Acrylic Resins Market is likely to grow at a CAGR of 5.2% by the end of the forecast period in 2028 & is expected to attain a value worth USD 29.1 billion
The acrylic resins market share has been projected to grow at an excellent rate during the ongoing forecast period of 2022-2030. The industry experts and business analysts suggest that the global market is likely to grow at a global CAGR of 5.2%. By the end of the forecast period in 2030, the market is expected to attain a global market value worth USD 29.1 billion.
There has been a huge surge in building and construction projects and further, an increase in demand from the automotive industry that will drive the growth of the global acrylic resins market. However, the birth of adverse effects of volatile content and government regulation is likely to hinder the market growth. On the contrary, there has been a rise in demand from the emerging economies that are expected to open lucrative opportunities for the market players in the upcoming forecast period that will be ending in 2030.
The episode of the novel Covid pandemic has made a lot of issues and commotion in the working of the acrylic resins market particularly during the continuous estimate time frame that will end in 2028. The market is seeing the appearance of economic situations that incorporate the less or no accessibility of unrefined substances, assets, and gifted work that may hamper the capacity of the market to meet the rising necessities of the interest group that have been anticipated by the market specialists for the continuous figure time frame. The coming of the pandemic has been out and out an awful bad dream that has hampered the capacity and capability of the crowd to meet the rising requirements of the crowd followed by the extension focuses on that have been set for the coming time frame. The state-run administrations are understanding the examples of the contamination spread and understanding the dangers identified with the local area transmission of the infection. They are making significant strides like imposing lockdown, limitations, and fines, that are hampering the market from working according to their actual potential.
Be that as it may, the economies are confronting misfortunes and there is a dire need to go to business as usual and get back with the elements of the creation and assembling units. The state-run administrations are lifting the lockdown limitations and are working together with people in general and private area endeavors to build the subsidizing that will help in adding to the item portfolio followed by the dispatch of something very similar at an international scale.
The acrylic resin industry is witnessing the emergence of competition by the developments undertaken by the following market players:
A rapid degree of industrialization and urbanization in key countries like China and India have spurred the demand for acrylic resins market size in the past few years. The building and construction industry is amongst those that require high-performance materials for protection, and decorative purposes. The high degree of quality and performance of acrylic resin-based systems like paint, coatings, adhesives, and sealants amongst others for building and construction purposes must be extremely consistent and should be cost-effective, as well. As a result, the demand for acrylic resin-based systems is increasing at an excellent rate in the building and construction industry, and thus, expanding the global market.
The harmful effects of solvent-based systems on human health followed by environmental health is one of the major factors that is restraining and challenging the market for global growth during the forecast period that will be ending in 2028. The acute health hazards related to the use of solvent-based systems include headache, dizziness, and light‐headedness that are progressing to unconsciousness and seizures. Irritation of the nose, eye, and throat are also some other effects that are incurred while working with these systems.
The development of bio-based resin systems is crucial for sustaining the acrylic resins market share in the coming years. Environment sustainability is one of the main goals of developing green or bio-based paints and coating systems in the global market scenario. The concept of environmental sustainability encompasses every stage of the coating’s life cycle that is from raw material to resin manufacturing and includes formulation level, as well. The fossil-based raw materials or feedstocks such as oil, coal, and natural gas are some of the commonly used in most of the coatings for raw materials. Abuse of these resources extracts a huge toll on the environmental conditions owing to the release of greenhouse gases during the processes.
The Global Acrylic Resins Market share has been segmented based on the following:
Based on the type
The acrylic resins market trends have been segmented on the type and include methacrylates, acrylates, and hybrids segments.
Based on property
The acrylic resins market by the property is sub-divided and includes thermoplastic and thermosetting segments.
Based on the market applications
The acrylic resins market by application has been categorized into paints & coatings, construction, paper & paperboard, textiles, fibers and adhesives, and others.
The APAC region is likely to dominate the acrylic resins market industry as per the predictions for the forecast period that will be ending in 2028. One of the most prominent reasons behind the splendid growth for the market is that there has been a substantial rise in the income of people that will give rise to the global acrylic resins market trends. The regional countries of the APAC market are strengthening which will help the market flourish globally.
The acrylic resins market report has been curated to help the market investors and buyers understand the global scenario and take their decisions accordingly. The market report covers various aspects that have both a positive and negative impact on the market functioning for the forecast period that will be ending in 2028.
|Market Size||2030: USD 29.1 billion|
|CAGR||5.2% (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application, ByRegion|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), NIPPON SHOKUBAI CO., LTD. (Japan), Arkema S.A. (France), Air Products and Chemicals, Inc. (U.S.), The Dow Chemical Company (U.S.)|
|Key Market Opportunities||The high degree of quality and performance of acrylic resin-based systems like paint, coatings, adhesives, and sealants|
|Key Market Drivers||The building and construction industry is amongst those that require high-performance materials for protection, and decorative purposes.|
The APAC region is likely to witness the fastest market growth during the period.
The global market is likely to attain a global CAGR of 5.2% during the forecast period.
The market is likely to attain a global sum of USD 29.1 billion during the forecast period.