The global Acrylic Resins market generated revenue of around USD 16,300 million in 2020 and anticipated to grow at a CAGR of over 5.15% during the forecast period from 2021 to 2027 to reach around USD 23,125 million in 2027.
Acrylic resins are thermosetting plastic or thermoplastic which are synthesized from a wide range of methacrylic and acrylic ester monomers. In some acrylic resins, which have low level of monomers, have other functional groups also. Acrylic resins feature include durability and transparency due to which they have a wide range of applications. Acrylic resins are majorly available in water-based systems and solvent-based systems. Viscosity in both the systems can be designed to meet the low resin content prepregs made of either unitape fiber or fabrics.
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Key Trends in Global Acrylic Resins Market
Increasing infrastructural and constructional activities
Rapid urbanization and industrialization in various emerging countries across the globe is fueling the constructional and infrastructural activities. In 2019, the global population of the world was around 7.7 billion out of which approximately 60% of the population was in APAC. Owing to the rapid increase in the population there is rise in residential construction and also increase in infrastructural projects. Also, the growing government initiatives for improving constructions of developing countries such as India is also responsible for rise in construction activities. In construction industry products which have high performance are preferred. Acrylic resin’s quality and performance is extremely consistent and acrylic resin is also cost effective. This increases the use of acrylic resin in construction industry.
Impact of COVID 19 on Global Acrylic Resins Market
COVID 19 has highly impacted revenue generation of acrylic resin market. During the COVID 19 scenario various countries have imposed rules for product and goods exchange. Also, there were strict rules implied to work at particular construction site and industries. This affected the demand for acrylic resins market in 2020. COVID 19 has resulted in decline of about 25% in total revenue generated by the global acrylic resins market as compare to 2019.
Global Acrylic Resins Market by Type Insights
Methacrylates, acrylates and hybrid are main three types of acrylic resin market. Acrylates is the largest segment owing to its property such as it can be polymerized and has various applications.
Global Acrylic Resins Market by Solvency Insights
On the basis of solvency, the acrylic resin market is divided into water based and solvent based segments. Water based segment is expected to show a higher growth owing to the inclination of companies towards the use of products which are environmentally sustainable. About 60% of the total market is solvent based acrylic resin market.
Global Acrylic Resins Market by Application Insights
Based on application, the acrylic resin market is segmented into paints & coatings, adhesives & sealants, DIY coatings, elastomers and others. Paints and coatings segment is expected to dominate the acrylic resins market.
Global Acrylic Resins Market by End-user Insights
Global acrylic resins market is segmented based on end-user industries such as building & construction, industrial, paper & paperboard, consumer goods, electrical & electronics, packaging and others.Building and construction is expected to dominate the end user industry segment of acrylic resin market.
Global Acrylic Resins Market by Regional Insights
The largest market for acrylic resin was Asia Pacific and it accounted for about 35% of the total revenue generated. The urbanization and industrialization of emerging economies such as India, China, Japan, etc is anticipated to fuel the growth of the Asia Pacific Acrylic Resin Market. Asia Pacific is followed by Europe and North America. The growing development in infrastructure in United States is expected to drive the growth of the North America Acrylic resin Market.
Global Acrylic Resins Market Competitive Landscape
The major players of the global Acrylic Resins market include Arkema S.A., Dow Chemical Company, BASF S.E., Mitsui Chemicals, Hexion, DIC Corporation, Mitsubishi Chemical Holdings Corporation, Formosa Plastics Corporation, DSM, Sumitomo and others. The report covers detailed profiles of the key players.
Global Acrylic Resins Market by Type, 2015 – 2027
Global Acrylic Resins Market by Solvency, 2015 – 2027
Global Acrylic Resins Market by Application, 2015 – 2027
- Paints & Coatings
- Adhesives & Sealants
- DIY Coatings
Global Acrylic Resins Market by End-user Industry, 2015 – 2027
- Building & Construction
- Consumer Goods
- Electrical & Electronics
Global Acrylic Resins Market by Region, 2015 – 2027
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Global Acrylic Resins Market: Key Players
- Arkema S.A. (France)
- Dow Chemical Company (United States)
- BASF S.E. (Germany)
- Mitsui Chemicals (Japan)
- Hexion (United States)
- DIC Corporation (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Formosa Plastics Corporation (United States)
- DSM (Netherlands)
- Sumitomo (Japan)
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