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Acrylic Resins Market Size, Share & Industry Analysis, By Product (Acrylates, Methacrylates, and Hybrid), By Application (Paints & Coatings, Building & Construction, Adhesives & Sealants, Plastics, Textiles & Fibers, Paper & Paperboard, and Others) and Regional Forecast, 2024-2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI105159

 

KEY MARKET INSIGHTS

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The global acrylic resins market size was USD 22.36 billion in 2023 and is projected to grow from USD 23.46 billion in 2024 to USD 33.84 billion by 2032 at a CAGR of 4.8% during the forecast period.


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.


The first outbreak of the COVID-19 disease occurred in Asia, which was followed by strict lockdown and detection measures had a direct impact on factory supply and shop market conditions, resulting in uneven global demand and a significant change in the segment industry.


Acrylic Resins Market Trends


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.


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Acrylic Resins Market Growth Factors


Increasing Demand for Paints & Coatings to Propel Growth


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.


Acrylic resins are 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.


Growth of the Packaging Industry is Expected to Boost the Product Demand in the Coming Years


The packaging industry has been witnessing a significant surge in demand due to the rise in the e-commerce sector, which has led to the growth of the logistics and transportation industries. This, in turn, has resulted in an increase in the demand for various packaging materials, including acrylic resins. Acrylic resins are a type of synthetic polymer that is derived from acrylic acid. They are known for their excellent adhesive properties, high durability, and resistance to weathering and abrasion. These properties make them ideal for use in various applications, including packaging.


Acrylic resins produce various packaging materials, such as films, coatings, and adhesives. They are also used to manufacture rigid and flexible packaging products, such as bottles, containers, and bags. The demand for acrylic resins is expected to grow further as the packaging industry continues to expand, driven by increasing consumer demand, changing lifestyles, and the need for sustainable packaging solutions. The versatility and excellent properties of acrylic resins make them a popular choice for packaging applications, and this trend is likely to continue in the coming years.


RESTRAINING FACTORS


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.


Acrylic Resins Market Segmentation Analysis


By Product Analysis


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Acrylates Segment to Hold a Significant Share 


Based on the product, the 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.


By Application Analysis


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.


REGIONAL INSIGHTS


Asia Pacific Acrylic Resins Market Size, 2023 (USD Billion)

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Asia Pacific stood at USD 10.02 billion in 2023 and is expected to hold dominant global acrylic resins market share. Government incentives, residential and 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.


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 resins demand is expected to rise as a result of numerous novel innovations in industrial production, manufacturing, and infrastructure spending, consumer products.


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List of Key Companies in Acrylic Resins Market


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.


LIST OF KEY COMPANIES PROFILED



KEY INDUSTRY DEVELOPMENTS



  • March 2024 – DIC Corporation's subsidiary, IDEAL CHEMI PLAST PRIVATE LTD., opened a new production facility for coating resins in Maharashtra's Supa Japanese Industrial Zone. The facility tripled the production capacity of IDEAL CHEMI PLAST, positioning it to expand its business in India, South Asia, and the Middle East.

  • March 2021 – BASF doubled its capacity for acrylic dispersions at its new production line in Pasir Gudang, Malaysia. The line features condensate stripping recovery technology that reduces freshwater consumption and wastewater generation, contributing to the company's environmental commitment.

  • February 2021 – ENCOR 2793 functionalized pure acrylic binder, a new formulation for various substrate primers and renovation paints, was launched by Arkema. On wood, asphalt, ceramics, plastics, and various other surfaces, ENCOR® 2793 pure acrylic has an outstanding adhesion profile.

  • September 2020 – Dow introduced the INVISUTM Acrylic Adhesive portfolio in North America, which is the most recent breakthrough in pressure-sensitive paper and film marking applications. The new developments make it easier for label stock makers, converters, and brand owners to respond to evolving market demands.

  • February 2019 – Synthomer recently completed the expansion of its acrylic dispersions production facility in Worms, Germany. The investment increased the site's capacity by over 30 percent, and the fully automated production facility enhanced the site's capability to produce specialty acrylics on demand.


REPORT COVERAGE


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.


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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 4.8% from 2024 to 2032



Unit



Value (USD Billion) and Volume (Million Ton)



Segmentation



By Product



  • Acrylates

  • Methacrylates

  • Hybrid



By Application



  • Paints & Coatings

  • Building & Construction

  • Adhesives & Sealants

  • Plastics

  • Textiles & Fibers

  • Paper & Paperboard

  • Others



By Geography



  • North America (By Product, Application, and By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Product, Application, and By Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Product, Application, and By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • ASEAN (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Product, Application, and By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • The Middle East & Africa (By Product, Application, and By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 22.36 billion in 2023 and is projected to reach USD 33.84 billion by 2032.

In 2023, Asia Pacific stood at USD 10.02 billion.

Registering a CAGR of 4.8%, the market will exhibit steady growth during the forecast period (2024-2032).

The paints & coatings segment is the leading application in the market.

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 2023.

The growing demand for antimicrobial coatings is projected to create lucrative market opportunities.

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