ID: MRFR/CnM/6327-HCR | February 2021 | Region: Global | 140 pages
The global cast acrylic sheets market is expected to register a CAGR of 5.9% to reach USD 4.5 billion by 2023.
The cast acrylic sheets, as a part of the market products and services, possess a high molecular weight and are further, known to be rigid, lightweight, easy to handle, cut, and cement. The acrylic sheets are easy to shape, fabricate, and give the final form. These sheets respond to various temperature changes by indulging in expanding or contracting at a faster rate in comparison to glass. Its features are more flexible than glass and other building materials put to use.
The report proposes that the cast acrylic sheets market size has been influenced and negatively hampered by the rising cases and seriousness of the novel Covid as time passes. The pandemic is an emerging healthcare emergency that is significantly affecting the creation, manufacturing, and production capacity of the market players to deliver according to the needs and demands put forward by the global target audience. The obnoxious spread of the pandemic has additionally known to have affected the interest size of the market as it has prompted an immense change in the way people carry out their daily activities, conduct their lifestyle, and demand competitive market goods and services in the global market premises. Also, the imposition of lockdown amongst other functional restraints and issues is further, enhancing the challenges for the market that will hamper the global market equilibrium and disrupt the market’s demand and supply chain mechanism.
The rising cases of coronavirus disease have constrained the worldwide states to get their hands and speculations on reliable market resources and put something similar in terms of product portfolios for the advancement of the growth patterns of the cast acrylic sheets market and global administrations. Likewise, the global market players are also settling on consolidations and acquisitions to play a major role in the development of the worldwide market in the domestic regions and international market places.
The cast acrylic sheets market is witnessing the emergence of major market competition during the forecast period based on the developments undertaken by the following companies:
The cast acrylic sheets market products offer superior optical clarity, better machinability, and color compatibility that have resulted in cell cast acrylic sheets emerging as the preferred process type. This is also emerging as the preferred choice over continuous cell process types as it is being recognized to provide better surface strength, and the market manufacturers bear less cost in setting up the production plants. These factors are leading to the rapid growth of the cast acrylic sheets market during the forecast period that will be ending in 2028.
Also, the cell cast acrylic sheet type is predominantly gaining momentum for its use in the industry as it provides a higher degree of optical clarity, greater surface hardness, along a higher degree of molecular weight. Owing to the higher molecular weight, the market products are cleaner to cut, drill, and further, rout. The customized colors and addition of special effects are easily available and possible in cell cast acrylic sheets.
However, the cast acrylic sheets market trends are witnessing the emergence of certain market scenarios that might restrain the market from growing during the forecast period that will be ending in 2028. The arrival of the novel coronavirus pandemic has hampered the working of the target audience which is further, affecting their ability to purchase the market products and also having an impact on their rising incomes. The market products and services need to overcome these restraints to grow as per the predicted trends for the ongoing forecast period of 2021-2028.
The cast acrylic sheets market share is witnessing the increased level of urbanization that is expected to create growth opportunities for the manufacturers and producers of cast acrylic sheets. Urbanization has led to increased use of cast acrylic sheets in various market industries and end-users like automotive, vehicles, architecture, and visual communications amongst others like the retail industries. Additionally, the enhancement of forwarding integration by the raw material and resource suppliers is also expected to create lucrative growth opportunities for the prominent market players that are operating in the global cast acrylic sheets market during the forecast period of 2021-2028.
Global Cast Acrylic Sheets Market, by Type2018 (%)
Source: MRFR Analysis
The cast acrylic sheets industry has been dwelling during the forecast period of 2021-2028 owing to the excellent performance that has been recorded by the functioning of the market segments in various global locations. The market segments that have been catering to the rising needs of the target audience are mentioned below:
Based on Process Type:
The cast acrylic sheets market includes cell cast acrylic sheets and continuous cast acrylic sheets.
Based on Application
The cast acrylic sheets market includes a series of applications that are inclusive of Signage & display, Sanitaryware, Architecture & Interior Design, Transportation, Medical, and others like Food and Catering.
Based on the Region:
The cast acrylic sheets market is functional in regions like North America, the European countries, the APAC region, the Middle East & Africa, and South America.
The cast acrylic sheets market growth is witnessing the emergence of the APAC region in the global market premises. The Asia-Pacific cast acrylic sheets market is known to be accounted for the largest market share during the historic forecast period that ended in 2019. The rising demand for aesthetic architecture and growing constructional activities are the major factors that are expected to fuel the growth of the regional APAC market. The regional APAC market is likely to witness high growth during the forecast period.
The North American market was recorded to hold the second-largest global cast acrylic sheets market share in 2019. The rising degree of sale of automobiles and vehicles is likely to contribute to the global growth of the cast acrylic sheets market in the North American region.
The cast acrylic sheets market report conducts a deep market analysis to cover the market factors like drivers, opportunities, and challenges that are available for the market during the forecast period. The market report highlights the rising market competition based on the recent developments undertaken by the prominent market players during the period ending in 2028.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Mitsubishi Chemical Corporation (Japan), Evonik Industries AG (Germany), Altuglass International Arkema Group (France), 3A Composites GmbH (Germany), Aristech Surfaces LLC (US), MADREPERLA Spa (Italy), Spartech (US), Astari Niagara International (Indonesia), Pyrasied Xtreme Acrylic (Netherlands), Asia Poly Industrial Sdn Bhd (Malaysia), SCG Chemicals Co., Ltd (Thailand), Shanghai Acrylic (Cast) Chemical Corporation (China), Jokema industry Co. Ltd (Taiwan), and Limacryl NV (Belgium)|
|Key Market Opportunities||The demand for automobiles and transportation vehicles is rising with the growing population.|
|Key Market Drivers||The rising demand for lightweight vehicles, to curb emissions, is expected to drive the growth of the global market.|
Frequently Asked Questions (FAQ) :
The global cast acrylic sheets market is expected to reach USD 4.5 BN by 2023.
Cast Acrylic Sheets Market is expected to register over 5.9% CAGR during the assessment period (2018-2023).
By type, the cell cast acrylic sheet segment and by applications, the signs & displays segment account for major share in the global cast acrylic sheets market.
Asia Pacific holds the largest share in the global cast acrylic sheets market, followed by North America and Europe, respectively.
Evonik Industries AG (Germany), Mitsubishi Chemical Corporation (Japan), Altuglass International Arkema Group (France), Aristech Surfaces LLC (US), 3A Composites GmbH (Germany), MADREPERLA Spa (Italy), Astari Niagara International (Indonesia), Spartech (US), Pyrasied Xtreme Acrylic (Netherlands), SCG Chemicals Co., Ltd (Thailand), Asia Poly Industrial SDN BHD (Malaysia), Shanghai Acrylic(Cast) Chemical Corporation (China), Limacryl NV (Belgium), and Jokema industry Co. Ltd (Taiwan), are some of the major players operating in the cast acrylic sheets market.