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The global acrylic resins market size was USD 19,115.9 million in 2020 and is projected to grow from USD 20,163.8 million in 2021 to USD 28,051.3 million in 2028 at a CAGR of 4.8% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with acrylic resins witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 0.60 % in 2020 as compared to the average year-on-year growth during 2017-2019.
Acrylic resin is a polymeric medium comprising acrylic monomers (in solution, dispersion, or continuous form). These monomers are typically esters of acrylic, meth acrylic acids, or a combination of these acids, functionalized by adding various chemical classes. Other monomers may be added to the polymer chains to provide resins with different properties or lower costs.
These types of resins are chemically and photo chemically resistant in general. They are used in various applications, from automotive coatings to decorative coatings, and are extensively used in solvent-based and water-based industrial coatings.
Decrease in Demand for Industrial & Automotive Coatings May Hamper Production amid COVID-19 Pandemic
According to The World Paint & Coatings Industry Association, COVID -19 has had an impact on the global paints and coatings market, which is forecast to hit USD 167.6 billion in 2020, down 3% from last year. While the overall trend of the paints and coatings industry changes in anticipation, significant variations have arisen in a number of consumer segments.
The first outbreak of the COVID-19 disease occurred in Asia, which was followed by strict lockdown and detection measures, causing market results to first decrease, then improve, and overall market performance to be down 1% from the previous year. Long-term recurrence of the pandemic, as well as a lack of effective control in the Euro-American region, continuing lockdown, and other factors, have had a direct impact on factory supply and shop market conditions, resulting in uneven global demand and a significant change in the segment industry.
According to the World Paint & Coatings Industry Association, industrial coatings production has declined by 6.8% in comparison to 2019. The demand for industrial coatings is not expected to recover till the second half of the year 2021, owing to the pandemic crisis. As a result, during the projected period, the market is expected to decline due to a decrease in demand from industrial and automotive coatings.
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Rising Construction Activities & Demand from Antimicrobial Coating is a Current Trend
According to the World Paint & Coatings Industry Association, demand for several architectural coatings increased by around 5.2%. The high market success of architectural coatings in regions such as Europe and North America is largely responsible for this. Home improvement schemes became common in the Euro-American area when buyers were stranded in their households for an extended period, resulting in a dramatic rise in architectural coatings sales. With the introduction of vaccines, the paints and coatings industry is expected to resume its former rapid growth rate.
The demand for antiviral and antimicrobial coatings has hit the roof amid the COVID-19 pandemic. Some of these have witnessed a massive surge in demand. The long-term viable demand for these products is likely to be at least twice as compared to the pre-pandemic level. As a result, leading companies in the global paints and coatings industry such as NIPPON Paints, AXALTA, Sherwin-Williams, Akzo Nobel, and Diamond Vogel have expanded their antiviral and antimicrobial coatings supply, research, and development. Such initiatives are expected to favor the market growth during the forecast period.
Increasing Demand for Paints & Coatings to Propel Growth
According to Sherwin Williams, the global demand for paints and coatings was 9.8 billion gallons in 2019 and is expected to accelerate steadily in the forthcoming years. Acrylic type of resins are used in various products, from household goods like glasses and industrial products like molding materials, coatings, and adhesives, owing to their outstanding clarity and toughness.
These resins are used in a variety of paint & coatings applications, ranging from decorative to automotive coatings. Chemical and photochemical resistance is strong in these resins. Chemical and photochemical resistance is strong in these resins. Acrylics are simple to work with, have excellent paint and gloss preservation properties, are reasonably priced, and perform well in a range of applications such as roof painting, wall coating, and others. Because of their outstanding durability and weather-resistant qualities, they are extensively used in aircraft, architectural, and plastic coatings.
Architectural paints and coatings, also known as decorative paints and coatings or building paints, are used on the internal and exterior walls of various structures, including domestic, business, manufacturing, and institutional structures. These paints and coatings have certain protective properties in addition to their aesthetic qualities. Exterior architectural paints and coatings, for example, shield the structure from fog, sunshine, and wind.
Acrylic resin is used to manufacture paints that have an excellent temperature, chemical, and stain resistance, as well as a stunning high-gloss and light finish. They have been used for plastic coatings for automotive applications and a variety of coating materials for household electrical equipment, building materials, and ordinary metals due to these characteristics. Therefore, the multi-benefits of the product are anticipated to boost the global acrylic resins market growth in the forthcoming years.
Increasing Number of Stringent Regulations on VOC May Hinder Growth
Acrylic resins are widely used in almost all types of end-user coatings globally. The initial acrylics were solvent-based, but the high concentration of solvents in these coatings was harmful to human health and the atmosphere.
Acrylics are used in several end use applications. Acrylics are usually organic and solvent-dependent, with volatile organic carbon-based solvents used (VOC). These resins are widely used for coatings due to their ease of use and high gloss characteristics.
