Global Acrylic Resins Market Ascends Steadily at a CAGR of 5.4%

A thermoplastic or thermosetting polymer called acrylic resin is the main binder for coatings and additives. Acrylic resins come in both water-based and solvent-based varieties. Acrylic resin has a density of 1.01 to 1.19 g/cc. Acrylic resins have high water resistance, high adhesion, and crack resistance. Paints, varnishes, adhesives, and sealants are a few common uses for acrylic resins.

The primary driver of market expansion is increased demand for acrylic resins in building and construction projects. Additionally, due to their excellent adherence, acrylic resins are employed as the primary binders in paints and coatings. The demand for these resins is further fueled by the expansion of smart city initiatives in North America and Asia-Pacific. Rapid urbanization will increase the need for better housing and infrastructure, which will be essential to the market's expansion.

Market Dynamics

Booming Construction Projects Spur the Global Acrylic Resins Market

With rapid urbanization, demand for acrylic resin products is rising in wall painting and coating applications. Emerging economies such as China and India are witnessing the movement of many populations to urban areas, owing to migration policies and urban-rural income differences. According to the seventh population census of 2020, more than 60% of the people in China live in urban areas. Such a massive shift has led to a rise in the number of new investments in construction projects in the country. Moreover, the increase in the population of Asia-pacific is one of the crucial factors that influence the market growth. The total population of Asia-Pacific represents around 60% of the global population and is expected to increase to 5.2 billion (0.9 billion increase) by 2050.

Development of Bio-Based Acrylic Resin Systems Create New Market Opportunities

The development of bio-based resin systems is not new; however, due to its performance limitations, it is not preferred over conventional acrylic resins. Nonetheless, concentrating on bio-based substitute products would support the market for acrylic systems. One of the top chemical producers, Arkema, introduced the Plexiglas bio-based acrylic resin system. In place of resins made from petroleum, it uses a biopolymer. New market prospects are anticipated in the upcoming years due to such advances.

Regional Insights

Europe is the largest region in the global acrylic resins market and is estimated to grow at a CAGR of 4.9% during the forecast period. Germany is the maximum revenue contributor in this region, owing to increased demand for protective paints & coatings in the automotive industry. After 2016, the paints & coatings market reached a stable stage through consumer spending, investments in infrastructure, and housing development in European Union. Furthermore, a surge in demand from the automotive industry in countries such as Germany, Spain, and France largely influenced the market growth for acrylic resins.

Asia-Pacific is the fastest-growing region. It is projected to reach USD 11,300 million by 2030, growing at a CAGR of 6.2%. The Asia-Pacific coatings industry holds around 46% of the global market share. A rise in demand for paints & coatings from various end-use industries drives the growth of the acrylic resins market in this region. Furthermore, China is among the world's most attractive markets, from pharmaceuticals to medical products. China's healthcare sector grows at an astonishing rate, owing to favorable demographic trends, urbanization, an increase in disease burden, overall economic expansion, and income growth. These factors drive this region’s healthcare sector, which boosts the global acrylic resins market.

North America is the third-largest region. The building & construction market is expected to grow significantly in all the three countries covered in this region, the US, Canada, and Mexico. The automotive industry is also expected to register substantial growth during the forecast period. These factors will likely increase demand for automotive coatings and refinishes based on acrylic resins. Some significant suppliers of acrylic resins in North America include Dow, Dymax Corp., and SAE Manufacturing Specialties Corp. These industry players are adopting various strategic moves such as acquisition and product launch to tackle the immense market competition.

Key Highlights

• The global acrylic resins market was valued at USD 20 billion in 2021. It is projected to reach USD 32 billion by 2030, growing at a CAGR of 5.4% during the forecast period (2022–2030).
• By solvency, the global acrylic resins market is divided into Water-Based, Solvent-Based, and Others. Water-Based acrylic resins are the highest shareholder and are estimated to grow at a CAGR of 5.9% during the forecast period.
• By application, the global acrylic resins market is categorized into Paints & Coatings, Adhesives & Sealants, Elastomers, and Others. Paints & Coatings is anticipated to expand at a CAGR of 6.2% throughout the projected period.
• By end-user, the global acrylic resins market is classified into Building & Construction, Paper & Paperboard, Consumer Goods, Automotive, Electrical & Electronics, and Others. The Building & Construction segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.7% during the forecast period.
• By regions, the global acrylic resins market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is the largest region in the global acrylic resins market and is estimated to grow at a CAGR of 4.9% during the forecast period.

Market Segments

Market Segmentation

By Type

• Water-Based
• Solvent-Based

By Application

• Paints & Coatings
• Adhesives & Sealants
• Others

By End-User

• Building & Construction
• Automotive
• Electronics
• Packaging
• Others

By Regions 

• North America
• Europe
• Asia-Pacific
• LAMEA