New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global cast acrylic market size is poised to grow at a CAGR of over ~5% from 2023 to 2035. The market is anticipated to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.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.
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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.
Cast Acrylic Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The cell segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Use of Touchscreen Devices across the Globe to Boost Market Growth
The world's smartphone users will total 7 billion in 2023, representing around 86% of the global population. Furthermore, a study shows that smartphone users touch, tap, or swipe their smartphones an average of 2,617 times every day. The use of touchscreens, such as smartphones, tablets, and interactive displays has boosted the demand for cast acrylic sheets. Since, their clarity ensures sharp and vibrant visuals, enhancing the overall user experience.
According to the Department of Energy, lowering the weight of a vehicle by 10% can improve fuel efficiency by 6 to 8%. With the rising expenditure on fuel, it has become imperative to manufacture fuel-efficient vehicles. Acrylic sheets are used as lightweight alternatives to glass in automotive windshields and windows. Their high optical clarity allows for excellent visibility while driving and it also improves aerodynamics, reducing air resistance, thereby enhancing the fuel efficiency of the vehicle.
Cast Acrylic Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Smart Cities to Drive the Market Growth in Asia Pacific Region
The cast acrylic market in Asia Pacific region is estimated to garner the largest revenue 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.
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Growing Mandates for Sustainability to Propel the Growth in the North America Region
The North America cast acrylic market is estimated to garner the highest CAGR by the end of 2035. Cast acrylic's eco-friendly nature aligns perfectly with North America's increasing emphasis on sustainability. Regulations mandating reduced environmental impact have propelled the demand for environmentally conscious materials. The Environmental Protection Agency (EPA) reports that 89% of plastic waste in the United States was not recycled in 2020, highlighting the need for sustainable alternatives like cast acrylic. The healthcare sector's requirement for hygienic and durable materials has led to a surge in the use of cast acrylic for medical devices, equipment, and protective barriers, thanks to its clarity, strength, and ease of sterilization. Cast acrylic's exceptional optical clarity and weather resistance have made it the preferred choice for signage, point-of-sale displays, and architectural applications, driving its adoption in the vibrant signage and display sector. Cast acrylic's versatility has led architects and designers to explore new horizons in creating innovative structures and interiors. Its ability to enhance aesthetics while maintaining structural integrity has fueled its incorporation into contemporary design projects.
Cast Acrylic, Segmentation by Type
- Continuous
- Cell
Amongst these segments, the cell segment in cast acrylic market is anticipated to hold the largest share over 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.
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Cast Acrylic, Segmentation by Application
- Signage & Display
- Architecture & Interior Design
- Sanitary Wave
- Medical
- Transportation
- Food & Catering
Amongst these segments, the signage & display segment in cast acrylic market is anticipated to hold a significant share over the forecast period. 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.
Few of the well-known industry leaders in the cast acrylic market that are profiled by Research Nester are Arkema, BASF SE, Evonik Industries AG, 3A Composites GmbH, Mitsubishi Chemical Corporation, PT Astari Niagara Internasional, PyraSied Xtreme Acrylic, Spartech LLC, Trinseo, and other key market players.
Recent Development in the Market
- Trinseo in collaboration with Falcon Private Holdings and SK AA Holdings, LLC announced the acquisition of Arsitech Surfaces LLC for expanding their acrylic solution application in the wellness and architecture sector in Asia.
- Arkema announced the launch of Incellion, for expanding its waterborne acrylic solution “inside the cell” for anodes with high capacity, cathode primers, and ceramic-coated separators are all available. It will bring more opportunities and innovation for ESS and electric vehicle batteries.
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