Pune, India, October 3, 2017 /MRFR Press Release/- Market Research Future published a Half Cooked Research Report on Global Acrylic Protective Coating Market.
Acrylic Coating in generally applied on the surface of an object to serve protectoral, decorative, or an operational purpose. The end products or an object coated with Acrylic Protective Coatings offer an excellent gloss, finish, and clarity, along with greater weather ability and superior hardness. The Acrylic Protective Coatings exhibit number beneficial properties including impact resistance, chemical inertness, and strong adhesion. The product add value into an object or a substrate, which includes increased life span and durability. Acrylic Protective Coating has successfully penetrated into vast number of industries such as building & construction, oil & gas, automotive, marine, aerospace, mining, industrial, and energy sector. The Global Protective Coating Market is growing at significantly higher CAGR to reach nearly USD 23 billion by 2023, which is anticipated to fuel the demand of acrylic protective coating. Surge in use of paints & coatings in last decade is the major factor driving demand of the product, which accounts for nearly 25% share of the global paints % coating market.
Key players in the Global Acrylic Protective Coating Market are ., PPG Industries (U.S.), Arkema SA (France), Wacker Chemie AG (Germany), SIKA AG (Switzerland), RPM International Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems (U.S.), HEMPEL A/S (Denmark), B.M. REAL INTERNATIONAL (Romania), Dunn-Edwards Corporation (U.S.), and others.
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The Global Acrylic Protective Coating Market has been segmented on the basis of product type, end use industry and region. On the basis of product type, the market is divided into, thermoplastic waterborne acrylic latex, thermosetting acrylic coating, waterborne thermosetting enamels. Among these types, waterborne thermosetting enamel is holding major share of overall demand of acrylic protective coatings. Waterborne thermosetting enamels are applied to automobiles, containers, aluminum and steel coil, and machinery and equipment. The major factor favoring the growth of this type in the market is growing environmental concern. The waterborne thermosetting acrylic coating is majorly used as a basecoat in automotive industry, wherein it accounts for more than 50% of the overall automotive basecoat. In North America, vast number of plants now use waterborne basecoats, and in Germany, which accounts for about 45% of total vehicle production in Europe, waterborne basecoats account for about 85% of the total basecoat market. Collectively, the waterborne thermosetting acrylic enamel is projected to grow at highest CAGR during the forecast period. Thermosetting acrylic latex is also an important type of Acrylic Coating which is mainly used in object finishes in industrial equipment. Growth of industrialization in developing countries is an important driving factor for this type of Acrylic Coating. Lastly, the thermoplastic waterborne acrylic latex (or emulsion) coatings are generally used as architectural finishes and, to a much lesser extent, on factory-finished wood products. In addition to these types, the solvent borne formulations are also find significant applications in automotive and light-truck topcoats and as container and machinery coatings in number of industries.
Based on end use industry, the Global Acrylic Protective Coating Market is segmented into building & construction, industrial, automotive, aerospace, marine, and others. Building & construction segment is the major consumer of Acrylic Protective Coatings. This is attributed to the growing construction activities in commercial, household, and physical infrastructural sectors. The product is predominantly used to coat a concrete and furniture substrate in construction industry to improve adhesion and abrasion resistance. In addition to this, the emergence of industries in number of developing countries is fetching major share of Acrylic Protective Coating in protection of industrial machinery and tools. The significant amount of the product is consumed by almost all the industries to add into the durability of tools and equipment and increase their sustainability. Global automotive industry is growing at significant CAGR of 7% to reach a double digit billion dollar figure in by the end of 2023. This, in turn is anticipated to fuel the demand of Acrylic Protective Coating in automotive basecoat. Aerospace industry is another important end user of Acrylic Protective Coating. The increasing demand of both commercial and fighter jets around the world mingled with rising number of air travelers is posing as major opportunity for growth of this industry. Marine industry is gaining momentum around the world owing to the competition among the leading economies namely U.S, India, Russia, and China.
The Global Acrylic Protective Coating Market is geographically divided into five key regions which are Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is the leading region among them owing to the increasing demand from building & construction, automotive, and wind energy sector in this region. Countries namely India, China, and Japan are leading markets in this region owing to the growth in demand from major end use industries such as marine, automotive, and building & construction in these countries. North America is the second most significant region in the Global Acrylic Protective Coating Market. U.S. is the major contributor in this region due to the presence of well-established and leading end use industries such as marine, defense, aerospace and sports industry. Europe is another substantial region in the Global Acrylic Protective Coating Market. The major markets in this region are Germany, U.K., France and Italy, where there is a growing demand of Acrylic Protective Coatings by automobile industry. Latin America is witnessing rise in industrialization along with the pacifying political and economic scenario in Brazil and Colombia. During the forecast period the region anticipated to hold significant share of the Global Acrylic Protective Coating Market. The Middle East & Africa is holding relatively lesser shares in the Global Acrylic Protective Coating Market. It is anticipated to witness growth in coming years on account of hitherto untapped growth opportunities in construction sector.