Acrylic Resin Market Size, Share, Growth Report 2032

Acrylic Resin Market Size And Industry Analysis

The global acrylic resin market size was worth USD 17,294.3 million in 2021 and is estimated to grow to USD 23,576.1 million by 2028, with a compound annual growth rate (CAGR) of roughly 5.3 percent over the projected period. The report analyzes the acrylic resin market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the acrylic resin market.

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Acrylic Resin Market: Overview

Acrylic resin is a thermoplastic or thermosetting material commonly produced from the monomers acrylic acid, methacrylic acid, and acrylate. Acrylic resins are frequently utilized in various consumer goods and industrial products because of their high transparency and durability. Polyols are acrylic resins manufactured from monomers like methyl methacrylate and are intended for usage in two-component systems. Additionally, well-known for their superior oxidative and UV resilience are acrylic resins. Both solvent-based systems and aqueous emulsions are available for acrylic resins.

The viscosities of both systems can be adjusted to meet the requirements of ballistic molding applications for prepregs made of textiles or uni tape fiber that contain little resin. Acrylic resins are widely known for having significant oxidative and UV stability. The market is anticipated to rise as more end-use sectors, including building & construction and automotive, increase their use of acrylic resins. Additionally, due to their great adherence, acrylic resins are frequently utilized as major binders in paints and coatings. However, the negative impacts of acrylic resins made with solvents and environmental laws about high volatile organic compounds (VOCs) could have a detrimental effect on the market's expansion.

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COVID-19 Impact:

The main applications for acrylic resins are in the building and industrial sectors. COVID-19 has had a detrimental effect on this sector of the economy. In some countries, the building sector has suffered due to logistical issues and lockdown. The industry has been negatively impacted by supply chain interruptions, manpower shortages, logistical constraints, limited component availability, declining demand, low corporate liquidity, and stoppage of operations due to lockdown in several nations.

During this crisis, raw material suppliers and related businesses are compelled to review their approaches to serving this industry. With the epidemic, residential and commercial construction has completely stopped. During this era of crisis, acrylic resin demand from this industry is anticipated to be low to medium. The healthcare sector now needs more building work due to the outbreak. The market for the acrylic resin is being propelled by an increase in demand for new hospitals, care facilities, pharmaceutical, and medical installations. With the economic recovery and increased knowledge of the benefits of private transportation over public transportation, demand for automobiles is also rising.

Key Insights

• As per the analysis shared by our research analyst, the global acrylic resin market value is expected to grow at a CAGR of 5.3% over the forecast period.
• In terms of revenue, the global acrylic resin market size was valued at around USD 17,294.3 million in 2021 and is projected to reach USD 23,576.1 million by 2028.
• The main factors driving market revenue growth are the rise in construction activities and projects, the requirement for environmentally friendly formulations, and the rising demand for acrylic resins from various industries due to their superior qualities and benefits.
• By chemistry, the hybrid category dominated the market in 2021.
• By application, the paints and coating category dominated the market in 2021.
• The Asia Pacific dominated the global acrylic resin market in 2021.

Acrylic Resin Market: Growth Drivers

Increased development and infrastructure work will increase the demand for acrylic resins

In recent years, the demand for acrylic resins has increased due to the rapid industrialization and urbanization of important nations like China and India. High-performance materials are needed in the architecture and construction sectors for protective and ornamental objectives. For use in building and construction, acrylic resin-based products, including paint, coatings, adhesives, and sealants, must exhibit extremely high levels of consistency in quality, performance, and cost-effectiveness. As a result, the building and construction industry is seeing an increase in demand for systems based on acrylic resin. The demand for better housing and infrastructure in developing nations, particularly in the Asia Pacific, is anticipated to increase the global demand for acrylic resins.

Acrylic Resin Market: Restraints

Environmental and health concerns may hamper the growth of the market

One of the main factors holding back the global acrylic resin market is the negative consequences of solvent-based systems on people's and the environment's health. Solvent-based systems pose acute health dangers to users in the form of headaches, lightheadedness, and dizziness, resulting in unconsciousness and seizures. Additionally, these systems might irritate your eyes, throat, and nose. VOCs included in paint systems are harmful to both people and the environment. VOCs are released while the paint dries or cures. The body degrades when exposed to VOCs, which can cause everything from headaches to allergic and asthmatic symptoms. These can also stress important body organs, including the heart and lungs.

Acrylic Resin Market: Opportunity

Increasing demand for ecologically friendly formulations will create new opportunities for the market

The market must be sustained in the ensuing years, which requires the development of bio-based resin systems. The primary objective of producing green or bio-based paints and coating systems is environmental sustainability. Every phase of the coating's life cycle, from raw materials to resin production and formulation level, is covered by environmental sustainability. Most raw materials used in coatings are made from fossil fuels like coal, oil, and natural gas. With the discharge of greenhouse gases, misusing these resources significantly negatively impacts the environment. Comparing raw materials from plant biomass to their traditional counterparts reveals their advantageous qualities. Still employed in small volumes in coating compositions are plant-based ingredients like linseed and soya oils.

