According to Custom Market Insights (CMI), the Global Acrylic Resin Industrial Coatings Market size was estimated at USD 17.89 Billion in 2021 and is expected to hit around USD 28.95 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
Acrylic resin industrial coatings are thermoplastic or thermosetting polymers. It is obtained by acrylic and methacrylic ester monomer. It possesses properties such as resistance to photochemical, gloss retention, and high adhesion. In addition, it is less toxic, has low flammability, and has low VOC content owing to which it finds applications in various end-use industries including automotive, building and construction, transportation, electrical, medical, consumer goods, and others.
Browse the full “Acrylic Resin Industrial Coatings Market Size, Trends and Insights By Type (Water-based, Solvent based, Others), By Application (Paints and Coatings, Adhesive and Sealants, Others), By End Use (Building and Construction, Automotive, Electronics, Packaging, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at ReportURL
The growing use of acrylic resin industrial coating in the architecture sector will aid the market growth
Increasing demand from the architecture sector acts as one of the key factors responsible for the growth of the global acrylic resin coatings market. Acrylic resin industrial coatings are preferred over conventional coating materials due to their low volatile organic content, low toxicity, resistance to abrasion, and water retention capacity. Acrylic coatings are extensively used in the building infrastructure for roof and wall coatings along with interior and exterior protecting coating applications. According to an article published by the India Brand Equity Foundation paint market is expected to grow 20% annually in the next two years. These factors are anticipated to increase the demand for acrylic resin coatings in the paints and coatings sector.
Side effects associated with acrylic resin coatings
However, there is an adverse effect associated with a solvent-based acrylic resin such as, it may cause headaches, dizziness, unconsciousness, and among others which affect the market growth during the forecast period.
Growing trends of DIY projects
The growing trend of renovation activities based on modern theme infrastructure has surged the popularity of DIY projects, where acrylic resin is used to make up slip-resistant versatile, and aesthetically pleasing floors and walls. This factor is anticipated to increase the potential sales of acrylic resin industrial coatings; thus, offering the most lucrative opportunities for the market to grow.
High cost of technology
The fluctuation in the prices of acrylic resin industrial coating may act as one of the challenging factors during the forecast period. In addition, the availability of alternative substitutes for acrylic resin is expected to hamper the market.
On the basis of type, the market is segmented into, water-based, solvent-based, and others.
The water-based resin type segment dominated the market in 2021 and accounted for 28.56% of the total market share. Water-based acrylic resins are extensively used in building materials, automotive, electronics, medical devices, and households. In addition, the growing global population, and rise in building and construction activities have spurred the water-based acrylic resin coatings which it is used in the interior and exterior of the building as a protecting material. Excellent durability, less drying time, and cost-effective properties make them ideal coating components. These factors are escalating the demand for water-based acrylic resin coatings during the forecast period.
On the basis of application, the segment includes paints and coatings, adhesives and sealants, and others. It is expected that the global paint and coatings application segment to hold a dominant position during 2022 -2030 with a total share of 39.78%.
The emergence of high solid paints and coatings which produces no or low VOCs has surged the popularity of acrylic resin coatings. In addition, growing infrastructure activities in both developed and developing economies have enhanced the need for acrylic resin industrial coatings which are extensively used in paints and coatings. In addition, advancement in technology, rapid growth in the furniture sector, and growing consumer demand for modified furniture have enhanced the performance of acrylic resin coatings which it is widely employed on wooden furniture as a protecting coating. These factors are escalating the growth of the acrylic resin industrial coatings market.
Based on end use, the global acrylic resin industrial coatings market is studied across building and construction, automotive, electronics, packaging, and others. It is expected that the global building and construction segment to hold a dominant position during 2022 -2030 with a total share of 29.56%.
The growing population has surged the building and construction activities in both developed and developing countries wherein acrylic resin industrial coatings are widely used to make slip-resistant, attractive, and aesthetically pleasing floors and walls. This factor is expected to increase the overall market growth in the upcoming years.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region in the acrylic resin industrial coatings market with a total share of 36.89%. The utilization of acrylic resin coatings has increased in the sectors such as building & construction, automotive, electronics, and others are key market trends in the Asia-Pacific region.
The building & construction sector is one of the booming sectors in the Asia-Pacific region. For instance, according to an article published by Invest India in August 2022, the construction Industry in India is expected to reach $1.4 Tn by 2025 due to a robust increase in the urban population which will significantly enhance the demand for acrylic resin coatings where it gives protection to infrastructure during the uncertain weather conditions. It is also used for protecting the windows & doors, floor slab surfaces from UV radiation, and others.
Moreover, China is the topmost producer of electric vehicles in the world where acrylic resin coatings are widely employed in sealing systems, interior roof panels, and other automotive parts as a glassifying agent and anti-corrosion agent which propel the market growth. According to data published by International Trade Administration, China’s construction industry is projected to grow at an annual average rate of 8.6% from 20220-2030. These factors are escalating the demand for acrylic resin coatings in the building and construction sectors.
|Feature of the Report||Details|
|Market Size in 2021||USD 17.89 Billion|
|Projected Market Size in 2030||USD 28.95 Billion|
|Market Size in 2022||USD (2022Value) Billion/Million|
|CAGR Growth Rate||5.8% CAGR|
|Prominent Players||BASF SE, The Dow Chemical Company, Arkema S.A., Air Products And Chemicals Inc, NIPPON SHOKUBAI CO. LTD., Formosa Plastics Corporation, Mitsubishi Chemical Holdings Corporation, DIC CORPORATION, Hexion, Hitachi Chemical Co. Ltd, Poly Metal India, Tuff Coat Polymers Private Limited, MGI Chemicals Pvt. Ltd., Astra Chemtech Private Limited, Paladin Paints & Chemicals Private Limited, and Others|
|Key Segment||By Type, Application, End Use, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
- BASF SE
- The Dow Chemical Company
- Arkema S.A.
- Air Products And Chemicals Inc
- NIPPON SHOKUBAI CO. LTD.
- Formosa Plastics Corporation
- Mitsubishi Chemical Holdings Corporation
- DIC CORPORATION
- Hitachi Chemical Co. Ltd
- Poly Metal India
- Tuff Coat Polymers Private Limited
- MGI Chemicals Pvt. Ltd.
- Astra Chemtech Private Limited
- Paladin Paints & Chemicals Private Limited
Segments covered in the report
Key market segments
- Paints and Coatings
- Adhesive and Sealants
By End Use
- Building and Construction
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America