Europe Acrylic Sheet Market is expected to reach USD 1.97 billion by 2025, according to a new report by Hexa Reports. The rapid growth of the furniture industry in the region has been a major factor driving market growth. In addition, increasing application scope of the product in the automotive and transportation industry is slated to have positive impacts on the overall market growth over the projected period.
The increasing use of acrylic sheets in furniture and interior designing applications, such as modular kitchen panels, wardrobes, TV panels, and wall separators, in residential and commercial buildings is expected to drive the product demand significantly during the forecast period.
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The use of acrylic sheets in automobiles for windows, rear-view mirrors, and lighting applications is expected to increase on account of improved light diffusion, optical clarity, and lightweight properties of the product. The rapid growth of the automotive industry in key economies such as Germany, France, and Spain, is expected to drive product demand over the coming years.
The industry is expected to grow at a CAGR of 5.2% in the furniture & design application owing to the increasing use of the product for enhancement of structural aesthetics. The presence of key industry players such as Ikea, with wide ranges of acrylic kitchen and home decor solutions, is expected to drive the overall industry demand over the forecast period.
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Further key findings from the report suggest:
- The Europe acrylic sheet market revenue surpassed USD 1,400 million in 2016 and is expected to grow significantly during the forecast period, mainly on account of increasing use of the product in furniture and interior decor applications in the region
- Among technologies, the extruded segment is expected to grow at a CAGR of 4.2% during the forecast period, owing to the comparatively low costs and operational simplicity associated with the process
- The product demand in the visual communication & retail segment is expected to grow significantly from USD 313 million in 2016, primarily due to the increasing product usage in signage applications for exhibitions, sports events, retail marketing, and advertising
- The product witnessed highest demand in Germany in 2016, accounting for a share of nearly 30%, on account of high consumption in key applications such as architecture & construction and visual communication & retail
- The key strategies adopted by the industry players include distribution agreements and acquisitions. For instance, Polycasa Group was acquired by Schweiter Technologies, under 3A Composites, for product expansion in the visual communication & retail space
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