Acrylic Resin Market is segmented By Composition (Pure Acrylic Resins, Complex Acrylic Resins), Solvency (Water-Based, Solvent-based, Others), Form (Thermoplastic Acrylic Resins, Cross-Linking Resins, Acrylic Latexes), By End-User (Automotive, Construction, Industrial, Consumer Goods, Electrical & Electronics, Packaging, Others), By Application (Personal care, Paints & Coatings, Adhesives & Sealants, DIY Coatings, Textiles and Leather, Elastomers, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Acrylic Resin Market Overview
The Acrylic Resin Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Acrylic resins find application in various industries, such as automotive, construction, packaging, and others, owing to their excellent properties such as good UV resistance, scratch resistance, and adhesion. The market is driven by increasing demand for acrylic resins for use in various end-use industries in developed and developing regions such as North America, Europe, Asia Pacific, and the Middle East & Africa. Key players in the Acrylic Resin Market include The Dow Chemical Company, BASF SE, Arkema SA, and other prominent players operating in the market.
The high transparency and durability make acrylic resins utilized in various products, from consumer goods like lenses to industrial products like coatings, molding materials, and adhesives. Additionally, acrylic resins are utilized in various applications, such as light guide panels for liquid crystal display backlights, display windows for mobile phones, and binders for fiber processing.
Due to its characteristics, such as solid surface and thermoform-ability, which allows heating, bending into shapes, and cooling without any physical effect, acrylic resin has been widely used in industries. Furthermore, acrylic resin is more durable than polyester because of its higher tensile strength and ability to withstand more abuse. Finally, acrylic resin guarantees a result that is stronger and cleaner. In external applications, acrylic resins with acrylate and methacrylate monomers offer good hydrolysis resistance, weather resistance, gloss, and color retention.
Acrylic Resin Market Scope
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Metrics |
Details |
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Market CAGR |
5.4% |
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Segments Covered |
By Composition, By Solvency, By Form, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Acrylic Resin Market Dynamics
The global acrylic resin market is anticipated to increase due to its wide automotive industry usage and excellent properties. However, the expansion can be hampered by the harmful impacts on health and the environment.
Excellent properties of acrylic resins
Acrylic resins offer color consistency and adherence, are resistant to hydrolysis and the elements, and have a glossy exterior appearance. They are used in a variety of products due to these unique perceived advantages, including mobile phones, airplane windshields, watch crystals, optical lenses, PC displays, binders for processing paper & fiber, outdoor signs, headlights, dishes, floor waxes, lighting fixtures, piano keys and more.
The global acrylic resin market is anticipated to experience significant growth due to the rapid development of such end-use industries. For use in building and construction, acrylic resin-based products like paint, coatings, adhesives and sealants must exhibit extremely high levels of consistency in quality, performance, and cost-effectiveness. As a result, the construction industry's demand for systems made of acrylic resin is rising.
The growing usage in the automotive industry
With significant applications in the automotive sector, the demand for the acrylic resin market is anticipated to increase. Waterborne acrylic resins are ideal for various automobile applications, including interiors, exterior panels, and instrument clusters, because of their optical clarity, light transmission, weather resistance, heat resistance, and scratch resistance. Along with the desire for lighter automobiles, the automotive sector has been expanding, primarily in Asia.
Excellent qualities of thermoplastic acrylic polymers include their durability outside. Such resins are frequently used in OEM and refinish topcoats for automobiles. Leading businesses like Plexiglas have provided a wide range of acrylic resins for exterior and interior uses in the car industry, including high gloss, rich, jet-black color components, panel optics, trim, and other types of acrylic resins.
Issues related to health and environmental hazards
The main factor holding back the market is the negative consequences of solvent-based systems on people's and the environment's health. The immediate health risks of solvent-based systems include headache, lightheadedness, and dizziness which can lead to unconsciousness and seizures. Working with these systems can also cause nose, eyes, and throat irritation.
VOCs harm both persons and the environment included in paint systems. When the paint is drying or curing, VOCs are released. The body degrades when exposed to VOCs, which can cause everything from headaches to allergic and asthmatic reactions. These can also put stress on important organs like the heart and lungs.
