Acrylic Protective Coating Market Analysis

Acrylic Protective Coating Market Overview

Acrylic Coating is a covering applied to the surface of an object. The purpose of application of the coating can be functional, decorative, protectoral or all. The products usually offer a number of beneficial properties such as excellent glossy finish, clarity, greater weather ability and superior hardness. These are the type of protective coatings that show resistance to impact erosion, chemicals, and strong adhesion. The acrylic coating is widely known for there thermoplastic and thermosetting. These can be applied in waterborne, solvent-borne, powder or radiation-curable formulations. The main benefit of such a type of protective coating is that it increases the life span and durability of the material or any object. The product and its application are best suited for diverse industries such as oil and gas, automotive, marine, aerospace, building and construction and energy sectors. 

It is expected to boost the demand for Acrylic protective coating market forecast during the estimated period. The acrylic coating is considered for 25% approximate share of the paints and coating market, with its share continuously increasing over the last decade. There is a continuous increase with the flourishing end-use industries with the scope of application in the Protective market. The need for protective coating on tools, equipment, and decorative end parts in the building and construction industry poses a major demand operator in the market. The use of acrylic protective coating increases the number of industrial applications such as protecting machinery and equipment which function in harsh environments. This somehow drives the growth in demand for the product.

Covid-19 analysis

The outbreak of covid-19 impacted negatively on the Acrylic protective coating market; the emergency caused due to strict restrictions caused lockdowns and shutdowns, which resulted in breakage in the supply of raw materials used for manufacturing of this coating. The coatings manufacturing centers in the Asia Pacific include India, China, Singapore, Japan, and Thailand. Due to the pandemic, Asia pacific has faced breakage in the availability of these basic materials. Covid-19 has caused a large amount of large-scale development and construction projects to delay or postponed globally. Customer closure, lack of capital expenditure, record low consumer spending are the factors that are negatively impacting the acrylic protective coating market growth. The construction and automotive industries are more affected by this pandemic.

Chief Factors Existing In The Market 

Key Market Drivers

Acrylic Protective coatings are basically used in the civil building & infrastructure industry for flooring, wood finishes, interior & exterior walls, swimming pools, bridges, doors, and ceilings. Protective coatings create a thin layer on the surfaces on which they are being applied, and they are used to increase the longevity and stability of the structures. Bridges, highways, and infrastructure projects are primarily in need of long-time stability and the ability to withstand harsh weather conditions, for instance, acid rains. These strong protective coatings keep them safe not only bridges and highways they are also used in monuments to preserve them for a long time from erosion.

Market Challenges

According to the Acrylic Protective Coating Market Share, the increase in strict regulations of having the authority to use the protective coatings has operated manufacturers to develop products with low volatile organic compounds, high solid content, and less harmful biocides. Evaluation, registration, authorization and restriction of chemicals, green seal, solvent emissions directive, and biocidal products directive are strict environmental regulations restricting the emission of volatile organic compounds and hazardous air pollutants. This resulted in technical difficulties in using solvent-based coatings. These regulations also make the industries tilt toward the use of environmentally-friendly coatings. Anyways, the challenge exists in the development of new products that follow these strict regulations and make them economically efficient for industries. 

Market Opportunities

Protective coatings are used in maintaining the existing layer to extend their longevity. Many industries have systems that run on continuous operations. Many of them face environmental changes and involve the use of harsh materials. This gives a result in the worsening in the structure of the equipment or a decrease in the efficiency of the process; this causes shutdown of the plant or stoppage in the overall functioning. Acrylic Protective coatings help in preventing these issues and help in saving the cost of shutdown and replacement of the equipment. The marine industries are prone to damages in ships, vessels, and docks due to the acidic action of seawater. Coatings, such as waterproofing coats and joints & crack filling coats, are broadly used for maintenance in the marine industry. These can definitely be an opportunity to increase the acrylic protective coating market value.

