Acrylic Resins Market Outlook - 2021–2028
The global acrylic resins market size was valued at $18.7 billion in 2020, and is projected to reach $28.3 billion by 2028, growing at a CAGR of 5.2% from 2021 to 2028.
Acrylic resins, a type of thermoplastic or thermosetting polymer, is produced from acrylic and methacrylic ester monomers. Acrylic resins can be solvent-based and water-based systems. The density of acrylic resin is in the range 1.02-1.19 g/cc. Acrylic resins have high water resistance, high adhesion, and these are resistant to cracking. This is majorly used in molding materials, coatings, and adhesives.
Growth in application of acrylic resins in various end-use industries such as building & construction and automotive is expected to boost the market growth. In addition, owing to high adhesion, acrylic resins are widely used as primary binders in paints and coatings. Moreover, rise in number of new city projects in emerging nations, such as China, India, and Japan is expected to fuel demand for acrylic resins. Increase in population and rapid urbanization in Asia-Pacific and need for improved infrastructure and residential spaces are anticipated to play a crucial role in the acrylic resins market growth. The total population of Asia-Pacific represent around 60% of total world population and is expected to increase 5.2 billion (0.9 billion increase) by 2050. Moreover, high durability and chemical resistance make it suitable for electronics application such as PC screens, display windows for cellular phones, and light guide panels.
However, adverse effects of solvent-based acrylic resins and environment regulations regarding high volatile organic contents (VOCs) may negatively impact the market growth. Moreover, adverse effects may lead to headache, dizziness, and light‐headedness progressing to unconsciousness and seizures. Irritation of nose, eye and throat are also some of the other effects of working with these systems.
Nonetheless, development of bio-based resin systems is crucial for sustaining demand in projected timeframe. Sustainable solution is the main goal of developing green or bio-based paints and coating systems. Environment sustainability encompasses every stage of coating’s life cycle i.e., from raw material to resin manufacturing and formulation level. Such developments are expected to provide new market opportunities in the coming years.
The global acrylic resins market is segmented on the basis of solvency, application, end-user, and region. On the basis of solvency, it is divided into water-based, solvent-based, and others. By application, it is categorized into paints & coatings, adhesives & sealants, elastomers, and others. By end-user, the market is classified into building & construction, paper & paperboard, consumer goods, automotive, electrical & electronics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players have adopted business expansion, merger, and acquisition to sustain the intense market competition. Some of the key players profiled in the report include Basf Se, Arkema, The Dow Chemical Company, Mitsubishi Chemical Holdings, Sumitomo Chemical, Dic Corporation, and Dsm.
Global Acrylic Resins Market, By Region
Europe accounted for highest acrylic resins market share in 2020. This is attributed to increased demand for protective paints and coatings in automotive industries. Asia-Pacific is expected to witness highest market growth. This is attributed to emerging applications of acrylic resins in building and construction projects. China has the highest market size in Asia-Pacific. The government in China is focused to reduce volatile components in resins, which further enhances demand for various water-based acrylic resins for coating applications.
By Region
Asia-Pacific exhibits highest CAGR of 6.0%
Global Acrylic Resins Market, By Type
Water based resins accounted for highest acrylic resins market share and is expected to witness highest market growth. Growing emphasis of water based acrylic resins in coating applications is expected to drive the market growth. Acrylic resin is used as a primary binder for industrial coatings.
By Type
Water based resins is projected as the most lucrative segment
Global Acrylic Resins Market, By Application
By application, the paints and coatings segment accounted for significant revenue share in 2020. Acrylic resins are widely used as binders for paints and coatings. Moreover, acrylic resins used in paints and coatings are high temperature and chemical resistant with high durability.
By Application
Paints and Coating is projected as the most lucrative segment
Global Acrylic Resins Market, By End-User
By end-user, the buildings & construction segment accounted for a significant market share in 2020. With growth in number of construction projects, demand for coating binders is on the rise. Moreover, significant growth in residential and commercial construction projects in countries such as China and India, is expected to create growth opportunities for the market.
COVID-19 scenario analysis
- Rapid spread of COVID-19 pandemic largely impacted the demand from end users of acrylic resins such as building and construction, automotive, and electronics. Lockdown measures and travel restrictions hindered large number of construction activities, which further impacted the market demand. In addition, owing to reduced labor force, large number of industrial projects were delayed that affected the market demand.
- Countries across the globe imposed ban on cross-border imports of various goods, which largely impacted supply chain of the acrylic resins market. Delayed supply of raw materials and increase in lead time affected production of acrylic resins.
- However, rise in demand for new construction projects in medical and healthcare sectors is expected provide new growth opportunities. In addition, growth in prominence of private transport and personal vehicles to maintain social distancing is slowly improve the market growth.
Key benefits for stakeholders
- The global acrylic resins market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global acrylic resins market forecast for the period 2021–2028.
- The report outlines the current global acrylic resins market trends and future estimations of the market from 2020 to 2028 to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study.
Key market segments
By Type
- Water based
- Solvent based
- Others
By Application
- Paints & Coatings
- Adhesives & Sealants
- Others
By End-User
- Building & Construction
- Automotive
- Electronics
- Packaging
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Acrylic Resins Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By END-USER |
|
 By Region |
|
 Key Market Players | DSM, SHOWA DENKO MATERIALS, SUMITOMO CHEMICALS, BASF SE, ARKEMA, NIPPON SHOKUBAI CO. LTD, DIC CORPORATION, MITSUI CHEMICALS, MITSUBUSHI CHEMICAL HOLDINGS, THE DOW CHEMICAL COMPANY |
Analyst Review
According to CXOs of leading companies, the acrylic resins market is expected to witness considerable growth. This is attributed to surge in demand for new building and construction projects for residential and commercial sectors. Acrylic is mostly used as binder in paints and coatings, which are used in building, automotive, and electronics industries. Moreover, acrylic resins are highly durable and temperature and chemical resistant, which makes them suitable for interior application of building structures. In addition, rise in concern from governments regarding volatile component is further expected to drive the market growth for water-based acrylic resins.
Increase in building and construction projects and surge in demand from automotive industries, are the key factors boosting the market growth.
The Acrylic Resins market was valued at $18.7 billion in 2020, and is projected to reach $28.3 billion by 2028, growing at a CAGR of 5.2% from 2021 to 2028.
Basf Se, Arkema, The Dow Chemical Company, Mitsubishi Chemical Holdings, Sumitomo Chemical, Dic Corporation, and DSM are the top companies in the market.
Packaging end-user is projected to increase the demand for Acrylic Resins Market.
Water based acrylic resins accounted for the largest Acrylic Resins market share.
Rise in demand of painting and coating application in building and construction projects is the main driver influencing the market growth.
Electronics, automotive and packaging end users are expected to drive the adoption of Acrylic Resins.
•Rapid spread of COVID-19 pandemic largely impacted the demand from end users of acrylic resins such as building and construction, automotive, and electronics. Lockdown measures and travel restrictions hindered large number of construction activities, which further impacted the market demand. In addition, owing to reduced labor force, large number of industrial projects were delayed that affected the market demand. • Countries across the globe imposed ban on cross-border imports of various goods, which largely impacted supply chain of the acrylic resins market. Delayed supply of raw materials and increase in lead time affected production of acrylic resins. • However, rise in demand for new construction projects in medical and healthcare sectors is expected provide new growth opportunities. In addition, growth in prominence of private transport and personal vehicles to maintain social distancing is slowly improve the market growth.
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