ID: MRFR/CnM/8750-CR | 100 Pages | Published By Anshula Mandaokar on May 2022
The CAGR for the acrylic sheets industry is projected to be 5.83% by 2028. The acrylic sheets market value is expected to be USD 6.89 billion in 2028. This is up from USD 3.21 billion in 2020.
$6.89 Billion
5.83%
North America
2021-2028
Market valuation of acrylic sheet was recorded at USD 3,210 million at the end of 2020 and is expected to reach an approximate evaluation of USD 5,279.52 million by the end of the review period. The global Acrylic Sheet Market is positioned to register a CAGR of 5.00%, which projects moderate and consistent growth.
Acrylic sheets encompass a variety of raw materials. These include vinyl acetate or methyl acetate. All acrylic sheets are made out of man-made fibers and materials. All of these are made from a polymer called polyacrylonitrile.Because these materials are not friendly for the environment they are subjected to stringent regulations regarding their manufacture and usage.
The outbreak of Covid-19 has had severe impact on all ecosystems of businesses worldwide including manufacturing, distribution, to end-use market movements. Consumers as well as product formulators were taken aback by the pandemic toll on general business protocols and emergence of businesses across the entire value chain. Manufacturers of key petrochemical products went under severe constraints due to lack of availability of feedstock, thereby resulting in lower production of plastic products.
The demand for detergents grew significantly along with the high growth of product flow for surface cleaning applications. As demand for PVA went down for its typical application markets, the growth in the cleaning sector eventually paved the way for higher consumption of PVA in detergent formulations and household surface cleaning agents.
However, with gradually reviving operations by the majority of the industries worldwide, the demand for cleaning and sanitization products eventually increased and is estimated to remain high over the coming years. Increasing consumption of detergents also led to a hike in demand for PVA in the global market space. Residential cleaning product demand also took a hit during 2020, wherein most of the chemical manufacturing companies expanded into chemical manufacturing such as PVA for cleaning applications.
Packaged food & beverage sector also reflected a spike in terms of acrylic sheet demand due to high demand for packaged, hygienic food materials from e-commerce platforms. This was majorly backed up by increased government regulations with respect to home quarantine and non-mobility protocols worldwide. Lower movement of citizens led to increased demand of food products and other essential commodities at doorstep, which directly led to higher demand for acrylic sheet-based food packaging solutions worldwide during the pandemic.
The global acrylic sheet market is distinguished by emerging demand of the product from a range of application markets. Asia Pacific emerged to be the largest market in the ecosystem due to increased penetration of plastic formulators across key countries of the region including China, Japan, and India. Further, increasing demand of acrylic sheets from established end-use markets in the region such as automakers, construction participants, electronics producers and more is estimated to be established key route for market penetration of acrylic sheets in the region.
Europe and North America were the other key regions reflecting high-level of market penetration and market innovation. The end-use markets are rapidly growing across these regions, however, increasing government involvement is one of the factors restraining acrylic sheet market growth across these regions. Several government agencies as well as environmental agencies are highly observant of the utilization, movement, and disposal of plastics and plastic components in these regions.
Key countries involved in displaying stupendous growth projections in Latin America includes Brazil and Mexico. These countries are emerging hubs to various automakers that are constantly striving to develop innovative products to sustain in the acrylic sheet market, considered as hub for sustainable commercial infrastructure development projects, and more.
Countries across Middle East & Africa are increasing investing in commercial project development, residential infrastructure development, industrial development and more. These construction activities have been pulling in huge demand for acrylic sheets and various other plastic materials.
The competitive landscape offers an analysis of the key developments by the companies operating in the market worldwide. Key companies operating in the global ecosystem are highly innovative in terms of product innovation, product positioning, research & development activities, expansion strategies and more.
Companies such as Aristech Surfaces LLC, LUCITE INTERNATIONAL, Evonik Industries AG, 3A Composites GmbH, Arkema, Elastin International Corp., Asia Poly Industrial Sdn Bhd, Ray Chung Acrylic Enterprise Co., Ltd., Plaskolite, JuMei Acrylic, Gevacril, PT Margacipta Wirasentosa, Shen Chuen Acrylic (Ningbo) Co., Ltd., and Sun Acrylam Private Limited are among the key market competitors based on their market reach and accessibility. The overall market pertaining to acrylic sheets is highly fragmented in nature and thereby encompasses a lot of key companies that are recognized as market leaders, industry innovators, and emerging participants I the marketspace.
The Acrylic Sheet market is segmented by type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Acrylic Sheetsemerging and fast-growing segments, regions, and countries.
Report Attribute/Metric | Details |
---|---|
Market Size | 2020: 3,210.00 million |
CAGR | 5.00% CAGR |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Application, and Region |
Geographies Covered | North America ,Europe, Asia-Pacific, Latin America, Middle East ,Africa |
Key Vendors | Aristech Surfaces LLC, LUCITE INTERNATIONAL, Evonik Industries AG, 3A Composites GmbH, Arkema, Elastin International Corp., Asia Poly Industrial Sdn Bhd, Ray Chung Acrylic Enterprise Co., Ltd., Plaskolite, JuMei Acrylic, Gevacril, PT Margacipta Wirasentosa, Shen Chuen Acrylic (Ningbo) Co., Ltd., and Sun Acrylam Private Limited |
Key Market Opportunities | Environment-friendly acryclic sheets |
Key Market Drivers | High demand for strong, compact and lightweight components in automotive industry Increasing demand for manufacturing of various everyday commercial goods |
The global Acrylic Sheets Market would register a growth of 5.00%.
Yes, Asia-Pacific country would set the trend in the Acrylic Sheet market
Volatility in prices of raw materials, is the key restraining factor for the global Acrylic Sheet market