Market Restraints

These acrylic protective coatings are very expensive and are not easy to afford. Thir cost of manufacturing is increasing with the increase in the price of energy. The currency fluctuation and crude oil prices have resulted in higher raw material prices. With the raw material price, the manufacturers are also burdened with the extra cost sustained due to an increase of taxes on energy which results in higher operating costs and low-profit margins. 

Cumulative Evaluation Of The Market

In 2020 the acrylic protective coating market size was USD 12.0 billion globally. The global impact of covid-19 has been unusual and shocking for the acrylic protective coating market as it witnessed a negative demand shock across all the regions that faced the pandemic. Based on the acrylic protective coating market analysis, the market faces a huge decline of 3.4% in 2020 as compared to the average year during 2017-2019. The market is predicted to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028 at a CAGR of 7.3% during the estimated period.

Market Segmentation 

The Global acrylic protective coating market is divided on the basis of type, end-use, and region.

• Under the type, the market is divided into thermoplastic waterborne acrylic latex, thermosetting acrylic coating, and waterborne thermosetting enamels.


• Under the basis of the end-use industry, the global acrylic protective coating market is divided into building & construction, industrial, automotive, aerospace, marine, and others. 


• Under the region, there are five major regions in which the market is divided. It includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.

Regional Analysis 

The infrastructure & construction industry is expected to expand in developing Asia Pacific nations, such as India and China owing to the increase in government investments in infrastructure development projects. These projects include railroads, bridges, airports, harbors etc. Protective coatings are used for preventing and saving from hampering by corrosion which is influenced by intense weather cycles are in great demand. These coatings make the structures and constructions more durable and maintenance-free. The acrylic protective coating market in the region is expected to be operated by the growth in the demand from the infrastructure & construction industry.

North America is expected to expand rapidly, which is more likely to operate the market. The automotive industry is estimated to expand as the demand for electric vehicles is increasing among consumers. The non-residential construction sector in the U.S. is expected to expand owing to the country's robust economy and positive growth in the commercial real estate sector.

Europe has a strong position in the acrylic protective coating market and is predicted to expand averagely owing to the rising demand from the automotive industry. Corrosion protection, wear protection, increased strength, friction reduction, and scratch resistance are advantages of protective coatings in the automotive industry.

Competitive Intensity Within The Industry

The acrylic protective coating market is highly competitive with various key main players, including

• Axalta Coating Systems,


• 
  BASF,


• The Dow Chemical Company,


• Nippon Paint,


• 
  PPG Industries,


• Valspar Corporation, and


• Sherwin-Williams.

Other players include Asian Paints, Jotun, Kansai Paint, RPM, Brillux, Benjamin Moore, AkzoNobel, Dunn Edwards, and Sacal International. The Dow Chemical Company offered AVANCE Acrylic-Binder Technology, which has a very low-VOC capability and has applications in a wide variety of sectors, including industrial, masonry, metal finishing, maintenance, and protective coatings. This shows the competitive Acrylic Protective Coating Market Outlook.

Recent Market Developments

In 2019 Jotun made a joint venture with COSCO shipping, the shipment leading company of Hong Kong. This journey delivers mutual value to both parties. The company united the innovative, high-performance coatings technology of Jotun with the infrastructure, industry, and expertise, whereas Jotun will enjoy the COSCO valued reputation in the key market, China.

Jotun and Kansai have signed an agreement forming the SeaStar Alliance in 2002, they had already worked together for many years, and the alliance was a development, which happened in the year 2020.

Report Overview

The report contains all the data related to the growth and development of the acrylic protective coating market and how the challenges and opportunities can change the acrylic protective coating market trends.

Key Industrial Segments

By Technology:

• Solvent-based


• Water-based


• Powder coatings and others

By End-use Industry:

• Offshore structures 


• Petrochemical  


• Marine


• Cargo containers


• Power generation


• Water & wastewater treatment


• Civil Building & Infrastructure


• Food & beverages


• Others

By Application:

• Abrasion Resistance


• Chemical Resistance


• Fire Protection


• Heat Resistance


• Corrosion Resistance


• Pipe Coatings


• Tank Linings


• Others

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