Acrylic Resin Market: Challenge

Stringent guidelines and limitations will pose a huge challenge to the growth of the market

Regulatory frameworks and limitations on the use of paints and coatings vary nationwide. Manufacturers must update and adapt their processes to comply with new standards due to variations in coating rules. Products that don't meet the specifications can't be sold in those markets. According to need and to regulate emissions from certain formulations, acrylic resins are employed in various sectors. The current laws are based on the concentration of VOCs in exhaust gases. Still, according to industrial strategy, it would be preferable in the long run for restrictions to be based on air quality standards or emission limit values represented as the mass of total emissions.

Acrylic Resin Market: Segmentation

The global acrylic resin market has been segmented into chemistry, solvency, application, and end-use industry.

Based on chemistry, the global acrylic resin market is segmented into acrylates, methacrylates, and hybrids. In 2021, the hybrid segment dominated the market. In most cases, hybrid acrylic resins are a blend of two useful monomers. These resins were developed to combine the advantageous traits of the two resins and balance out their drawbacks to attain the desired functionality. Their enhanced performance characteristics, including ultraviolet (UV) resistance, gloss preservation, and improved adhesion, are mostly used in coating applications.

Based on solvency, the global acrylic resin market is segmented into water-based, solvent-based, and others. The solvent-based acrylic resin dominated the market in 2021. Since solvent-based acrylic resins are increasingly being used in coating projects, the solvent-based segment is anticipated to lead in terms of revenue throughout the projected period. Acrylic resins made of solvents include liquefying components that are meant to evaporate chemically when they come into contact with air.

Based on application, the global acrylic resin market is segmented into paints & coatings, adhesives & sealants, DIY coatings, elastomers, and others. In 2021, the paints and coating category dominated the market. From architectural coatings to industrial coatings, acrylics are used in a wide variety of paint and coating applications. Acrylic resins perform well in various applications, including roof coating, wall coating, interior and exterior paints, and others. They are easy to handle, cost-effective, and demonstrate good chemical and photochemical resistance.

Based on the end-use industry, the global acrylic resin market is segmented into building & construction, industrial, paper & paperboard, consumer goods, electrical & electronics, packaging, and others. The building & construction industry dominated the market in 2021. The demand for acrylic resins in the building and construction sector is driven by the increase in residential and commercial construction in emerging economies and the restoration of older buildings in developed economies. Acrylic resins are widely used in the industry because of their superior adhesion, flexibility and elongation, UV stability, carbonation resistance, and environmental friendliness.

Recent Developments

• In September 2020, Dow expanded its focus on the label business with the North American launch of its INVISUTM Acrylic Adhesive portfolio, the latest innovation for pressure-sensitive paper and film label applications. The new technologies make it easier for producers of label stock, converters, and brand owners to meet the evolving demands of the business.

Report Scope:

Acrylic Resin Market: Regional Landscape

The Asia Pacific dominated the acrylic resin market in 2021

The global acrylic resins market was dominated by the Asia Pacific, which held a share of more than 41% in 2021. Expanding important sectors, including infrastructure, electronics, automotive, and healthcare, define the area's market. The government's support for manufacturing, particularly in China and India, through tax incentives and flexible rules should have a good effect on the region's output of acrylic resin.

The Asia-largest Pacific market is China. As a result of China's government's focus on reducing volatile components in resins, demand for diverse water-based acrylic resins for coating applications is on the rise. The booming building industry in developing nations and large investments in key sectors are to blame for the expanding acrylic resin market. The main applications for acrylic resins are in the construction and industrial sectors. Acrylic resins have been in particularly high demand in the region for car lamp covers, aquarium tanks, coatings, and construction materials.

Acrylic Resin Market: Competitive Landscape

Some of the main competitors dominating the global acrylic resin market include- BASF SE, Arkema, The Dow Chemical Company, Mitsubishi Chemical Holdings, Sumitomo Chemical, DIC Corporation, DSM, Mitsui Chemicals, Nippon Shokubai Co., Showa Denko Materials, Aekyung Chemical Co. Ltd. Allnex, Berger Paints India Ltd., Fujikura Kasei Co. Ltd., Innotek Technology Ltd., Geo Specialty Chemicals, Lubrizol, Momentive Performance Materials, Jotun, Kamsons Chemicals Pvt. Ltd., Rohm, Solvay, Sun Polymers Inc., Synthomer (Omnova), and Yip’s Chemical Holdings Ltd.

Global Acrylic Resin Market is segmented as follows:

By Chemistry

• Acrylates
• Methacrylates
• Hybrid

By Solvency

• Water-based
• Solvent-based
• Others

By Application

• Paints & Coatings
• Adhesives & Sealants
• DIY coatings
• Elastomers
• Others

By End-Use Industry

• Building & Construction
• Industrial
• Paper & paperboard
• Consumer goods
• Electrical & electronics
• Packaging
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa