Acrylic Sheets Market to Experience Substantial Growth of USD 4.91 billion by 2029, at a 5.25% CAGR
The acrylic sheets market growth is driven by the surge in demand for high gloss acrylic sheets and decorative sheets in furniture and construction industries
PUNE, India, April 14, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Acrylic Sheets Market.
Acrylic sheets market size was valued at USD 3.1 billion in 2022 and is projected to reach USD 4.91 billion by 2029, growing at a CAGR of 5.25% from 2023 to 2029.
Acrylic sheet is a fiber/plastic sheet manufactured by utilizing two and more derivatives of acrylic acid. PMMA (Polymethyl Methacrylate acrylic) is one of the mostly used forms of acrylic, owing to its unique features such as weather ability and versatility. Acrylic sheet can be colored or tinted, mirrored or made opaque and numbers of coating are applied to sheet for enhancing its finishing, scratch resistance and solar reflectivity. Acrylic sheet is available in different variant in the market according to the need and demand of consumer such as various level of heat resistance capacity sheet, flow rates and release capacity.
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Gevacril is a global leading manufacturer of semi-finished cast and extruded acrylic and polycarbonate items. Gevacril cast and extruded tubes, rods, bars, profiles, accessories in PMMA and PC and exports more than 75% of the production capacity to more than 50 countries in the world.
Arkema S.A. is a specialty chemicals and advanced materials company headquartered in Colombes, near Paris, France.
Spartech LLC manufactures plastic packaging products. The Company specialty polymer formulations, plastic sheet, rigid barrier packaging, and specialty cast acrylics products.
APAC's most important markets are China, India, and Japan, which together accounted 38% Market Share.
In applications such as medical, food & catering, sanitaryware, architectural & interior design, and signage & display, rising per capita income, rising purchasing power, and increasing urbanisation are likely to drive the acrylic sheet market. Significant retail expansion and rising advertising spending in India, Indonesia, China, and other countries are expected to drive the signs and display application segment market in APAC.
Benefits of using Acrylic Sheeting to build a Greenhouse
1. Higher Efficiency
Plants need around 70-75% of light to grow optimally and acrylic sheets offer light transmission up to 92%. Since diffused light is vital for a greenhouse, acrylic sheets are designed to be used as light diffusers for greenhouses. Moreover, acrylic sheets are thicker than standard glass, which makes them better for diffusing light.
2. Greater Durability
Greenhouses are prone to a lot of damage and glass isn't exactly known for its durability. Being outdoors, greenhouses are exposed to not just the harsh weather, but also potential vandalism and incidental contact. Acrylic sheets have an impact resistance 6-7 times greater than that of glass. This allows your greenhouse to be a lot more durable.
3. Faster Construction
Since glass becomes very heavy if it is over a certain thickness, it needs proper support to hold in place safely. The foundation for glass greenhouses needs to be deep in order to carry the heavy load, making the process more expensive. Acrylic, however, is extremely lightweight. In fact, it weighs less than half of what glass does. This makes greenhouses faster and less expensive to build.
4. Reduction in Cost
Earlier, using acrylic sheets would not only be more expensive but also go against the traditional style followed by greenhouses. Due to the advancements made in the refining process for manufacturing plastic, the prices of acrylic sheets have reduced greatly. As a result, using acrylic has become a lot more cost-effective.
5. Extended Plant Growth
Acrylic sheeting is not just great for convenience and your wallet. They also have a significant impact on the overall performance of the greenhouse. These sheets make way for extensive plant growth, allowing you to grow your choice of fruits and vegetables throughout the year.
Acrylic sheet's easy moulding feature allows it to be moulded into any desired shape when heated to a high temperature. This reason is also driving up the demand for acrylic sheets on the market.
Owing to the increased demand for acrylic sheets for use as an alternative for glass in various products such as sanitary ware, medical equipment, and industrial equipment and machinery the market is rapidly growing. Acrylic sheets are a less expensive alternative to polycarbonate sheets, which are commonly used in signage and displays. Furthermore, they are less dense than glass. The global acrylic sheets market is likely to be driven by increased use of acrylic sheets in points-of-purchase and displays in order to boost brand awareness, product credibility, and sales during the forecast period.
Key Drivers of Acrylic Sheets Market
High strength, light weight, clarity, anti-fogging property, and glare reduction are some of the important features of acrylic sheets. These are expected to be key factors driving the global acrylic sheets market during the forecast period.
Acrylic sheets can be molded into any shape by heating at high temperatures. This factor also fuels the demand for acrylic sheets. Moreover, growing industrialization and urbanization indirectly drive the demand for acrylic sheets. This factor is expected to fuel the global acrylic sheets market during the forecast period.
