Acrylic Resins Market worth $21.9 billion by 2025 - Exclusive Report by MarketsandMarkets™
Jan 12, 2021, 04:30 ET
CHICAGO, Jan. 12, 2021 /PRNewswire/ -- According to the new market research report "Acrylic Resins Market by Solvency (Water-based, solvent-based, and others), Chemistry, Application (Paints & coatings, adhesives & sealants, DIY coatings, elastomers, and others), End-use Industry, and Region – Global Forecast to 2025", published by MarketsandMarkets™, the Acrylic Resins Market size is projected to reach USD 21.9 billion by 2025 from USD 16.8 billion in 2020, at a CAGR of 5.5% during the forecast period.
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The demand for acrylic resins in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in the construction industry and industrial activities. The stringent regulations regarding coating application is a major challenge for the acrylic resins market. The demand for acrylic resins is rising, owing to the growing demand for cost-effective and sustainable coating materials. This increase in demand for environment-friendly acrylic resins and the construction of green buildings provide growth opportunities to the market. On the other hand, the potential health and environmental issues are the major restrain for the market.
Based on chemistry, the acrylates segment is estimated to lead the overall acrylic resins market in 2020.
Acrylates are the largest chemistry type which is used in the production of acrylic resins. These chemicals are bifunctional in nature i.e. can be polymerized and used for various other applications. The growing demand for acrylic resins and easy availability of acrylate chemistry are driving the market growth.
Based on solvency, water-based is estimated to be the largest market in the overall acrylic resin market in 2020.
Water-based acrylic resins are effective as their solvent-based but also have a low environmental impact. These resins are used increasingly in the current period owing to its sustainable nature and easy formulation processes, their excellent durability, quick-drying times, and emission of low odor. Using solvent-based acrylic resins in confined spaces can be unpleasant or hazardous to the workers due to the evaporation of solvents, these drives use of water-based resins.
Based on applications, paints & coatings segment is estimated to lead the market in 2020.
Acrylics are utilized in a broad range of applications in paints & coatings industry, right from architectural coatings to the industrial coatings. Acrylic resins show good chemical and photochemical resistance. Acrylics have good colors and gloss retention properties and are easy to handle, moderately priced, and exhibit superior performance in a wide variety of applications such as roof coating, wall coating, and others.
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Based on end-use industry, building & construction is expected to be the largest acrylic resins consuming sector in 2020.
The increasing number of residential and commercial construction in emerging economies and refurbishment of existing buildings in developed economies are driving consumption of acrylic resins in the building & construction industry. Acrylic resins have excellent adhesion, flexibility and elongation, UV stability, carbonation resistance, and are environment friendly which are the major adoption factors for these resins in the sector.
Based on region, APAC is projected to grow the fastest in the acrylic resins market in 2020.
APAC is projected to be the fastest-growing market for acrylic resins. The rising population, increased demand for residential buildings, rapid industrialization, and increased urbanization are driving the APAC acrylic resins market. China is the largest market for acrylic resins in the region. China is also a major producer and consumer of acrylic resins in the region as it has a huge manufacturing base. Apart from China, India, Japan, and South Korea are projected to grow at a decent rate during the forecast period.
The key players in the non-phthalate plasticizers market include Dow (US), BASF SE (Germany), Arkema (France), Mitsubishi (Japan), Nippon Shokubai (Japan), DSM (Netherlands), Mitsui Chemicals (Japan), Showa Denko Materials (Japan), DIC Corporation (Japan) and Sumitomo (Japan). These players have established a strong foothold in the market by adopting strategies, such as expansions, joint ventures, and new product launches.
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