Acrylic Resin Market Size was valued at USD 19,886.5 million in 2022. The Acrylic Resin Market is projected to grow from USD 20,704.2 million in 2023 to USD 30,741.3 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2030). The primary force behind the growth of the Acrylic Resin market worldwide is Rising demand for acrylic resins in the automotive industry. In automotive applications, acrylic resin is used to coat and protect metal surfaces with paint and varnish. Owing to a number of characteristics, including low-stress birefringence, lightweight, and good scratch resistance, among others, acrylic resins are frequently used in large vehicles, such as carriers and locomotives, as well as in passenger cars and other vehicles. Likewise, the market for acrylic resin is anticipated to rise as autonomous or electric vehicles become more prevalent.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In automotive applications, acrylic resin is used to coat and protect metal surfaces with paint and varnish. These resins, which are sold under the name hydroxyl-acrylic resins, are based on methacrylic monomers. Automobile coatings offer excellent protection and a beautiful appearance. Methacrylate resins are best paired with diisocyanates to offer flexibility to high-performance coatings due to their inherent great weather ability and scratch resistance. Fast-drying resins with high flow, gloss, durability, and fabrication qualities are produced using methyl methacrylate (MMA) modified alkyds, which are also effective in metal decorative finishes.
The manufacturing of a wide range of components and equipment, including ornamental trims, ambient lighting, door entry strips, exterior, rear, and indicator light covers, automobile glass, etc., uses methacrylate extensively. Less stress birefringence, lightweight, and good scratch resistance are a few of the important characteristics that make the resin the best choice for the automobile sector.
The automotive segment held a significant share of the acrylic resin market in 2021 growing at a CAGR of 22.90% during the forecast period. This is a result of many manufacturers demands, such as decreased methacrylate emissions of volatile organic compounds (VOCs), which contribute to smog production and provide a long-lasting protective surface coating on automobiles. The automobile sector makes extensive use of methacrylate monomers including butyl methacrylate and methyl methacrylate (MMA). Methacrylate monomers are mostly used for automobile glazing in the automotive sector. Furthermore, immense growth in the automotive sector is one of the primary drivers of the acrylic resin market.
A crucial sector of the economy, automotive production is presently experiencing a fast transformation. The future of the businesses operating in this sector is being shaped by the introduction of electric cars and self-driving technologies. It's likely that individuals who are open to this change will expand the most during the next several years. The Asia-Pacific region is experiencing rapid expansion in the automobile industry. One of the industries with the quickest recent growth has been the Asia Pacific automobile market, which is predicted to rule the market for the next 10 years. Also, lowering hazardous emissions improves safety and comfort, preserves the environment, and generates greater economic activity. Significant global developments in the automobile industry include the use of fuel-efficient cars.
Owing to a number of characteristics, including low-stress birefringence, lightweight, and good scratch resistance, among others, acrylic resins are frequently used in large vehicles, such as carriers and locomotives, as well as in passenger cars and other vehicles. Likewise, the market for acrylic resin is anticipated to rise as autonomous or electric vehicles become more prevalent. The automotive market is still anticipated to be driven in the next years by an increase in the use of vehicles powered by gasoline and diesel. These trends in the growth of the automotive industry are expected to boost the demand for acrylic resin during the forecast period.
Global automotive manufacturing industry revenue between 2019 to 2022 (USD Trillion)
Source: Statista and MRFR Analysis
According to Statista, the global automotive manufacturing market was worth about 2.86 trillion U.S. dollars in 2021. The market is projected to grow to some 2.95 trillion U.S. dollars in 2022. This growth is a slow recovery, still under the industry’s 2019 market size. Hence increasing revenue from the automotive industry will positively impact the overall Acrylic Resin Market in the forecast period.
The development of electric cars increases the need for acrylic resin over the study period. Globally speaking, EV sales volumes are growing to the point where they may generate sizable profit margins for the automotive industry's upstream players and well-positioned leather suppliers. Thus, the increase in the production of e-vehicle coupled with gasoline-based cars is expected to increase the demand for the acrylic resin market during the forecast period.