The coatings industry is under immense pressure to reduce the VOC content of solvent-based coatings to meet with tighter VOC legislation. Due to their high VOC quality, solvent-based acrylic coatings have lost market share to other competing technologies such as water-borne, powder, and UV-curable coatings. These factors are likely to hamper the growth of the market during the foreseeable period.
Acrylates Segment to Hold a Significant Share
Based on the product, the acrylic resins market is segmented into acrylates, methacrylates, and hybrid.
The acrylates segment held the major market share due to the growing use of acrylates chemistry in the paints and coatings industry. These type of resins are constructed from homo- and copolymers of alkyl acrylates and methacrylates, often mixed with other thermoplastic monomers. Their principal use in coatings is as primary binders, with end uses in the architectural and automotive industries. The industry is growing due to the rising demand for these resins and the widespread supply chain of acrylate chemistry.
Polymer manufacturers have evolved hybrid polymer technologies to synergistically blend one polymer species benefits with the other to produce a higher efficiency class of polymers. As a modern chemistry class, hybrid polymer processing provides coating formulators with new techniques to continuously create higher-performing structures. Due to their higher efficiency properties such as ultraviolet (UV) resistance, gloss retention, and increased adhesion, these are mostly used in coating applications.
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Paints & Coatings Segment to Dominate Fueled by Rising Infrastructure Spending
Based on the application, the market is classified into paints & coatings, building & construction, adhesives & sealants, plastics, textiles & fibers, paper & paperboard, and others.
The demand for paints & coatings is expected to increase as infrastructure spending rises and the demand for high-performance and long-lasting coating materials for building parts grows. These coatings protect metallic sections of tanks, fences, radiators, and metal furniture from corrosion and rusting.
The architecture industry is expected to benefit from anticipated increases in infrastructure construction and a growing middle-class demographic. Industrial coatings are becoming increasingly common in general industries due to high levels of corrosion resistance, UV degradation, chemical resistance, or weather capability with a cost-saving reduction.
Asia Pacific Acrylic Resins Market Size, 2020 (USD Million)
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Asia Pacific stood at USD 8,455.13 million in 2020 and is expected to dominate the global acrylic resins market. Government incentives, residential, commercial building & construction activities, automobile production, interest rates, and consumer spending are all important components of GDP that have a significant effect on the country's demand.
Advances in adhesives & sealants, as well as improvements in infrastructure, are expected to support the market in Europe. These resins are also expected to grow in popularity as a result of recent technological advancements in this field. It will also grow as more people become aware of environmental responsibilities.
North America's industrial sector is expected to begin to recover at a slow pace. The region is in high demand due to the growing industrial manufacturing sector. Growing demand in this region is projected to be driven by increased vehicle purchases and increased construction activity.
Large global resins companies have a strong presence in South America, and they intend to expand their presence through organic strategic acquisitions. Increased construction activities due to higher purchasing power and living standards are expected to fuel demand for acrylic type of resins in the region.
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Several resin manufacturers in the Middle East and Africa are raising awareness of the benefits of using the right resin products for a variety of uses, including architecture, textiles, automobiles, adhesives, and more. Acrylic resin demand is expected to rise as a result of numerous novel innovations in industrial production, manufacturing, and infrastructure spending, consumer products.
Key Companies to Strengthen Their Market Shares by Adopting Strategic Business Plans
The industry is fragmented, with several large players and some multinational and regional small- and medium-sized businesses. Many businesses compete based on the quality of their products and the technologies they use to make acrylic resins. Global players are exploring mergers and acquisitions, product launches, building infrastructure, expanding manufacturing plants, engaging in research and growth, and searching for vertical integration opportunities across the value chain.
An Infographic Representation of Acrylic Resins Market
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The acrylic resins market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. Also, it offers detailed insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, it encompasses various factors that have contributed to the growth of the market over recent years. This report also includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest dynamics and opportunities.
Value (USD Million) and Volume (Kilo Tons)
Product; Application, and Region
Fortune Business Insights says that the global market size was USD 19,115.9 million in 2020 and is projected to reach USD 28,051.3 million by 2028.
In 2020, Asia Pacific market stood at USD 8,455.13 million.
Registering a CAGR of 4.8%, the market will exhibit steady growth during the forecast period (2021-2028).
The paints & coatings segment is expected to be the leading segment in this market during the forecast period.
The growing paints & coatings industry is the key factor driving the market.
Dow (US), BASF SE (Germany), Arkema (France), Mitsubishi (Japan), Nippon Shokubai (Japan). DSM (Netherlands), Mitsui Chemicals (Japan), DIC Corporation (Japan), Sumitomo (Japan) are the major players in the global market.
Asia Pacific dominated the market in terms of share in 2020.
The growing demand for antimicrobial coatings is projected to create lucrative market opportunities.
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