Global Acrylic Resin Industrial Coatings Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), the Global Acrylic Resin Industrial Coatings Market size was estimated at USD 17.89 Billion in 2021 and is expected to reach USD 19.11 billion in 2022 and is expected to hit around USD 28.95 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.

Acrylic resin industrial coatings are thermoplastic or thermosetting polymers. It is obtained by acrylic and methacrylic ester monomer. It possesses properties such as resistance to photochemical, gloss retention, and high adhesion. In addition, it is less toxic, has low flammability, and has low VOC content owing to which it finds applications in various end-use industries including automotive, building and construction, transportation, electrical, medical, consumer goods, and others.

Growth Factors.

The growing use of acrylic resin industrial coatings in paints and coatings will aid the market growth

Increasing demand from the architecture sector acts as one of the key factors responsible for the growth of the global acrylic resin industrial coatings market. Acrylic resin industrial coatings are preferred over conventional coating materials due to their low volatile organic content, low toxicity, resistance to abrasion, and water retention capacity. Acrylic coatings are extensively used in the building infrastructure for roof and wall coatings along with interior and exterior protecting coating applications. According to an article published by the India Brand Equity Foundation paint market is expected to grow 20% annually in the next two years. These factors are anticipated to increase the demand for acrylic resin coatings in the paints and coatings sector.

Furthermore, the growing trend of renovation activities based on modern theme infrastructure has surged the popularity of DIY projects, where acrylic resin is used to make up slip-resistant versatile, and aesthetically pleasing floors and walls. This factor is anticipated to increase the potential sales of acrylic resin industrial coatings; thus, offering the most lucrative opportunities for the market to grow.

Acrylic resin industrial coatings market Segmentation.

Acrylic resin industrial coatings market, segmented by Type

Depending upon the types, the acrylic resin industrial coatings market is segmented into water-based, solvent-based, and others.

The water-based resin type segment dominated the market in 2021 and accounted for 28.56% of the total market share. Water-based acrylic resins are extensively used in building materials, automotive, electronics, medical devices, and households. In addition, the growing global population, and rise in building and construction activities have spurred the water-based acrylic resin coatings which it is used in the interior and exterior of the building as a protecting material. Excellent durability, less drying time, and cost-effective properties make them ideal coating components. These factors are escalating the demand for water-based acrylic resin coatings during the forecast period.

The acrylic resin industrial coatings market, segmented on the basis of Application

Based on application, the global acrylic resin industrial coatings market is studied across paints and coatings, adhesives and sealants, and others. It is expected that the global paint and coatings application segment to hold a dominant position during 2022 -2030 with a total share of 39.78%.

The emergence of high solid paints and coatings which produces no or low VOCs has surged the popularity of acrylic resin coatings. In addition, growing infrastructure activities in both developed and developing economies have enhanced the need for acrylic resin industrial coatings which are extensively used in paints and coatings. In addition, advancement in technology, rapid growth in the furniture sector, and growing consumer demand for modified furniture have enhanced the performance of acrylic resin coatings which it is widely employed on wooden furniture as a protecting coating. These factors are escalating the growth of the acrylic resin industrial coatings market.

The acrylic resin industrial coatings market, segmented on the basis of End Use

Based on end use, the global acrylic resin industrial coatings market is studied across building and construction, automotive, electronics, packaging, and others. It is expected that the global building and construction segment to hold a dominant position during 2022 -2030 with a total share of 29.56%.

The growing population has surged the building and construction activities in both developed and developing countries wherein acrylic resin industrial coatings are widely used to make slip-resistant, attractive, and aesthetically pleasing floors and walls. This factor is expected to increase the overall market growth in the upcoming years.

Furthermore, well-established industrial sectors in both developed and developing economies have surged the demand for acrylic resin industrial coatings. In addition, several manufacturers have increased their production capacities for acrylic resin industrial coatings. This factor is likely to boost the market in the upcoming years.