Based on type, the Acrylic Resin Market has been classified into methacrylates, acrylates, and hybrids. The methacrylates segment dominated the Acrylic Resin Market with a value of USD 19,886.5 million in 2022; with an expected CAGR of 5.69% during the forecast period. Methacrylate is utilized as a building block in the production of a wide variety of polymers. These polymers are then employed as raw materials or components in the production of a wide variety of formulations or items that are used in day-to-day life, particularly where stability, durability, hardness, and scratch resistance are required. Thus, a rise in demand for methacrylate in various end-use industries such as building & construction, automotive & transportation, and others will raise the demand for the acrylic resin market during the forecast period.
August 2023:Â Arkema, a global pioneer in specialty materials for paints and coatings, launched the new acrylic polyol emulsion SYNAQUA 9511, a new performance waterborne binder for use in formulating industrial paints with decreased VOC levels (150 g/l).
Based on the property, the Acrylic Resin Market has been classified into thermoplastics and thermosetting. The thermosetting segment dominated the Acrylic Resin Market with a value of USD 11,796.9 million in 2022; with an expected CAGR of 5.93% during the forecast period. Thermoplastic acrylic resins are typically produced using a one-shot solution technique and are used as lacquers in automotive, refinishing, and other industries. These thermoplastic grades offer a wide range of qualities with exceptional solvent resistance, flexibility, impact resistance, and high hardness of a crosslinked system. They can be plasticized internally or externally and mixed with nitrocellulose or alkyd in stoving finishes. The molecular weight of metallic flake pigments must be carefully managed since it determines their orientation. The building & construction industry mostly uses thermoplastic acrylic resins through a water-borne dispersion process.
August 2020 Mitsubishi Chemical Corporation has sold its acrylic resin for hair care products to Osaka Organic Chemical Industry. The products include YUKAFORMER, DIAFORMER, and DIASLEEK.
May 2021 BASF began manufacturing its new acrylic dispersions facility in Pasir Gudang, Malaysia to increase its capacity. The cutting-edge plant will manufacture acrylic dispersions for the Asia Pacific paints, construction, adhesives, and packaging industries.
August 2021 Mitsubishi Chemical is to invest USD 915 million in the construction of a new factory in Louisiana. The investment will increase the production of methyl methacrylate, or MMA, a raw chemical used to make acrylic polymers, which are utilized in a variety of items such as vehicle components and home paint. When finished, the plant will be the largest of its kind, with an annual manufacturing capacity of 350,000 tons, accounting for around 10% of global demand for the compound. The plant is expected to open in 2025.
Based on the end-use by application, the Acrylic Resin Market has been classified into building & construction, automotive, electronics, packaging, and others. The building & construction segment dominated the Acrylic Resin Market with a value of USD 6,523.4 million in 2022; with an expected CAGR of 6.11% during the forecast period. Applications in the building & construction end-use industry includes paints & coatings (ACE) coatings), adhesives & sealants, pigment dispersion, safety windows, decorative panels, enclosures, signage & displays, and construction materials.
November 2021:Â Covestro launched DecoverySP-8310, an acrylic resin that can be easily formulated into multi-purpose paints with up to 37 percent bio-based content.
December 2022:Â Arkema has announced a project to expand the capacity of its UV curable resin manufacturing at its Nansha factory in China. This investment is completely consistent with the Group's objective to expand its Coating Solutions sector with high-value-added solutions and to strengthen its downstream acrylics activities in Asia.
January 2022:Â Covestro has acquired Japan Fine Coatings Co., Ltd. (JFC), which was previously administered as a joint venture (JV) with JSR Corporation, situated in Tsukuba, Japan, and is a significant supplier of optical fiber coatings. Covestro previously controlled 70% of the JV shares, while JSR held 30%. Covestro has purchased JSR's 30% ownership and becomes the company's sole owner.