COVID-19 Impact Analysis on Acrylic Resin Market
The building industry has suffered due to the lockdown in some nations and logistical limitations. Due to the epidemic, residential and commercial construction has completely stopped. During this crisis, this sector's demand for acrylic resins is anticipated to be low to medium. Some primary problems are order shipment delays, supply chain restrictions, a lack of labor & equipment, and a material shortage. After this crisis, the market is anticipated to rebound and demand for the acrylic resins industry is anticipated to rise.
The epidemic has raised the need for construction work in the healthcare industry. The market for acrylic resin is being propelled by an increase in demand for new hospitals, care facilities, and pharmaceutical and medical installations. Due to the economic recovery and increased awareness of the benefits of private and public transportation, demand for automobiles is also rising.
Acrylic Resin Market Segmentation
By solvency, the acrylic resin market is segmented into solvent-based, water-based, and others.
The constant evolution of the automotive industry
The acrylic resin market is anticipated to be dominated by water-based resins, which are anticipated to hold the biggest market share throughout the projected period. Products made with water-based acrylic polymers and high-performance resins are superior to those made with solvents. In addition, many industrial uses, such as high-gloss varnishes, coatings, and industrial printing inks, use environmentally acceptable water-based acrylic resins.
To meet the need of the industry, the major market participants have been providing a variety of water-based resins. For instance, Allnex created the premium SETAQUA® 6799 aqueous acrylic resin in 2019 to address the demands of the joinery and decorative wood sectors. Additionally, Engineered Polymer Solutions introduced its EPS 2400 series in North America in 2020. EPS 2400 is a set of six aqueous acrylic resins for wood coating formulators to create high-performance solutions for industrial applications as well as furniture, cabinetry, and flooring.
Global Acrylic Resin Market Geographical Analysis
The rapid industrialization in Asia-Pacific
Due to rising demand brought on by the region's quick industrialization, Asia-Pacific currently owns the greatest market share for acrylic resin internationally. The growing acrylic resin market is due to developing countries' rising building industry and significant sectors' significant investments. The construction and industrial industries are the principal uses for acrylic resins. The demand for acrylic resins for automotive lamp covers, aquarium tanks, coatings, and construction materials has been particularly high in the area.
Large investments have been provided to the market by local multinational corporations. For instance, Mitsubishi Chemical Corp. and Mitsubishi Chemical Methacrylates Japan Co., Ltd. intend to build facilities in Japan in 2021 to implement verification tests for commercializing PMMA molecular recycling activities (polymethyl methacrylate; acrylic resin). DIC Corporation finalized the acquisition of mid-tier Indian resins maker Ideal Chemi Plast Pvt to further expand its position in the area. Ltd in 2019.
Acrylic Resin Companies and Competitive Landscape
The acrylic resin industry is extremely competitive, with local players and international businesses contributing significantly to market expansion. The key players are utilizing a variety of new tactics to rule the market, including product launches, expansion, acquisitions, and partnerships, which are fostering the worldwide acrylic resin market's advancement.
Major global acrylic resin market companies include Allnex, Akzo Nobel N.V, PPG Industries Inc, Evonik Industries, BASF SE, Mitsubishi Chemicals, Linetec Inc, Eastman Chemical Company, Dow Chemical Company, and Innotek Technology Limited.
Allnex
Overview: A leading manufacturer of coating resins and additives for inks and coatings used in the construction, industrial, protective, automotive, and special purpose markets is Allnex. The business, which is regarded as a pioneer in the field of specialty chemicals, provides a wide range of products, including cutting-edge liquid resins & additives, radiation-cured & powder coating resins, as well as additives and crosslinkers for use on surfaces such as wood, metal, plastic, and others. Allnex provides materials to the manufacturing, composites, and construction industries. The Allnex group, which operates 33 manufacturing sites, 23 research and technology support centers, and 5 joint ventures, is found on four continents and serves clients in more than 100 nations.
Product Portfolio: Waterborne resins, urethane specialties, solvent-borne resins, powder coating resins, energy-curable resins, phenolic crosslinkers, and other products are all part of the company's extensive product line.
Key Development: The formal formation of Allnex Advanced Materials Co., Ltd. has been announced by Allnex for 2021. (Jiaxing). To support green innovation and satisfy China's growing demand, the company is also preparing to build a production facility for high-performance resins.
