Report : Asia Pacific Artist Grade Acrylic Paints Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Fluid Acrylics, Heavy-Body Acrylics, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Heavy-Body Acrylics Segment to Dominate APAC Artist Grade Acrylic Paints Market during 2021–2028
According to a new market research study on “APAC Artist Grade Acrylic Paints Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Distribution Channel” is expected to reach US$ 333.24 million by 2028 from US$ 207.25 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the APAC artist grade acrylic paints market along with the drivers and restraints pertaining to the market growth. Development of non-toxic, low VOC acrylic paints is the major factor driving the growth of the APAC artist grade acrylic paints market. However, issues associated with the availability of innovative/substitute products such as powder paints hinder the growth of APAC artist grade acrylic paints market.
The APAC artist grade acrylic paints market is segmented into product type, distribution channel and country. Based on product type, the APAC artist grade acrylic paints market is segmented into fluid acrylics, heavy- body acrylics, and others. The heavy-body acrylics segment dominated the market in 2020 and fluid acrylics segment is expected to be the fastest growing during the forecast period. Based on distribution channel, the APAC artist grade acrylic paints market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The supermarkets & hypermarkets segment dominated the market in 2020 and online retail segment is expected to be the fastest growing during the forecast period. Based on country, the artist grade acrylic paints market is classified into Australia, China, India, Japan, South Korea, and Rest of APAC.
The COVID-19 pandemic is causing a significant economic loss in APAC. The consequence and impact became worse during the second wave of the COVID-19 pandemic. The governments of various APAC countries took possible steps to restrict the spread by announcing lockdown, which, in turn, lowered the revenue generated by the artist-grade acrylic paints market in the region. However, the situation changed significantly as the governments of countries such as China, India, and Japan introduced the vaccine and promoted the vaccination drives. Moreover, the governments also eased out the lockdown restrictions and travel bans, which positively impacted the sales of consumer products across the region. This factor is expected to propel the growth of the artist-grade acrylic paints market across APAC over the forthcoming period.
Acrylicos Vallejo; Colart International Holdings Ltd.; Decoart, Inc.; Derivan Pty Ltd.; Lukas; Pebeo; and Royal Talens BV are among the leading companies in the APAC artist grade acrylic paints market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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