In the recent past, a rapid change has been observed in the entire value chain of acrylic resin coatings industry. Acrylic resin coatings are manufactured from the acrylic/methacrylic polymers, and have inertness to the outdoor environment and possesses a strong color retention property. Acrylic resin coatings market is considered significant owing to the sheer size and scope of the applications, ranging from household furnishing usage to application in mega events such as exhibitions, business forums, and sporting events, the scope of demand for acrylic resins is extensive.
The acrylic resin coatings finds a number of applications owing to a number of properties such as good adhesion to non-porous surfaces, excellent gloss, finish and clarity, better storage stability, superior hardness, improved flow, superb weather ability, improved solubility, and high alkali-resistance and anti-corrosion properties.
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The acrylic resin coatings are hugely advantageous over the other coating types owing to the wide pigment compatibility, environmental friendliness, low drying time, and ease of application, especially in case of water-borne paints. Acrylic resin coatings are the widely consumed finishes in the paints and coatings market globally.
Key vendors in the market are continuously striving at investing in R&D activities with a view to widen its product portfolio, and it is likely to aid the market to sustain growth and attain a steady CAGR over the forecast period.
The global acrylic resin coatings market is expected to register a high growth during the forecast period 2015-2025. High Demand for value-added functional offerings accelerates the growth of the global acrylic resin coatings market. Increasing disposable incomes and the increased focus on urbanization globally, is also predicted to lead to growth of the global acrylic resin coatings market over the forecast period. The emergence of new advanced technologies, particularly in the water-borne segment also fuels the growth of the global acrylic resin coatings market, for example, hybrid coatings like epoxy acrylic hybrid and alkyd acrylic hybrid aids in overcoming the shortcomings of the conventional acrylic coatings. The rising prices of raw materials may hinder the growth of the global acrylic resin coatings market over the forecast period.
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The global acrylic resin coatings market is segmented on the basis of substrate type, technology type, end-use industry, and region.
On the basis of substrate type, the global acrylic resin coatings market is segmented into:
- Concrete
- Plastic
- Metal
- Others (Wood)
On the basis of technology, the global acrylic resin coatings market is segmented into:
- Water-borne
- Solvent-borne
- Powder
The global acrylic resin coatings market is segmented on the basis of end-use industry as:
- Construction
- Marine
- Industrial coatings
- Automotive
- Others (household furniture etc)
On the basis of geographic regions, the global acrylic resin coatings market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. The global acrylic resin coatings market is predicted to witness a considerable growth in CAGR from 2015 to 2025. Currently, North America and Western Europe are the matured market for acrylic resin coating providers. However, Asia-Pacific, and MEA are expected to become lucrative regional market for key players operating in the acrylic resin coatings market. FMI forecasts, the market in Asia-Pacific region is expected to grow at fastest CAGR over the forecast period. Countrywise, China and India is the top most user of acrylic resins. The remaining regions are expected to grow at a steady rate over the forecast period.
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Some of the major players identified in the global acrylic resin coatings market are:
- Axalta Coating Systems
- BASF Coatings
- DOW Chemicals Company
- Nippon Paint
- PPG Industries
- The Sherwin-Williams Company
- The Valspar Corporation
- Asian Paints
- Jotun Group
- Kansai Paint
- RPM International Inc., and
- Dunn Edwards Paints, among others.