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Cast acrylic sheets market is set to expand at a significant rate through the coming years driven by the rising demand for lightweight materials in different end-user industries. Besides, the expanding industrialization and urbanization in various developing economies, high disposable incomes of consumers, and constant economic growth would further boost the market demand over 2021-2027.
Owing to its impact resistance and superior flexibility, cast acrylic sheets are being extensively used in a variety of applications, from replacing glass in windows to structural gazing. These are also being used in the automotive industry subject to the rising demand for lightweight components and materials for automobile parts production.
The market growth is being further fueled by increasing expenditure on outdoor advertising including applications in signage boards, large-screen LCDs, POP displays, and more. Cast acrylic sheets have also been known as an ideal alternative for glass in skylights, aquariums, mirrors, partitions, shelf panels, and others. Moreover, alarming concerns over environmental issues and a paradigm shift towards a more sustainable growth model have impelled green building constructions, thus influencing the growth curve of cast acrylic sheets market.
However, the overall cast acrylic sheets market is poised to observe growth resistance from the rising product costs and cumbersome manufacturing process. In addition, availability of economically priced alternate materials that are equally effective would further slowdown the growth process for cast acrylic sheets industry over the analysis period.
Based on the type, continuous cast acrylic sheets segment is slated to draw considerable gains over the foreseeable time frame. This can be credited to the cost-effectiveness of these sheets compared to the cell cast sheets. Continuous cast acrylic sheets are considered to be highly superior to the traditional cell cast sheets to maintain a consistent and uniform thickness through the entire sheet.
Cast acrylic sheets are observing significant demand from the signage and display board applications, majorly due to the product’s availability in different strengths and colors for such utility. These sheets are being widely used for out-of-home advertising applications as they allow the ease of printing various designs. Propelled by such factors, the cast acrylic sheets are deemed to be best suited for architectural and design applications as well.
Besides, the global cast acrylic sheets market from the thriving automobiles and transportation sector, would further account for lucrative growth over the forecast period. The rising per capita income, globally, is fueling the demand for automobiles, thus impelling the demand for cast acrylic sheets owing to the demand for lightweight components.
Regionally, North America cast acrylic sheets market growth is characterized by the rising sales of automobiles and other transportation vehicles in various leading American countries including the United States, Canada, and others. The growing sales of automobiles are expected to contribute to the demand for cast acrylic sheets considerably in the coming years.
The global cast acrylic sheets industry is highly consolidated and boasts the presence of Evonik Industries (RAG Stiftung), Aristech Surfaces LLC, Arkema S.A., Schweiter Technologies, Mitsubishi Chemical Corporation (Mitsubishi Chemical Holdings), and Perspex International amongst others. These prominent leaders have been taking up strategic efforts like acquisitions and mergers, product launches, and facility expansion, to lead the competitive edge in the overall market. For instance, in 2021, Trinseo announced its plans of taking over Aristech Surfaces LLC as a part of its transformation to sustainable solutions and specialty materials provider.
Coronavirus pandemic impact on cast acrylic sheets market forecast
The novel COVID-19 pandemic spread has been negatively influencing the cast acrylic sheets market during 2020. This can be reasoned to the sluggish growth in vivid markets including automotive, transportation, construction and buildings, and the retail sector, owing to the movement restrictions. However, the growing demand for digital signage boards for highlighting important information has potentially spurred the demand for cast acrylic sheets, enhancing the market outlook.