The latest report by IMARC Group, titled “Acrylic Resin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global acrylic resin market size reached a value of US$ 19.3 Billion in 2021. Acrylic resin is a thermoplastic material that is derived from acrylic acid, methacrylic acid, cyanoacrylic acid, acrylonitrile, acrylamide, and low levels of monomers. It offers various properties such as good adhesion on a non-porous surface, excellent gloss, enhanced finish and clarity, extended storage stability, superior hardness, improved flow and solubility, super weather ability and high resistance to alkali. Nowadays, it is available in the form of solvent-based systems and aqueous emulsions, which are easily customizable in the required natural color. As a result, acrylic resin finds application in automotive, paints and coatings, lighting fixtures, adhesives, and textile industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Acrylic Resin Market Trends:
The market is primarily driven by the significant expansion of the automotive industry as acrylic resin is used to manufacture automotive interiors, exterior panels, and instrument clusters. In addition, the rising government interventions regarding weight reduction in vehicles are also increasing the demand for thermoplastics. This, in turn, is contributing to the market growth. Moreover, acrylic resin is extensively used as decorative coatings and do-it-yourself coatings in aircraft windshields, headlights, watch crystals, optical lenses, cellular phones, PC screens, lighting fixtures, piano keys, and floor waxes. Besides this, due to rapid industrialization and urbanization, there has been a rise in construction spending where acrylic resins based on methyl methacrylate (MMA) are used in optical printed circuit boards of LED screens. Furthermore, with the rising environmental concerns, manufacturers are developing bio-based or eco-friendly acrylic resin, which is positively influencing the market growth. Looking forward, the market value is expected to reach US$ 26.2 Billion by 2027, exhibiting a CAGR of 5.31% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into water-based, solvent-based, and others.
- On the basis of the application, the market has been classified into paints and coatings, adhesives and sealants, and others.
- The market has been categorized based on the end user into automotive, building and construction, electronics, packaging, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Arkema S.A, BASF SE, DIC Corporation, Dow Inc., Koninklijke DSM N.V., Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., NIPPON SHOKUBAI Corporation Limited, Showa Denko Materials Corporation Limited, Solvay S.A. and Sumitomo Chemical Corporation Limited.
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