Acrylic Resins Market by Type (Water-based, Solvent-based, and Others), Application (Paints & Coatings, Adhesives & Sealants, and Others), End-use Industry (Construction, Automotive, Electronics, Packaging, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 17.5 billion mark in 2022 and is expected to hit US$ 29 billion by 2030, recording a CAGR of 5.5% during the forecast period.
Acrylic resins market has been significantly growing with the increasing their demand from various end-use industries
The growing demand for acrylic resins from end-use industries such as construction, automotive, electronics, and packaging is mainly driving the market growth. Acrylic resins offer excellent durability and weatherability as coating materials, hence they are used extensively in applications such as automotive, architectural and plastic coatings. Further, acrylic resins possess characteristics such as, weather resistance, adhesion, hardness, heat resistance, chemical resistance, water resistance, and others. All these characteristics make them highly useful in different application fields. The water-based segment is expected to pace up with the growing use of water-based acrylic resins in different applications. Further, solvent-based segment is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into type, application, end-use industry, and geography. By type, the market is further segmented into water-based, solvent-based, and others. On the basis of application, the market is segmented into paints & coatings, adhesives & sealants, and others. On the basis of end-use industry, the market is segmented into, construction, automotive, electronics, packaging, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Development of biobased resin products
The greening of the global economy, carbon footprint sensitivity, growing emphasis on sustainable systems, have led many resin manufacturers to produce products from biobased sources. The players operating in the acrylic resins market are also focusing on developing products from sustainable and biobased sources. For instance, in 2021, Covestro launched Decovery SP-8310: a 37 percent bio-based, breathable, multi-purpose resin to enable exterior coatings with improved outdoor durability and enhanced bio-based content. Decovery SP-8310 is an acrylic resin designed to formulate easily into multi-purpose paints with up to 37 percent bio-based content.
Growing infrastructural and construction activities in developing countries
Rising construction activities due to increasing population and rapidly growing commercial sector across different developing countries is driving the construction sector's growth. The construction sector in Indonesia has been a growth driver in the past few years. The rapidly urbanizing population is driving the demand in the construction sector in the country. In addition, the growth in population and increase in government spending on infrastructure are major drivers for the construction market in Indonesia. Further in India, the growth in the construction activities is driven by continuing industrialization, urbanization, increasing population, growth in middle-class income, and the increase in infrastructural developments. The government of India has also decided to come up with a single window clearance facility to accord speedy approval of construction projects to boost the construction of buildings in the country. The acrylic resin is highly used in architectural coating owing to its exquisite appearance, smoothness, full texture, good decoration, water washing, and dirt and scrub resistance. Hence, the growing infrastructural and construction activities in developing countries drives the demand for architectural coating, this, in turn, drives the demand for acrylic resins.
Recent strategic developments in acrylic resins market
The acrylic resins market has undergone several significant developments, and a few of these have been mentioned below:
- In 2022, Engineered Polymer Solutions launched EPS 2436, a new self-crosslinking acrylic dispersion for use as a binder for high-quality wood coatings.
- In 2022, Engineered Polymer Solutions launched EPS 2786, a new all-acrylic polymer for high-performance gloss interior and exterior architectural DIY or professional paints.
- In 2022, Trinseo launched a new series of sustainable materials for the European marketplace. The launched series includes, Altuglas R-Life Acrylic Resins, with both 50% and 80% chemically recycled monomer from PMMA waste.
The acrylic resins market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE; Dow; Arkema; Mitsui Chemicals, Inc.; and Sumitomo Corporation are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Acrylic resins related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Applications of acrylic resins
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Paints & Coatings
- Adhesives & Sealants
- End-use Industry
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- BASF SE
- Mitsui Chemicals, Inc.
- Sumitomo Corporation
The List of Companies
- BASF SE
- Mitsui Chemicals, Inc.
- Sumitomo Corporation