Based on the application of chemistry, the Acrylic Resin Market has been classified into paints & coatings, adhesives & sealants, pigment dispersion, and others. The paints & coatings segment dominated the Acrylic Resin Market with a value of USD 6,276.0 million in 2022; with an expected CAGR of 5.94% during the forecast period. The chemistries considered in the Acrylic Resin Market are emulsion polymerization, suspension polymerization, solution polymerization, and bulk polymerization. Emulsion polymerization is a kind of radical polymerization that begins with an emulsion that contains water, monomer, and surfactant. Suspension polymerization is a heterogeneous radical polymerization method in which a monomer or combination of monomers is mixed in a liquid phase, such as water, while the monomers polymerize, generating polymer spheres. These polymers are produced by solution polymerizing of monomers in the presence of a solvent system suitable for high solids coating applications and the presence of other derivatives. Bulk polymerization, also known as mass polymerization, uses a monomer and an initiator as the major components, with no solvent.
February 2022 Mitsubishi Chemical Corporation and its subsidiary Mitsubishi Chemical Methacrylates have developed plant-derived MMA (methyl methacrylate) monomer manufacturing technology and have commenced designing a pilot plant. Both firms will implement new production technologies that incorporate plant-derived raw materials into the existing MMA monomer manufacturing process and will be put into operation by 2023.
May 2022 DIC Corporation, and its wholly owned subsidiary Ideal Chemi Plast Private Limited, situated in the Indian state of Maharashtra, have begun building a new coating resins production plant in the state's Supa industrial area. The new greenfield project will enhance Ideal Chemi Plast's resin production capacity, allowing it to keep up with India's rising demand. The principal products include coating resins (acrylic resins, polyester resins, alkyd resins, and others). The operation of the facility is expected by July 2023.
Region-wise Acrylic Resin Market has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific held the largest market share of 35.08% in 2022 due to the high availability of raw materials, rapid industrialization, and commercialization in the region. It is expected to increase the consumption of acrylic resin during the forecast period. The market was valued at USD 6,976.2 million in 2022 and is expected to exhibit a CAGR of 6.05%. The ongoing economic strength of the Asia-Pacific area and the resulting rise in demand for infrastructure, equipment, manufacturing facilities, and other domains are projected to fuel the region's need for paints & coatings. Also, fresh prospects in end-user sectors like manufacturing, construction, packaging, automotive, and others are probably on the horizon thanks to the development of production facilities and rising investments in the area. The Asia-Pacific region's three fastest-growing economies are China, India, and Japan, which dominate various end-use sectors including building and construction, automobile, and so forth.
Also, there are several sizable paint industries in Europe, and the continent's four largest economies are Germany, France, Italy, and Spain. During the course of the projection period, it is anticipated that the paints and coatings segment will grow as a consequence of the existence of numerous well-known competitors in the area.
July 2022 BASF has completed the installation and start-up of a cutting-edge acrylic dispersions production line in Dahej, India, which will serve the coatings, construction, adhesives, and paper sectors in South Asian markets.
July 2022 Arkema will acquire Polimeros Especiales, a prominent emulsion resin producer in Mexico. The planned purchase of this market leader in solvent-free waterborne acrylic resins will boost Arkema's position in this rapidly increasing market such as architectural and decorative paints, textiles, pressure-sensitive adhesives, and construction.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Acrylic Resin Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Acrylic Resin Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Acrylic Resin industry to benefit clients and expand the Acrylic Resin market sector is to manufacture locally to reduce operating costs. The market for Acrylic Resin is recognized as being extremely competitive and fragmented. The market for Acrylic Resin offers considerable potential opportunities for domestic and unorganised companies. Some of the key players operating in the Acrylic Resin Market are Arkema, BASF SE, Evonik Industries AG, Dow Chemical Company, Mitsubishi, Chemical Corporation, Henkel AG & Co., Nippon Shokubai Kagaku Kogyo Co., Ltd., DIC Corporation, Sumitomo Chemical Company, and Covestro AG. To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.
BASF SE is a major player in the Acrylic Resins market, globally. It manufactures, markets, and sells chemicals, polymers, crop protection products, and performance products. Acrylic Resins, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides are among its products. Construction, furniture and wood, agricultural, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals, and other industries are served by the company. BASF conducts R&D in collaboration with global clients, scientists, and partners. The corporation operates through a global network of manufacturing plants. Its operations are spread over Europe, Asia Pacific, South America, Africa, the Middle East, and North America. BASF is based in Ludwigshafen, Germany. The company has been focusing new product launches, expansions, and agreements in order to remain competitive in the Acrylic Resins market.
