Acrylic Resins Market Foreseen to Grow Exponentially by 2030
According to the Market Statsville Group, the global acrylic resins market size is expected to grow from USD 19,783.2 million in 2021 to USD 29,677.1 million by 2030, at a CAGR of 5.2% from 2022 to 2030. The acrylic resins market is expected to grow due to the increased use in various end-use industries such as building, construction, and automotive. Acrylic resins are also widely used as primary binders in paints and coatings due to their high adhesion. Furthermore, demand for acrylic resins is expected to increase as new city projects in emerging economies such as China, India, and Japan increase. Bio-based resin systems are expected to gain popularity, which will open up new market opportunities.
With rapid urbanization, demand for acrylic resin products is rising in wall painting and coating applications. Emerging countries such as China and India are witnessing many populations moving to urban areas, owing to migration policies and urban-rural income differences. According to the seventh population census of 2020, more than 60% of the population in China lives in urban areas. Such a massive shift has led to a rise in the number of new investments in construction projects in the country. Moreover, the rise in the population of Asia-pacific is one of the crucial factors that influence the market growth. The total population of Asia-Pacific represents around 60% of the global population and is expected to increase to 5.2 billion (0.9 billion increase) by 2050.
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Global Acrylic Resins Market Definition
Acrylic resins are thermoplastic or thermosetting polymers used as the primary binder for coatings and additives. Acrylic resins are available in both solvent and water-based formulations. Acrylic resin has a density of 1.02-1.19 grams per cubic centimeter. Acrylic resins have excellent water resistance, adhesion, and crack resistance. Acrylic resins are used in paints, coatings, adhesives, and sealants, among other things.
Global Acrylic Resins Market Dynamics
Drivers: Surge in demand from the automotive industry
Acrylic resins are used as coating additives for interiors and exteriors in the automotive industry. There is a significant increase in demand for automotive across all regions. This is attributed to an increase in disposable income and growth in the prominence of private cars. Acrylic resins are used for the protection of automotive against environmental hazards. Solvent-based resins are mostly used for more natural finish and high gloss after coating. Such factors are anticipated to drive the market growth during the forecast period.
Restraints: Adverse effects of volatile content and government regulation
Solvent-based acrylic resins have high volatile content, unlike water-based acrylic resins. Solvent-based resins can be hazardous to workers in confined spaces due to their high solvent evaporation. This could lead to headaches, dizziness, and light-headedness and further progress to unconsciousness and seizures. Irritation of the nose, eye, and throat are also some of the other effects of working with these systems. Moreover, environmental regulations to reduce volatile organic contents (VOCs) in acrylic resins have led to introduction of resin formulations with lower solvent contents, lower average molecular weights, and higher functionality. These factors are expected to act as restraints for the global acrylic resins market during the forecast period.
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Scope of the Global Acrylic Resins Market
The study categorizes the acrylic resins market based on type, application, and end-users at the regional and global levels.
By Type Outlook (Sales/Revenue, USD Million, 2017–2030)
By Application Outlook (Sales/Revenue, USD Million, 2017–2030)
- Paints & Coatings
- Adhesives & Sealants
By End-Users Outlook (Sales/Revenue, USD Million, 2017–2030)
- Building & Construction
By Region Outlook (Sales/Revenue, USD Million, 2017–2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The water-based segment accounts for the largest market share, by type
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On the basis of type, the global Acrylic resins market is classified into water-based, solvent-based, and others. In 2021, the water-based segment accounted for the largest market share of 54.1% in the global acrylic resins market. This type of acrylic resin is water-soluble, which is produced through the copolymerization of acrylic acid, methacrylic acid, and other derivatives. Different methods, such as emulsion and solution polymerization, can be used to produce acrylic resins. However, an emulsion is mostly used to produce water-based acrylic resins. The addition of acrylonitrile and styrene can improve the water-based acrylic resins’ wear resistance and mechanical properties. This is majorly used in construction, automotive, and consumer goods.
Growth in emphasis of water-based acrylic resins in coating applications is expected to drive the market growth. Acrylic resin is used as the primary binder for industrial coatings. Moreover, concerns from governments regarding the volatile organic content (VOC) of solvent-based acrylic resins will increase the demand for water-based acrylic resins. Industry players are focusing on increasing the application of water-based coatings in buildings and construction industries to replace alkyd resin and conventional acrylic resins. This will provide the acrylic resins market growth opportunities during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Region-wise, the Acrylic resins market is analyzed across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is the fastest-growing region with a CAGR of 6.0% during the forecast period. Asia-Pacific acrylic resins market consists of China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Building & construction is the fastest growing industry in Asia-Pacific, especially in China and India. Development in many industries such as building & construction and automotive is expected to increase demand for acrylic resins during the forecast period.
Moreover, North America is the fastest-growing region after the Asia Pacific with a CAGR of 5.8% in the global acrylic resins market during the forecast period. The building & construction market is expected to grow significantly in all the three countries covered in this region, the U.S., Canada, and Mexico. The automotive industry segment is also expected to register substantial growth during the forecast period. These two factors are expected to increase demand for automotive coatings and refinishes based on acrylic resins.
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Key Market Players
The acrylic resins market is consolidated in nature with few players such as BASF SE, The Dow Chemical Company, Arkema, Mitsubishi Chemical Holdings, Sumitomo Chemical, DIC Corporation, and DSM.
These players have been adopting various strategies to gain higher share or to retain leading positions in the market. Acquisition is the most adopted strategy by players such as Show Denko, Mitsubishi Chemical, Arkema, and DIC.