Potential Increase in the Demand of Water Based Solutions in Paints & Coatings as the Global Acrylic Market Sees a Boost
At a CAGR of 5.5% from 2020, the size of the worldwide acrylic resins market is projected to reach USD 21.9 billion by 2025. Acrylic resin demand has increased in recent years due to important countries like China and India experiencing rapid industrialization and urbanization. High-performance materials are needed in the architecture and construction sector for both decorative and protective applications.
The market is being driven by the rising demand for acrylic resins for home improvement as well as the expanding construction sector in emerging nations like South America and APAC. The Dow (US), BASF SE (Germany), Arkema (France), Mitsubishi (Japan), Nippon Shokubai (Japan), DSM (Netherlands), Mitsui Chemicals (Japan), Showa Denko Materials (Japan), DIC Corporation (Japan), and Sumitomo (Japan) are the major participants in the acrylic resins industry. The acrylic resins market research analyses the key development strategies that the top market players would employ between 2017 and 2020, including joint ventures, investment and expansion, and the launch of new products.
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The Acrylic Resin market report offers a comprehensive analysis of the global market, trade regulations, value chain optimization, recent developments, opportunities assessment, strategic market growth analysis, product launches, expanding local marketplaces, technological innovations, and the impact of domestic and global market players. It also covers market size and growth at the regional and national levels, as well as market share and segmentation (for the forecast period of 2023-2030).
In the years ahead, it is anticipated that the building and construction industry will grow rapidly due to the increasing population and development of metropolitan areas. Urbanization and changing lifestyles are expected to be the main drivers of the global construction industry. The increasing population and improving economic conditions have led to a rise in global spending on housing and infrastructure. Using paints and coatings to protect and improve construction projects will continue to be the common practice by home builders.
The construction industry's growth, the automobile industry's expansion, and the oil and gas industry's increasing use of paints and coatings are the primary drivers of market prosperity. The demand for acrylic paints and coatings is driven by the expansion of end-use industries like architecture, general manufacturing, safety, and automotive & transportation.