should present lucrative opportunities to the global market over the ensuing years.
Major Firms
Sun Acrylam Private Limited (India), Evonik Industries AG (Germany), 3A Composites GmbH (Switzerland), Arkema (France), Lucite International (US), Ray Chung Acrylic Enterprise Co., Ltd. (Taiwan), Plaskolite (US), JuMei Acrylic (China), Asia Poly Industrial Sdn Bhd (Malaysia), Gevacril (Italy), PT Margacipta Wirasentosa (Indonesia), Elastin International Corp., (Taiwan), Shen Chuen Acrylic (Ningbo) Co., Ltd. (China), Aristech Surfaces LLC (US), Shanghai acrylic(cast) chemical corporation (China), are some of the top contenders in the acrylic sheets market.
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