Acrylic Resins Market worth USD 29,677.1 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Acrylic Resins Market by Type (Water-based, Solvent-based, and Others), by Application (Paints & Coatings, Adhesives & Sealants, and Others), by End-Users (Building & Construction, Automotive, Electronics, Packaging, and Others), by Region – Global Share and Forecast to 2030". The global acrylic resins market size was USD 19,783.2 million in 2021 and estimated to reach USD 29,677.1 million by 2030, registering a CAGR of 5.2% during the forecast period. The development of bio-based resin systems is not a new concept; however, it is not preferred over conventional acrylic resins due to its performance limitations. However, focusing on bio-based alternative products would help in sustaining demand for acrylic systems. Arkema was one of the leading chemical manufacturers to introduce a bio-based acrylic resin system named Plexiglas. It consists of a biopolymer as a replacement for petroleum-based resins. Such developments are probable to provide new market opportunities in the coming years.

Global Acrylic Resins Market Segmentation

The overall acrylic resins market has been segmented into the type, application, end-users, and region.

• By Type (Water-based, Solvent-based, and Others)
• By Application (Paints & Coatings, Adhesives & Sealants, and Others)
• By End-Users (Building & Construction, Automotive, Electronics, Packaging, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Paints & coatings, by application, is estimated to hold the largest market share

Based on application, the market is segmented into paints & coatings, adhesives & sealants, and others. In 2021, the paints & coatings segment was the highest contributor to the market, with a share of 37.2% in the global acrylic resins market. Acrylic resin is majorly used in decorative paints & coatings. Solvent-based acrylic resins provide a better natural finish and high glossy surface after painting. Acrylic resins provide high resistance to hydrolysis and weather resistance and provide gloss & color retention. Such properties make it suitable for exterior painting and coatings applications.

Surge in demand for Paints & Coatings in construction & building projects is expected to be the major driver in the market. Acrylic resin is widely used for exterior painting on masonry and concrete walls. The demand for industrial paints based on solvent-based acrylic resins is preferred due to its ability to provide strong protective finishes. Hence, they are widely used in topcoats such as on car bodies. As the paint dries, a film is formed, protecting the surface from heat, pollution, and other environmental hazards. Acrylic resins are versatile and offer good weathering resistance, abrasion resistance, and resistant to chemical wear and tear. All such factors presently drive demand for acrylic-based Paints & Coatings.

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Europe accounts for the largest market share in the acrylic resins market

Based on the regions, the global acrylic resins market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Europe accounted for the highest market share of 43.6% in the global acrylic resins market. Europe is analyzed across Germany, France, Italy, Spain, the UK, and rest of Europe. The construction sector plays a vital role in the European economy and contributes for around 9% of the GDP in the European Union. Moreover, presence of major players such as BASF SE and Arkema S.A also propels growth of the acrylic resins market in the region.

Germany is the maximum revenue contributor in this region, owing to increased demand for protective paints & coatings in the automotive industry. After 2016, the paints & coatings market reached a stable stage through consumer spending, investments in infrastructure, and housing development of European Union. Moreover, surge in demand from automotive industry in countries such as Germany, Spain, and France largely influenced the market growth for acrylic resins. However, factors such as regulations in volatile organic content and initiatives to reduce consumption of paints & coatings per square of surface limit the market growth.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the acrylic resins market. It also consists of the profiles of leading companies such as BASF SE, Arkema, Mitsubishi Chemical Holdings, The Dow Chemical Company, Sumitomo Chemical, DIC Corporation, and DSM. These market players have focused on acquisitions and expansion to gain a larger market share in the acrylic resins market.

Browse complete report: https://www.marketstatsville.com/acrylic-resins-market

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