ID: MRFR/CnM/8750-HCR | February 2021 | Region: Global | 185 pages
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.
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.
COVID-19 confounded health officials and governments around the world when it first showed up in early last year. It was a fairly dangerous virus that made a few people very ill and even resulted in a few deaths around the world. However, what made it really spooky was the fact that many of those who recovered faced serious long-term health consequences like diabetes and permanent shortness of breath. A lucky few who recovered even got it again a few months later.
Governments around the world sought to stop the spread of COVID-19. That’s why they imposed quarantines and lockdowns. These were temporary since they did not work. That said, many businesses in many industries were negatively affected for a long time mainly because of temporary closures and scalebacks in operations. The companies in the acrylic sheets industry were no exception.
The global acrylic sheets industry remains highly competitive. The market is fairly lucrative and has a decent CAGR for the foreseeable future. This makes the market very attractive to all sorts of companies, especially to larger ones with lots of monetary resources. They are able to enter the industry because there are relatively few barriers to entry.
In any case, companies find that they must invest heavily in research and development if they want to develop the sustainable competitive advantage that they need to remain profitable in this hypercompetitive industry. They can develop new products with more innovative applications. This will allow them to enter new markets easily and solidify their positions in existing markets. They can also expand their positions and customer bases in existing markets.
When companies merge with and acquire other companies, they become more competitive because they have more resources with which they can do research and development. This gives them an important sustainable competitive advantage. The same occurs when companies enter into strategic partnerships with other companies.
Plaskoliteis a major American player in the global acrylic sheets industry. It has managed to create a sustainable competitive advantage by investing heavily in research and development. This allowed it to develop a new generation of acrylic products with more innovative applications which it could also justify charging more for.
List of companies
Acrylic sheets are easier to see out of and through. They are also better on many digital devices and do a much better job of transmitting color than other materials do. Acrylic sheets last much longer than other materials and have lower unit costs. This allows manufacturers to keep the costs of whatever items they are manufacturing down. They can then pass these on to the end consumer in the form of lower prices.
Most industries use acrylic sheets because it’s easier to work with. All of this is expected to drive growth in both the short and long term.
Many companies in the acrylic sheets industry see that there is a lot of money to be made. After all, the industry is already worth a lot of money and is posting a decent CAGR. They are capitalizing on this by investing heavily in research and development. This is allowing them to come up with better quality acrylic sheets which they can then market better and sell at higher price points.
Acrylic sheets are made out of plastics. Therefore, they never decompose.
Perhaps the biggest challenge that companies in the acrylic sheets industry face lie in continuing to develop green acrylic sheets that will decompose while keeping their price points in the reasonable range for most people around the world!
Cumulative growth analysis
The CAGR for the acrylic sheets industry is 5.83% until 2028. The acrylic sheets market value is projected to be USD 6.89 billion in 2028. This is up from USD 3.21 billion in 2020.
Lucite International is a major American player in the global acrylic sheets industry. It has become an industry leader by investing heavily in research and development. This allowed it to develop superior products that allowed it to create a sustainable competitive advantage.
The global acrylic sheets industry can be grouped into the following sub-segments by type:
Extruded acrylic sheets are of lower quality than the second sub-segment. That said, they don’t crack, chip, or warp even when very heavy items and objects are thrown at them at a distance by force. They’re also extremely lightweight. Maybe this is why they’re used heavily in display cases, frames, signs, lights, and many other modern applications. The sheets can either be crystal clear or they can be colored. Just keep in mind that they will either fade or yellow with usage.
The global acrylic sheets industry can be grouped into the following sub-segments based on application:
Acrylic sheets are used in windows, skylights, partitions, doors, roofs, and balcony guards. Acrylic sheets are in rapid demand now largely because this world is rapidly urbanizing therefore there is a rapid increase in construction activities around the world.
These sheets are used in visual communication and retail. They tend to be used in retail displays, point of sale displays, visual communications, and other applications. Acrylic sheets are valuable because they have three-dimensional effects and/or other unique lighting effects. That’s why they’re available in a variety of colors, textures, and finishes.
The sheets are used in furniture. For example, it’s not uncommon to find acrylic sheets incorporated in chairs, tables, and countertops. What makes them valuable in furniture is the fact that they’re lightweight and they don’t stain, smudge, or scratch easily.
Acrylic sheets are used in various motor vehicles. They’re used in various window and lens applications. They’re also used in various airplanes in terms of window and lens applications.
Acrylic sheets tend to be used as protection in displays in various electrical and electric applications and objects. They’re also used in electronic enclosures as well.
Acrylic sheets are used in various sinks, tubs, and sanitaryware in the bathroom.
They’re used in other applications like lighting, marine, and medical equipment.
The global acrylic sheets industry can be grouped into the following regions:
The North American market is expected to have a respectable CAGR until 2028. What’s driving growth in this region is a dramatic increase in infrastructure investments. What’s driving growth in infrastructure investment is a more rapidly growing economy in the post-pandemic world.
The European Union is projected to register higher growth in the acrylic sheets industry. What will account for this is rapid growth in the automotive industry.
The Asia-Pacific region will have the fastest-growing regional market because of increased spending. This is attributed to faster than average economic growth in the countries in this region. This has led to a dramatic increase in consumer spending. It turns out that people spend more as they become richer and have more discretionary income.
Also, more people (especially women) are entering the economy in the Asia-Pacific region. This is also spurring increased consumer spending. Many people are buying sanitary ware and new homes/cars in this region. This is stimulating growth in the regional acrylic sheets industry. The middle classes are emerging in this region and they want to live like their richer Western counterparts. This is also driving growth in the acrylic sheets market.
The Middle East and North Africa are seeing dramatic growth in the acrylic sheets market because of an increase in construction activity. This has largely been spurred by greater industrialization.
The Latin American region is seeing rapid industrialization. This, in turn, is driving rapid economic growth and is leading to higher disposable incomes and more wealth throughout the continent in general. This leads to more consumption and spending which spurs all industries to produce more. The result is an increase in the usage of acrylic sheets by end-user industries.
The CAGR for the global acrylic sheets industry is projected to be 5.83% by 2028. The market is expected to be worth USD 6.89 billion in 2028. The North American region has the largest acrylic sheets market share largely because of extensive investments in infrastructure in this region.
|Market Size||2030: USD 6.89 billion|
|CAGR||6.83% (2021 - 2028)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Lucite International (US), Evonik Industries AG (Germany), 3A Composites, GmbH (Switzerland), Arkema (France), Elastin International Corp., (Taiwan), Asia Poly Industrial Sdn Bhd (Malaysia), Ray Chung Acrylic Enterprise Co., Ltd. (Taiwan), Plaskolite (US), JuMei Acrylic (China), Aristech Surfaces LLC (US) Gevacril (Italy), PT Margacipta Wirasentosa (Indonesia), Shanghai acrylic(cast) chemical corporation (China), Shen Chuen Acrylic (Ningbo) Co., Ltd. (China), Sun Acrylam Private Limited (India)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Acrylic Sheets Market is projected to be worth USD 6.89 billion by 2028
The CAGR of Global Acrylic Sheets Market is over 5.83%.
The market USP of the Global Acrylic Sheets Market is higher load-bearing capacity as compared to polycarbonate.
Lucite International, Evonik Industries AG, 3A Composites GmbH, Arkema are the top four key players of the Global Acrylic Sheets Market.
Global acrylic sheets market is mainly driven by its usage in the building & construction industry for various applications such as kitchen backsplash, home improvement projects, wall partitions, windows, and home furniture and décor.