Evonik Industries AG: is a leading manufacturer of specialty chemicals globally. The company offers various products in the field of consumer goods, animal nutrition, and pharmaceuticals. They work in five business segments technology & infrastructure, performance materials, smart material, specialty additive, and nutrition & care. Everything in the new Nutrition & Care section is focused on enhancing human health, happiness, and quality of life. Automotive, paints, coatings, adhesives, construction, and many other industries receive high-performance materials from the Smart Materials division for use in green and energy-efficient systems. The Performance Materials sector provides ever-improving goods and technologies. They are the foundation for many contemporary applications, such as polymers, transportation, nutrition, and pharmaceuticals. The Technology & Infrastructure division provides a comprehensive selection of services as a catalyst for innovation and digitization in the manufacturing environment. It has an operational presence in more than 100 countries. It operates 59 production plants in 27 countries and 38 R&D locations across the globe.
January 2023 BASF has announced an investment in polymer dispersions capacity expansion at its Merak, Indonesia, production location. The growth is in keeping with the growing trend of high-quality packaging in ASEAN, which is home to major paper and board manufacturers. The expansion will deliver more supply reliability to meet the increasing demand for acrylics and styrene-butadiene dispersions in the Southeast Asia, Australia, and New Zealand markets.
December 2022 Sumitomo Chemical has built a new pilot facility for the chemical recycling of acrylic resin (polymethyl methacrylate or PMMA) at its Ehime Works in Niihama City, Ehime Prefecture, Japan. Samples of chemically recycled methyl methacrylate or MMA monomer generated in this facility, as well as acrylic resin produced from the monomer, will be available from spring 2023.
November 2022 Arkema announces the certification of a variety of bio-attributed acrylic monomers utilizing the mass balance technique, marking a significant advancement in its revolutionary sustainable offering. Arkema is now able to supply certified bio-attributed specialized acrylic additives and resins for a wide variety of applications. This establishes the company as a global leader in the provision of bio-attributed acrylic materials and a significant market partner for its customer.
Acrylic Resin Type Outlook
Acrylic Resin Property Outlook
Acrylic Resin End Use by Application Outlook
Acrylic Resin Application by Chemistry Outlook
Acrylic Resin Regional Outlook
North America
Europe
Asia-Pacific
Middle East & Africa
South America
Brazil
Argentina
Rest of South America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 19,886.5 million |
| Market Size 2023 | USD 20,704.2 million |
| Market Size 2030 | USD 30,741.3 million |
| Compound Annual Growth Rate (CAGR) | 5.60 % (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, property, end-use by application, application by chemistry, and region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa and South America |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Saudi Arabia, UAE, Argentina, |
| Key Companies Profiled | Arkema (France), BASF SE (Germany), Evonik Industries AG (Germany), Dow Chemical Company (US), Mitsubishi Chemical Corporation (Japan), Henkel AG & Co. (Germany), Nippon Shokubai Kagaku Kogyo Co.Ltd. (Japan), DIC Corporation (Japan), Sumitomo Chemical Company (Japan), Covestro AG (Germany) |
| Key Market Opportunities | Increasing demand for acrylic resin in Paints and Coatings |
| Key Market Dynamics | Rising demand for acrylic resins in the automotive industry |
Frequently Asked Questions (FAQ) :
US$ 19,886.5 Mn
5.60%
Asia-Pacific
Arkema (France), BASF SE (Germany), Evonik Industries AG (Germany), Dow Chemical Company (US), Mitsubishi Chemical Corporation (Japan), Henkel AG & Co. (Germany), Nippon Shokubai Kagaku Kogyo Co.Ltd. (Japan), DIC Corporation (Japan), Sumitomo Chemical Company (Japan), Covestro AG (Germany)
Methacrylates
Thermosetting
Building & construction
Paints & Coatings
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
