Global Solid-Grade Thermoplastic Acrylic (Beads) Resin Market to Grow at a CAGR of 4.7% during 2021 –2031

Introduction

Acrylic is a common commodity thermoplastic widely utilized in applications requiring light transmission or clarity due to its transparency. It is a polymer of methyl methacrylate (PMMA) produced by fractional distillation of hydrocarbon fuels, which are then combined with other substances to form polymers. Acrylic thermoplastics are an excellent material choice for applications needing transparency, clarity, or impact resistance. Solid-grade thermoplastic acrylic resin is available in the form of tiny, spherical beads that resemble powder and possess characteristics similar to those of granules. Still, their unique size and shape enable them to be utilized in various applications.

Market Dynamics

Proliferating Paints & Coatings Industry and Benefits Associated to Drive the Global Market

Solid-grade thermoplastic acrylic (beads) resins are increasingly used in the paint and coatings industry due to the fact that poly methyl methacrylate (PMMA) beads serve to reduce painting's volatile organic compounds (VOC) and waste during the painting process. The product has applications in the paint industry for automotive restoration as well as concrete, marine, metal, plastic, and wood. In addition, ceramic, exterior coatings, metal, overprint varnish, plastic, primer, and vinyl all use thermoplastic acrylic resin-based coatings of solid-grade quality. Paints and varnishes are commonly utilized in both interior and exterior architectural applications.

The house's exterior is painted and coated to give it a fresh appearance and protect it from scorching summers, cold winters, soaking rain, and everyday UV radiation without fading, peeling, or breaking. Advanced acrylic compositions that give a variety of weatherproof coatings are already available in the paint business, which is constantly undergoing significant development. Coatings serve two primary roles in new construction and maintaining existing structures such as homes, flats, public buildings, and factories: decoration and protection. Coating the structures, the shelf life of the treated surface is substantially prolonged.

Bridges and tunnels have coatings applied to shield them from the weather and increase their lifespan. Coatings also save energy by keeping structures cooler and absorbing solar radiation. In addition, they increase the durability and functionality of medical devices such as ventilators. Increasing demand for paints & coatings in residential, commercial, and infrastructure applications is likely to drive market growth over the forecast period.

Special-purpose coatings include marine paints, high-performance maintenance coatings, military-specific coatings, automobile refinish paints, traffic and highway markings, aerosol paints, roof coatings, colorful paints, and metallic paints. It is anticipated that the middle-class population in the Asia-Pacific region will increase at the same rate as discretionary income. This has made it easy for the residential sector to expand in the region. As a result of the expansion of the construction industry, it is the largest market for architectural coatings. In addition, it is the region with the fastest growth rate globally as many nations begin industrialization. This industrial expansion and the rapid expansion of the energy infrastructure are driving the need for paints and coatings. These factors will stimulate the demand for thermoplastic acrylic solid resin.

The Growth of the Electric Vehicle Industry to Create Global Solid-Grade Thermoplastic Acrylic (Beads) Resin Market Opportunities

The automotive industry's progressive transition to electric vehicles (EV) will give numerous expansion opportunities for the market under consideration. The increased demand for zero-emission vehicles and environmental awareness contribute to the expansion. The automobile industry has recently shown a declining tendency, but the electric vehicle market has begun to gather pace and is expected to grow substantially in the following years.

The automotive sector is one of the largest buyers of paints and coatings. Electric vehicles use lightweight materials to boost their efficiency. As durable and lightweight, thermoplastic acrylic (beads) solid-grade resin in electric vehicles is on the rise. As coating systems rapidly advance, new lightweight coating techniques are introduced for lightweight metals and composites used in electric and hybrid vehicles. The demand for electric vehicles is growing due to the benefits of applying coatings. In addition, coating systems continue to evolve, become thinner and have fewer layers. Consequently, the rapidly rising use of electric vehicles worldwide supports the demand for paints and coatings, driving market expansion.

