Cast Acrylic Sheet Market size is set to surpass USD 5 Billion by the end of 2035, witnessing around 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of cast acrylic sheet was around USD 3 Billion. The growing deployment of solar panels for sufficing the need for growing electricity is the main driving factor for the market growth. By the end of 2023, it is expected that more than 350 GW of PV systems will be installed. The increase would be approximately a 53% rise over 2022 when new worldwide solar installations reached nearly 229 GW. In recent years, there has been a shift toward using cast acrylic sheets as the protective cover of the solar panel. Their transparency is crucial for capturing sunlight and maximizing energy generation.
Besides this, the growing requirement for the manufacturing of medical equipment and devices has also boosted the requirement for cast acrylic sheets thus contributing to the cast acrylic sheet market expansion. They can be forged to create components, such as equipment enclosures, instrument covers, display screens, and panels. Moreover, acrylic sheet is also used for manufacturing protective eyewear, such as safety goggles and face shields, for medical professionals.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~ USD 3 Billion |
|
Forecast Year Market Size (2035) |
~ USD 5 Billion |
|
Regional Scope |
|
Type (Continuous, Cell)
The cell type of cast acrylic sheet segment is estimated to hold 60% share of the global cast acrylic sheet market during the forecast period. Cell sheet has a greater molecular weight and better surface hardness, this is the primary factor that increased the demand for the cell type of cast acrylic sheet. Moreover, the cell type has more options for customization and exceptional effects, which makes it even more lucrative than the continuous type. Furthermore, cell-cast acrylic sheets can be easily fabricated and shaped into various forms, including complex geometrics and intricate designs. They can be thermoformed, machined, engraved, and bonded, enabling a wide range of uses, such as aerospace, retail, medical, and majorly in automotive components. As per recent data, consumer spending on auto parts reached more than USD 45,000 million in January 2022 across the world.
Application (Signage & Display, Architecture & Interior Design, Sanitary Wave, Medical, Transportation, Food & Catering)
In the year 2035, the signage & display segment in the cast acrylic sheet market is predicted to have a considerable share of around 46%. The growth of the segment is primarily attributed to the rising demand for cover panels, smart display, and touchscreens. Moreover, the growing trend of advertisement through huge displays and LED screens will significantly push the segment’s growth. It is estimated, that every year all across the world, the total spending on outdoor advertising was nearly USD 29 billion. Cast acrylic sheets are commonly used as the face material for illuminated signs. They offer superior light transmission, allowing for vibrant and evenly distributed illumination. The sheets can be fabricated with various finishes, such as glossy, matte, or textured, to achieve different visual effects. The optical clarity of cast acrylic enhances the visibility of the sign, making it ideal for outdoor advertisements.
Our in-depth analysis of the global cast acrylic sheet market includes the following segments:
|
Type |
|
|
Application |
|
APAC Market Forecast
The cast acrylic sheet market in Asia Pacific is anticipated to expand at the greatest CAGR in the near future, with a share of approximately 34% by the end of 2035. The growth of the market can be attributed majorly to the increasing urbanization and higher development of smart cities. In the next 20 years, the Asia Pacific’s cities will house an additional 1.1 billion people. Over fifty-five percent of Asia's population will be urban by 2030. Furthermore, many countries in the region are experiencing favorable economic growth, resulting in consumer spending on products made up of cast acrylic sheets, such as home furnishings, retail displays, and other consumer goods.
The region's need for fuel is increasing, indicating the rise of the automobile and aerospace industries, which in turn boosts the region's usage of cast acrylic sheets for manufacturing components. Fuel demand in India is expected to rise 5.5% in the upcoming fiscal year, which begins on April 1, 2023.
North American Market Statistics
The North America cast acrylic sheet market will grow and will secure a significant revenue of around 27% of the total by the end of 2035. The rising development of new infrastructures is the primary growth factor region’s market growth. Based on data from the US Census Bureau and the US Department of Housing and Urban Development, 1,524,000 permits for construction were issued in February 2023. Moreover, 1,45,000 residential projects were started and 1,557,000 house constructions have been finished.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?