Companies operating in the global acrylic sheets market are investing to expand their product portfolios and improve their distribution networks. They have adopted strategies such as mergers and acquisitions, development of new products, joint ventures, and expansions to cater to the increasing demand for acrylic sheets in different regions. For instance, in 2017, Evonik began construction of a new stretching and polishing plant at its Weiterstadt site in Germany. With this move, the company aims to cover the entire value chain of cast and stretched polymethyl methacrylate sheets for the aviation industry. In 2017, Altuglas International launched a new range of acrylic sheets under the brand name of Altuglas Metallic & Iridescent.
Availability of Low-cost Substitutes to Hamper Market:
Acrylic sheets face stiff competition from polycarbonate sheets, glass, and extruded acrylic sheets. These technically advanced sheets provide excellent combination of brightness and uniformity similar to acrylic sheets. This is likely to hinder the market during the forecast period.
Acrylic sheets have several low-cost alternatives, such as glass, which are used in applications wherein low quality is allowable.
Acrylic sheets are used as cost-efficient substitutes for materials such as glass, wood, ceramic, and metal in automotive and signage & display applications. Rising focus on reducing the weight of products is driving the global acrylic sheets market.
Acrylic Sheets Market Report Scope
Market size value in 2022
USD 3.1 billion in 2022
Revenue forecast in 2029
USD 4.91 billion by 2029
CAGR of 5.25% from 2023 to 2029
Base year for estimation
2018 - 2022
2023 - 2029
Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, application, region
North America; Europe; China; Asia; Pacific; Central & South America; MEA
Key Market Drivers
· High demand for strong, compact and lightweight components in automotive industry Increasing demand for manufacturing of various everyday commercial goods
· Environment-friendly acryclic sheets
Acrylic Sheet Market: Market participants
Examples of some of the market participants identified across the value chain of the global Temporary Fencing Panels market includes:
Evonik Industries AG
3A Composites Holding AG
Mitsubishi Chemical Corporation
PT Astari Niagara Internasional
ARISTECH SURFACES LLC
PyraSied Xtreme Acrylic
Browse In-depth Market Research Report (110pages) on Acrylic Sheets Market
Acrylic Sheet Market is segmented by Type, by Applications, and by Regions.
· Sanitary Ware
· Signage & Display
· Architecture & Interior Design
· Food & Catering
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Increasing demand for manufacturing of various everyday commercial goods: as compared to glass, acrylic sheets offer several advantages, such as higher durability, lighter in weight, and high cost-effectiveness. As a result, manufacturers have been preferring acrylic sheets over glass for various everyday products used in businesses and households. Acrylic sheets are increasingly being used for various conventional, including production of windows, wall partitions, lighting fixtures, acrylic mirrors, shelves, pole signs, screen protectors for tv screens, as well as unconventional applications, including handcrafts, aquariums, and helmets
Volatility in prices of raw materials: Acrylic sheets are made from raw materials such as methyl methacrylate. The first step in making acrylic sheets is the polymerization of the raw materials, resulting in a product called a monomer. Polymethyl methacrylate and other acrylic plastic polymers are formed using methyl methacrylate monomer. Acrylic sheets are primarily petroleum-based thermoplastic products. Thus, the fluctuations in the crude oil prices are likely to have a corresponding impact on the price of acrylic sheets, which are made by bulk polymerization process.
Environment-friendly acryclic sheets: Unlike traditional acrylic sheets which are made from virgin oil-based raw materials. The environment-friendly acrylic sheets are wholly or partially produced using recycled industrial materials. These acrylic sheets are also transparent and resistant to ultraviolet (UV) rays, similar to their traditional counterparts. Moreover, these can be reused and recycled multiple times. Green Cast and Ecocrylic are some of the examples of environment-friendly acrylic sheets. Most of these environment-friendly recyclable acrylic sheets are produced using extrusion of industrial and commercial waste, such as LCD screens.
Environmental impact and recyclability issue: acrylic sheets cause considerable environmental impact, including environmental acidification, eutrophication, carcinogenic effects, environmental toxicity, amongst others. For the production of one kg of polymethyl methacrylate (PMMA), nearly two kg of crude oil is used while releasing roughly 5.5 kg of carbon dioxide in the environment.
Key Question Answered
What are the growth opportunities related to the adoption of acrylic sheet across major regions in the future?
What are the new trends and advancements in the acrylic sheet market?
Which product categories are expected to have highest growth rate in the acrylic sheet market?
Which are the key factors driving the acrylic sheet market?
What will the market growth rate, growth momentum or acceleration the market carries during the forecast period?
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