Regional Insights

The Asia Pacific will likely command the regional market while expanding at a CAGR of 5.57%. China will be a significant contributor to the region. Solid-grade thermoplastic acrylic resin is utilized in industrial coatings. General, PVDF, and metallic coatings are industrial coatings that primarily protect against corrosion in construction, automotive, and other industries. In addition, the OEM, maritime, and aircraft industries utilize transportation coatings to protect parts from corrosion. With a production share of slightly more than 28% in 2019, China's automobile manufacturing industry surpassed all others to become the largest in the world. In 2021, the production of automobiles increased by 8% compared to 2020. The production climbed by 1,82,42,588 between the first and third quarters of 2021 and is expected to expand further over the projected period, hence boosting the acrylic resin market in the region.

Electric car batteries and motors are protected with insulating coatings that are durable and inexpensive. The Chinese government wants at least 5,000 fuel-cell electric vehicles on the road by 2025 and 1 million by 2030. The government's encouragement of electric, hybrid, and fuel-cell electric vehicles is expected to drive the market under study throughout the forecast period. China is a significant producer of aircraft and a market for domestic air travelers. With approximately 200 producers of minor aircraft components in the United States, the business for producing aircraft parts and assemblies has rapidly increased. The Chinese aviation industry's plan to acquire 7,690 new aircraft over the next two decades, valued at about USD 1.2 trillion, is also anticipated to raise demand for acrylic resins. Solar panels and metal roofs both use coil coatings. These variables have a benefited-grade thermoplastic acrylic (beads) resin market in the region.

North America is expected to expand at a CAGR of 5.3% and hold USD 473 million. The United States is the second-largest automaker after China. In contrast to the 10.89 million vehicles produced in 2019, 8.82 million vehicles were manufactured in 2020. During the forecast period, vehicle production will likely boost demand for industrial and transportation coatings.

Additionally, the market for electric vehicles is rising. Hyundai Motor Group (HMG), comprised of Hyundai Motor Company and Kia Corporation, will invest USD 7.4 billion in the United States by 2025 to produce future electric vehicles (EVs), improve production facilities, and enhance investments in innovative mobility solutions. This declaration was made in May of 2021. The United States is home to North America's largest aviation market. Strong exports of aircraft components to countries such as France, China, and Germany, along with robust consumer spending in the United States, are driving the aerospace industry's industrial activity. This can generate positive momentum for the coatings and thermoplastic resins market.

Key Highlights

• The Global Solid-Grade Thermoplastic Acrylic (Beads) Resin Market Size had a revenue worth USD 1319.43 million in 2022. It is expected to reach USD 1994.83 million by 2031, growing at a CAGR of 4.7%during the forecast period (2023-2031).   
• By application, the paints & coating section will advance at a CAGR of 5.52% and hold the largest market share.
• By regional segmentation, the Asia Pacific will likely command the regional market while expanding at a CAGR of 5.57%.

Competitive Players

Competitive Players in the Market

• Chan Sieh Enterprises Co. Ltd
• Covestro (DSM Coating Resins)
• Dow
• Heyo Enterprises Co. Ltd
• LX MMA
• Makevale Group
• Mitsubishi Chemical Corporation
• Pioneer Chemicals
• Polyols & Polymers Pvt. Ltd
• Suzhou Direction Chemical Co. Ltd

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Recent Developments

Market News

• In 2022, the new research building for the Science & Innovation Center, the MCG Group's R&D facility, was announced by the Mitsubishi Chemical Group (MCG Group).

Segmentation

Global Solid-Grade Thermoplastic Acrylic (Beads) Resin Market: Segmentation

By Application

• Acrylic Composite Resins
• Paints and Coatings

• Coil Coatings
• Industrial Coatings
• Architectural Coatings
• Transportation Coatings

• Other Applications

By Region

• Europe
• Asia Pacific
• North America
• Rest of the world