The Total Addressable Market (TAM) for Solid-Grade Thermoplastic Acrylic (Beads) Resin 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).
Due to its transparency, acrylic is a common thermoplastic commodity frequently used in applications requiring light transmission or clarity. It is a polymer of methyl methacrylate (PMMA) created through the fractional distillation of hydrocarbon fuels, which are then mixed with other substances to create polymers. For applications requiring transparency, clarity, or impact resistance, acrylic thermoplastics are an excellent choice of plastic. Solid-grade thermoplastic acrylic resin comes in the form of tiny, sphere-shaped beads that resemble powder and have qualities comparable to those of granules. Still, their distinctive size and shape allow them to be employed in various applications. The production of thermoplastic acrylic resins in the form of beads involves the use of a variety of acrylic monomer raw materials, including styrene, methyl methacrylate (MMA), isobutyl methacrylate (IBMA), butyl methacrylate (BMA), ethyl acetate (EA), and ethyl acrylate (EMA). The market for solid-grade thermoplastic acrylic (beads) resin is anticipated to increase over the coming years due to the expansion of the paint and coatings business and the advantages of these resins.
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Proliferating Paints & Coatings Industry and Benefits Associated
Since colorful poly methyl methacrylate (PMMA) helps to reduce paint's volatile organic compounds (VOC) and waste throughout the painting process, solid-grade thermoplastic acrylic (beads) resins are being employed more and more in the paint and coatings business. The product has uses in the paint business for refinishing cars and for concrete, marine, metal, plastic, and wood. Additionally, ceramic, exterior coatings, metal, overprint varnish, plastic, primer, and vinyl use solid-grade thermoplastic acrylic resin-based coatings. Paints and coatings are widely used in interior and exterior architectural applications.
The house's exterior is painted and coated to give it a fresh look and protect it from scorching summers, icy winters, drenching rain, and a daily barrage of UV rays without fading or peeling away, or cracking. The paint industry is constantly undergoing significant improvements, and advanced acrylic compositions are now available that provide a variety of weatherproof coverings. When it comes to new construction and maintaining existing structures like residences, apartments, public buildings, factories, and manufacturing plants, coatings serve two essential purposes: decoration and protection. The shelf life of the surface applied is greatly extended by coating the structures.
Bridges and tunnels have coatings applied to protect them from the elements and prolong the structure's life. By keeping structures cooler and capturing solar energy, coatings also save energy. Additionally, they provide longevity and improve the functionality of medical devices like ventilators. Over the projection period, it is anticipated that increasing demand for paints and coatings in residential, commercial, and infrastructure applications will propel market expansion.
The maritime paints, high-performance maintenance coatings, military-specified coatings, automotive refinish paints, traffic and highway markings, aerosol paints, roof coatings, colorful paints, and metallic paints are all included in the special purpose coatings section. It is projected that the middle-class population in the Asia-Pacific area will grow along with discretionary income. This has made it easier for the region's residential sector to grow. Consequently, as a result of the growth of the building industry, it is the most significant market for architectural coatings. Additionally, it is the region with the fastest growth rate in the world as more and more nations start their industrialization processes. The need for paints and coatings is fueled by this industrial expansion and the rapidly expanding energy infrastructure. These factors will boost the solid-grade thermoplastic acrylic resin market.
Stringent Government Regulations
The primary raw material utilized to make PMMA beads is methyl methacrylate (MMA). The REACH regulation applies to MMA and other secondary raw materials used in the production of PMMA. The EU law known as REACH, or Registration, Evaluation, Authorization, and Restriction of Chemicals, went into effect in 2007. It requires that all chemicals produced or imported in quantities more significant than one tonne be registered by their producers and importers in a central database managed by the European Chemicals Agency. Additionally, numerous regulatory organizations' actions have promoted the expansion of bio-based resins in coatings technology.
The strongest laws and standards in Europe, followed by the United States, range from voluntary to mandatory in large economies. A new VOC guideline has begun to be implemented in China to combat rising pollution levels. Many businesses have received financial rewards for their efforts in redesigning dangerous items. Others have seen considerable market share losses due to their steadfast adherence to environmentally damaging traditional products. Organizations are anticipated to be significantly impacted by their commitment to lowering the environmental footprint from their current and upcoming product mix as consumers grow more aware of environmental effects and sustainability.
The Growth of the Electric Vehicle Industry
The automotive industry is gradually moving toward electric vehicles (EVs), which will present vast chances for the market under study to expand. The increase in demand for zero-emission automobiles and environmental consciousness contribute to the growth. The automobile sector has recently demonstrated a decreasing trend, but the electric vehicle market has begun to gain traction and is anticipated to develop significantly.
