Acrylic Resin Market 2022
acrylic resin market was valued at USD 17.81 billion in 2021 and is expected to reach USD 28.39 billion by 2029, registering a CAGR of 6.00% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Market Definition
The term "acrylic resin" refers to a class of thermoplastic substances made from substances like acrylic acid or methacrylic acid. To make a versatile substance, heated plastic is combined with the derivatives of acrylic.
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Global Acrylic Resin Market Scope
The acrylic resin market is segmented on the basis of type, solvency, property and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Methacrylates
- Acrylates
- Hybrids
Solvency
- Water based
- Solvent based
- Others
Property
- Thermoplastic
- Thermosetting
Application
- Paints and Coatings
- Construction
- Medical
- Paper and Paperboard
- Textiles
- Fibers
- Adhesives
Acrylic Resin Market Regional Analysis/Insights
The acrylic resin market is analyzed and market size insights and trends are provided by country, type, solvency, property and application as referenced above.
The countries covered in the acrylic resin market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growing requirement of environmentally sustainable formulations within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increased consumer spending, growing construction industry and strong economic growth in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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Competitive Landscape and Acrylic Resin Market Share Analysis
The acrylic resin market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to acrylic resin market.
Some of the major players operating in the acrylic resin market are
- Cardolite Corporation (U.S.)
- BASF SE (Germany)
- Cardolite Corporation (U.S.)
- Kukdo Chemical Co., Ltd., (South Korea)
- Evonik Industries AG (Germany)
- Aditya Birla Group Chemicals (India)
- Mitsubishi Chemical Corporation (Japan),
- Arkema (France)
- Hexion (U.S.)
- Huntsman International LLC (U.S.)
- DuPont (U.S.)
- DAIKIN (Japan)
- Bostik (France)
- H.B. Fuller Company (U.S.)
- Sika AG (Switzerland)
- Freudenberg SE (Germany)
- DOW (U.S.)
- Solvay (Belgium)
- Air Products, Inc., (U.S.)
- Momentive (U.S.)
Acrylic Resin Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Various Benefits of Water based Acrylic Resins
The acrylic resins made of water are as effective as those made of solvents, but they also have less of an adverse influence on the environment. These resins are being used more frequently right now because of their easy formulation procedures, good durability, short drying times, and minimal odor emission. Using solvent-based acrylic resins in small areas can be uncomfortable or dangerous for the workers due to the evaporation of solvents, which further encourages the use of water-based resins.
- High Demand of Acrylic Resin
In recent years, the demand for acrylic resins has increased largely across the globe. High-performance materials are needed in the architecture and construction sector for both 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 and performance as well as 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 is anticipated to increase the demand for acrylic resins globally.
The rapid industrialization, increasing disposable incomes, ease of financing, changing lifestyle, growing demand for single family homes and urbanization will further propel the growth rate of acrylic resin market. Additionally, the growth in trade by air transportation will also drive market value growth. The expansion of the automotive industry along with the increase in defense budgets are other market growth determinants which are projected to bolster the growth of the market.
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Opportunities
- Growth in Environmentally Sustainable Formulations
Furthermore, the growth in environmentally sustainable formulations further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. 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.
- Increased developments and Product Launch
Additionally, the growing amount of developments and product launch will further expand the future growth of the acrylic resin market. For instance, At PaperCon 2018 in April 2018, BASF introduced a vinyl acrylic latex binder for the paper coating industry. In order to provide a binder with superb coverage, high binding strength, and exceptional run ability while using conventional coating application methods, VINOFAN offers coated unbleached Kraft and coated recycled board.
Restraints/Challenges
- Health and Environment Issues
The major factor holding back the market is the negative consequences of solvent-based systems on the health of people and the environment. The immediate health risks of solvent-based systems include headache, lightheadedness, and dizziness that can lead to unconsciousness as well as seizures. Working with these systems can also cause irritation of the nose, eyes, and throat. Both persons and the environment are harmed by VOCs included in paint systems. When paint is drying or curing, VOCs are released. The body degrades when exposed to VOCs, which can cause everything from headaches to allergic and asthmatic symptoms. These can also put stress on important body organs including the heart and lungs.
- Stringent Regulations
The regulatory frameworks and limitations on the usage of paints and coatings vary from nation to nation. Manufacturers are required to 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 a variety of sectors. The production and sale of paints and coatings are governed by a number of laws in Europe and the US, including DIN EN 16516, the EU Construction Products Regulation (CPR), REACH - Registration, Evaluation, Authorization and Restriction of Chemicals, and comparable others. These regulation will pose as a significant challenge for the acrylic resin market growth rate.
This acrylic resin market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the acrylic resin market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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