Acrylic Resin Market Is Driven By Expanding Applications of Paints and Coatings, Adhesives, and Textile, By Outlook By 2024

Acrylic resins, thermoplastic materials derived from compounds such as acrylic acid, methacrylic acid, etc., have an array of applications. This is because they feature durability, transparency, adherability, water resistance, hardness, heat resistance, weather resistance, and glossy external appearance. A report by Transparency Market Research broadly segments the different applications of acrylic resins into automotive, paints and coatings, lighting fixtures, adhesives, and textile. Of these, the paints and coatings segment grosses maximum revenue and hence accounts for a dominant position in the market. Used mostly as decorative coatings and do-it-yourself coating primarily in the construction and automotive industry, they are also slated to outshine all other segments in terms of growth rate in the near future because of their versatility and durability.

The TMR report also classifies the global acrylic resin market by end users into automotive, construction, and consumer goods. It furnishes a detailed quantitative and qualitative analysis of the different segments and estimates the overall market size and its growth prospects. The report also describes the competitive landscape in complete detail and sheds light on key strategies of prominent players.

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Global Acrylic Resin Market: Drivers and Trends

Acrylic resins are weather and hydrolysis resistant, provide a glossy external appearance, and provide color stability and adherability. Because of such unique perceived benefits they are used in a range of things such as cellular phones, aircraft windshields, watch crystals, optical lenses, PC screens, binders for paper and fiber processing, outdoor signs, headlights, dishes, floor waxes, lighting fixtures, piano keys, and so on. The rapid expansion in such end use industries, especially the automobile industry, is slated to provide substantial impetus to the global acrylic resin market.

Countering the growth in the market is the rising concerns about the health hazards related to the raw materials and their unstable prices, and environmental regulations, particularly in the advanced western countries. A trend expected to revolutionize the global acrylic resin market in the future is the development and commercialization of eco-friendly acrylic resin.

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Global Acrylic Resin Market: Geographical Outlook

Based on geography, the key segments of the global acrylic resin market are Europe, North America, Asia Pacific, and the Rest of the World. Asia Pacific, among them, holds maximum potential for growth in the upcoming years. This is because of the rising fortunes of the people in the region on account of the rapid economic growth. This in turn, would trigger strong demand in the region. Asia Pacific already holds prominent position in the global market in terms of both production and consumption. India and China are two major economies powering the market in Asia Pacific due to their requirement for acrylics in applications the construction, paints and coatings, industrial, and commercial segments. 

North America and Europe are other prominent markets. Going forward, however, they are slated to pare some of their market shares owing to the slow pace of growth resulting from an already mature market that has limited opportunities. Another factor predicted to restrain growth in the two continents is the strict government regulations. The Rest of the World too will likely see impressive growth on the back of a spurt in construction activities in South America and Middle East.

Companies Mentioned in Report

Some of the key companies in the global acrylic resin market listed in the report are Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Air Products and Chemicals Inc., Arkema S.A., Mitsui Chemicals Inc., Evonik Industries AG, Formosa Plastics Corp., BASF, Eastman Chemical Company, and Henkel AG.