One of the biggest consumers of paints and coatings is the automotive industry. Lightweight materials are used in electric vehicles to increase their efficiency. The use of solid-grade thermoplastic acrylic (beads) resin in electric vehicles is rising since it is solid and lightweight. Newer lightweight coating methods are introduced for lightweight metals and composites utilized in electric vehicles and hybrid automobiles as the coating systems quickly improve. The advantage of applying coatings on electric vehicles is increasing their demand. Additionally, coating systems are continuously developing, getting thinner, and being made with fewer layers. As a result, the need for paints and coatings is being supported by the rapidly expanding use of electric vehicles around the globe, boosting market expansion.
| Study Period | 2020-2032 | CAGR | 4.7% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | Asia Pacific | Fastest Growing Market | North America |
The region-wise segmentation of the global solid-grade thermoplastic acrylic (beads) resin market includes North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific and North America will dominate the regional market
The Asia Pacific will likely command the regional market while expanding at a CAGR of 5.57%. China will be a significant shareholder in the region. Industrial coatings use thermoplastic acrylic resin of solid grade. Industrial coatings, which primarily defend against corrosion in the construction, automotive, and other industries, include general, PVDF, and metallic coatings. OEMs and the maritime and aerospace industries also use transportation coatings to prevent corrosion on parts. With a slightly over 28% production share in 2019, China's car manufacturing sector surpassed all other countries to become the largest globally. Compared to 2020, the manufacturing of automobiles will increase by 8% in 2021. The production increased by 1, 82, and 42,588 from Q1 to Q3 of 2021 and is anticipated to increase further over the forecast period, which is anticipated to boost the acrylic resin market in the area.
Solid and affordable coatings offer insulating barriers around the batteries and motors of electric vehicles. The Chinese government wants at least 5,000 fuel-cell electric cars on the road by 2025 and 1 million by 2030. The government's promotion of electric, hybrid and fuel-cell electric vehicles is predicted to drive the market under study over the projection period. China is a major producer of aircraft and a significant market for domestic air travelers. With over 200 small aircraft parts manufacturers in the nation, the industry for producing aircraft parts and assemblies has also been expanding quickly.
Further predicted to increase market demand for acrylic resins is the Chinese airline companies' aim to buy 7,690 new aircraft over the next 20 years, valued at almost USD 1.2 trillion. Metal roofs and solar panels both use coil coatings. These factors positively impact the region’s solid-grade thermoplastic acrylic (beads) resin market.
North America is expected to expand at a CAGR of 5.3% and hold USD 473 million. After China, the United States is the second-largest automaker. In contrast to the 10.89 million automobiles produced in 2019, the nation produced 8.82 million vehicles in 2020. During the projected period, an increase in vehicle production will be anticipated to enhance demand for industrial and transportation coatings.
In addition, the country's electric vehicle market is expanding. The goal of the USD 7.4 billion investment by Hyundai Motor Group (HMG), which consists of Hyundai Motor Company and Kia Corporation, in the United States by 2025 is to produce future EVs, upgrade production facilities, and increase investments in innovative mobility solutions. This announcement was made in May 2021. The largest aviation market in North America is found in the United States. The manufacturing activities in the aerospace industry are being driven by strong exports of aerospace components to nations like France, China, and Germany, as well as solid consumer spending in the United States. This can create favorable momentum for the market for coatings and thermoplastic resins.
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The global solid-grade thermoplastic acrylic (beads) resin market is classified based on the application and region.
Per the application, the segments are Acrylic Composite resins, Paints and Coatings (Coil Coatings, Industrial Coatings, Architectural Coatings, Transportation Coatings), and Other Applications.
The paints & coating section will advance at a CAGR of 5.52% and hold the largest market share. Paints and coatings are often employed in various applications, including industrial, architectural, and transportation. The low-shrinkage agents, faux marble, surface coatings, acrylic coatings, and other coatings and paints all use thermoplastic acrylic beads. Clear coatings used in commercial applications are made with solid thermoplastic acrylic polymers. Solid acrylic resins work uniformly and vividly, dispersing ink and paint colors.
Solid thermoplastic acrylic resins are used more frequently in industrial and consumer goods. Among other things, these resins work well with urethanes and epoxies. Increased demand for paints and coatings with additional solid acrylic resins is projected to drive the market. Coatings on the exterior are frequently used to stop materials from corroding. Exterior coatings made of acrylic resin have excellent gloss and color retention. The majority of structures made of acrylic resin are commercial and residential. The demand for single-family homes is rising, lifestyles are changing, consumers' disposable income is rising, and there are more convenient ways to finance projects, all of which have led to an increase in residential buildings over the past few years.
The acrylic composite resin section will hold the second-largest share. Acrylic composite resins are artificial to which a significant amount of ceramic reinforcing filler, such as glass or silica particles coated with a coupling agent to bind them to the matrix, is added. Dental restorations are increasingly using acrylic composite resins. Polymethyl methacrylate (PMMA) beads are believed to be the biomaterials employed most frequently in biomedical applications, particularly in dental technology. These beads are ideal for biomedical applications because of their outstanding qualities, which include their attractiveness, cost, low density, and adaptable mechanical behaviors.
The rising geriatric population and oral problems drive the demand for cosmetic dentistry. The demand for acrylic composite resins is predicted to increase as a result. Additionally, contact lenses can make use of these resins. They last a long time and are affordable. They are the most painful contact lenses because they reduce the amount of oxygen reaching the cornea. Such lens wearers are probably at risk for overwearing syndrome and other issues.
