The global acrylic resins market size is expected to showcase significant growth by reaching USD 28,051.3 million by 2028. Fortune Business Insights in its latest report, titled “Acrylic Resins Market, 2021-2028.”, mentions that the market stood at USD 19,115.9 million in 2020 and is projected to exhibit a CAGR of 4.8% between 2021 and 2028. The increasing demand for advanced paints and coatings and the increasing industrial application of the product will bode well for the growth of the market. According to Sherwin Williams, the global demand for paints and coatings was about 9.8 billion gallons in 2019 and is likely to accelerate at a steady pace in the forthcoming years.
The government agencies across the globe have imposed lockdown and stringent social distancing norms to reduce the effect of the global pandemic, COVID-19. This has led to suspension of several industrial activities and shutdown of industries. Besides, stalling of several projects globally due to reduced manpower and less revenue generation is affecting the market growth.
Based on the product, theglobal market for acrylic resins is trifurcated into acrylates,methacrylates, and hybrids. On the basis of application, the market is segmented into paints & coatings, building & construction, adhesives & sealants, plastics, textiles & fibers, paper & paperboard, and others. Lastly, on the basis of region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand from Several Industrial Applications to Aid Growth
Owing to their beneficial properties such as weather-resistant, longevity, toughness, and superior performance, adhesives and solvents such as advanced resins are extensively used in several industrial applications. The increasing adoption in applications such as aerospace, plastic coatings, architectural, etc., is expected to boost the adoption of the product globally. In addition to this, the rising residential and construction sector presents a lucrative opportunity for the companies to develop advanced coatings and paints that will contribute to the global acrylic resins market growth during the forecast period
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Further Report Findings:
- Asia Pacific stood at USD 8,455.13 million in 2020 and is expected to hold the largest global acrylic resins market share in the forthcoming years. This is due to the increasing consumer spending capacity and the growing rate of automotive manufacturing by established vehicle companies in the region.
- The market in North America is anticipated to showcase exponential growth backed by the increasing construction activities and the growing sales of automotive that will favor the adoption of advanced acrylic resins in the region.
- Based on application, the paints and coatings segment is expected to experience significant growth during the forecast period. This is ascribable to factors such as the increasing demand for durable acrylic resins coatings that prevent rusting and deterioration of metallic parts that is likely to boost its adoption across several industrial applications worldwide.
Eminent Companies Focus on Merger and Acquisition to Intensify Industry Competition
The market comprises small, medium, and large companies focusing on establishing their footprint and gaining a competitive edge over their rivals. The major companies are acquiring other small companies to expand their acrylic resins portfolio and boost their sales revenue to contribute to market growth. Other key players are adopting organic and inorganic growth strategies that will bode well for the growth of the market during the forecast period.
- September 2020 – Dow unveiled the INVISUTM Acrylic Adhesive portfolio for the North American region. The product is expected to be adopted extensively in several industrial applications such as pressure-sensitive paper and film marking.
List of the Companies Profiled in the Global Market:
- Dow (US)
- BASF SE (Germany)
- Arkema (France)
- Mitsubishi (Japan)
- Nippon Shokubai (Japan)
- DSM (Netherlands)
- Mitsui Chemicals (Japan)
- DIC Corporation (Japan)
- Sumitomo (Japan)
- Other Key Players
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