Report Scope

Regional Analysis

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominant region in the acrylic resin industrial coatings market with a total share of 36.89%. The utilization of acrylic resin coatings has increased in the sectors such as building & construction, automotive, electronics, and others are key market trends in the Asia-Pacific region.

The building & construction sector is one of the booming sectors in the Asia-Pacific region. For instance, according to an article published by Invest India in August 2022, the construction industry in India is expected to reach $1.4 Tn by 2025 due to a robust increase in the urban population which will significantly enhance the demand for acrylic resin coatings where it gives protection to infrastructure during the uncertain weather conditions. It is also used for protecting the windows & doors, floor slab surfaces from UV radiation, and others.

Moreover, China is the topmost producer of electric vehicles in the world where acrylic resin coatings are widely employed in sealing systems, interior roof panels, and other automotive parts as a glassifying agent and anti-corrosion agent which propel the market growth. According to data published by International Trade Administration, China’s construction industry is projected to grow at an annual average rate of 8.6% from 20220-2030. These factors are escalating the demand for acrylic resin coatings in the building and construction sector.

The Europe region has shown considerable growth due to the strong presence of top automobile manufacturers such as BMW, Mercedes-Benz, Porsche, Audi, and Volkswagen that are consistently adding value by producing desirable and attractive cars where acrylic resin industrial coatings are used for sealing applications.

This North American region is also anticipated to maintain its position throughout the forecast period. Countries such as the U.S., Canada, and Mexico have significant contributions to the growth of the acrylic resin coatings market in the region.

Key Findings:

• The water-based type segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 28.56%.
• Global paint and coatings application segment to hold a dominant position during 2022 – 2030 and accounted for 39.78% of the total market share during the forecast period.
• The global building and construction end-use segment are expected to hold a dominant position during the forecast period and account for 29.56% of the total market share.
• Asia-Pacific is the dominant region in the acrylic resin industrial coatings market with a total market share of 36.89% during the forecast period.

Recent Development:

• In April 2021: Mitsubishi Chemical Inc., is merging seven subsidiaries in the U.S., the primary business of the acquired seven companies will be actively engaged in the manufacturing of acrylics monomer, polyester films, specialty resin, and others. This strategic merger will strengthen Mitsubishi’s product portfolio.
• In March 2021: BASF SE expanded its acrylic dispersion business in Pasir, Malaysia. This business includes the production of various acrylic dispersion such as Acronal EDGe, Acronal Plus, and many others. This strategic business expansion has enhanced BASF’s product portfolio in the Asia-Pacific region.

COVID-19 Analysis

The acrylic resin coatings market has had a negative and short-term impact due to the wake of the COVID-19 pandemic, owing to the rise in cases of COVID-19, implementation of emergency protocols and shutdown of various operations and facilities have been observed during 2020.

Due to the spread of the coronavirus pandemic, the manufacturer has faced challenges in terms of operation and supply chain due to government restrictions during the lockdown.

However, the acrylic resin industrial coatings market faced several difficulties with material supply chain disruptions, and labour shortages, in 2020.  In addition, the complete shutdown of the automotive, building and construction, and home furnishing sector have affected the market negatively.

Also, several acrylic resin coatings-based product manufacturing companies have either shut down or shrank their operations due to the risk of infection among the workforce.

This has temporarily hampered the demand and supply chain of the acrylic resin coatings market. In addition, the falling income of customers has led contraction in the demand for glasses, refractory materials, and others during the COVID-19 period.

In the first quarter of 2021, the market for acrylic resin industrial coatings experienced an increase in the demand for acrylic resin coatings chemicals in building and construction, automotive, and other end-use industries worldwide, compared to that in 2020.

Segments covered in the report

By Type

• Water based
• Solvent based
• Others

By Application

• Paints and Coatings
• Adhesive and Sealants
• Others

By End Use

• Building and Construction
• Automotive
• Electronics
• Packaging
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America