IMARC Group's report titled "Acrylic Resin Market Report by Type (Water-based, Solvent-based, and Others), Application (Paints and Coatings, Adhesives and Sealants, and Others), End User (Automotive, Building and Construction, Electronics, Packaging, and Others), and Region 2024-2032". The global acrylic resin market size reached US$ 21.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032.
Factors Affecting the Growth of the Global Acrylic Resin Industry:
- Versatile Applications:
Acrylic resins boast a broad range of applications across multiple sectors,. Their remarkable attributes, including UV degradation, and resilience to weathering and impact, have made them a sought-after material. In the automotive industry, acrylic resins are leveraged in exterior components and clear coatings due to their capacity to retain vibrancy and color consistency over time. The construction sector also utilizes these resins in various applications, such as coatings, sealants, and adhesives, where their durability and visual appeal are highly valued. Furthermore, acrylic resins are incorporated into consumer products, including packaging, electronics, and appliances, where their high transparency and scratch resistance are particularly advantageous. The versatility of acrylic resins is further underscored by their ability to be formulated into various forms, including liquids, powders, and emulsions, thereby broadening their utility across diverse industries and driving market demand.
- Demand for Sustainable Materials:
Given the increasing environmental worries, more people are favoring acrylic resins as sustainable options over traditional materials. Acrylic resins can be customized to meet eco-friendly criteria, providing minimal VOC (volatile organic compound) emissions and the ability to be recycled. This change is especially noticeable in the coatings and paints sector, where manufacturers are swapping out solvent-based mixtures for water-based acrylic resins to strict environmental regulations. Additionally, acrylic resins help boost energy efficiency in buildings when utilized in insulating coatings and reflective roof coatings, ultimately decreasing the environmental impact. The focus on sustainability in various industries, combined with the recyclable and long-lasting nature of acrylic resins, is fueling their acceptance and expanding their global market presence.
- Construction and Infrastructure Development:
The acrylic resin market is experiencing substantial growth worldwide due to the rapid expansion of construction and infrastructure projects. resins play a crucial role in modern construction materials as they improve durability, weather resistance, and visual attractiveness. These resins are particularly favored in architectural coatings for their superior color retention and resistance to fading, contributing to the long-lasting quality of buildings and infrastructure. Additionally, acrylic used in adhesives and sealants for bonding applications that require both flexibility and strength. The increasing construction activities in emerging economies, as well as renovation projects in developed regions, are driving the demand for acrylic resins. Moreover, the rising investments in urbanization, commercial buildings, and infrastructure upgrades are further fueling market growth for acrylic resins, which serve as vital components in construction materials and coatings.
Leading Companies Operating in the Global Acrylic Resin Industry:
- Arkema S.A
- BASF SE
- DIC Corporation
- Dow Inc.
- Koninklijke DSM N.V.
- Mitsubishi Chemical Corporation
- Mitsui Chemicals Inc
- NIPPON SHOKUBAI CO. LTD.
- Showa Denko Materials Co. Ltd.
- Solvay S.A.
- Sumitomo Chemical Co. Ltd.
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Acrylic Resin Market Report Segmentation:
By Type:
- Water-based
- Solvent-based
- Others
Water-based holds the largest position in the market as it can be utilized in several applications, including paints, coatings, adhesives, sealants, inks, and textiles.
By Application:
- Paints and Coatings
- Adhesives and Sealants
- Others
Paints and coatings dominate the market due to their versatility, durability, and various advantageous properties.
By End User:
- Automotive
- Building and Construction
- Electronics
- Packaging
- Others
Building and costruction accounts for the largest market share as these coatings provide protection and aesthetics to building surfaces.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Acrylic Resin Market Trends:
A key driver of growth in the global acrylic resin market is the rising demand from the paints and coatings industry. The versatility of acrylic resins, which offer to environmental factors, and visual appeal, makes of paints and coatings. Key sectors such as construction and automotive, which are experiencing rapid expansion, are among the primary users of these resins. Additionally, breakthroughs in polymerization techniques are having a profound impact on the global acrylic resin market. The development of cutting-edge, including controlled radical polymerization and emulsion polymerization, has led to the creation of high-performance acrylic resins with improved characteristics.
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