The latest report by IMARC Group, titled “Acrylic Resin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global acrylic resin market size reached US$ 20.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.
Factors Affecting the Growth of the Acrylic Resin Industry:
- Rising Demand in Construction and Automotive Industries:
The acrylic resin industry is currently experiencing significant growth due to the increasing product demand within the construction and automotive sectors. In construction, acrylic resins are highly valued for their durability, weather resistance, and aesthetic versatility, making them ideal for coatings, sealants, and paints. Their application extends from residential to commercial buildings, driving the market growth. Similarly, in the automotive sector, acrylic resins are essential for manufacturing various components and finishes. Their properties, such as resistance to UV radiation, chemical exposure, and physical wear, make them suitable for automotive paints and coatings. This heightened demand across these industries is a pivotal factor propelling the market growth.
- Technological Advancements in Resin Production:
Technological advancements are playing a crucial role in supporting the growth of the acrylic resin market. Innovations in production processes are leading to more efficient, cost-effective, and environmentally friendly methods of resin manufacturing. These advancements improve the quality and performance of acrylic resins and address environmental concerns, making the products more appealing to a wider range of industries. Additionally, the development of new formulations allows for customized solutions for specific applications, enhancing the material’s versatility and appeal. The industry benefits from these innovations by expanding its market reach and fulfilling diverse customer needs more effectively.
- Environmental Regulations and Sustainability Trends:
Environmental regulations and the increasing trend toward sustainability are significantly influencing the acrylic resin industry. Stricter environmental laws are prompting manufacturers to develop eco-friendly resins with lower volatile organic compound (VOC) emissions. This shift is leading to the creation of water-based and bio-based acrylic resins, aligning with global sustainability goals. Moreover, the growing awareness and demand for sustainable products among consumers are driving the industry toward more environmentally conscious production practices. These factors are shaping the production and composition of acrylic resins as well as opening new markets focused on green building materials and eco-friendly automotive components.
Competitive Landscape with Key Player:
- Arkema S.A
- BASF SE
- DIC Corporation
- Dow Inc.
- Koninklijke DSM N.V.
- Mitsubishi Chemical Corporation
- Mitsui Chemicals Inc
- NIPPON SHOKUBAI CO. LTD.
- Showa Denko Materials Co. Ltd.
- Solvay S.A.
- Sumitomo Chemical Co. Ltd.
For an in-depth analysis, you can refer sample copy of the report:https://www.imarcgroup.com/acrylic-resin-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
By Type:
- Water-based
- Solvent-based
- Others
Water-based dominates the market by type due to its low environmental impact and compliance with strict VOC regulations.
By Application:
- Paints and Coatings
- Adhesives and Sealants
- Others
Paints and coatings hold the largest market share owing to their excellent weatherability, durability, and aesthetic appeal, thereby dominating this application segment.
By End User:
- Automotive
- Building and Construction
- Electronics
- Packaging
- Others
Building and construction represents the largest market segment on account of its growing usage of acrylic resins for their superior properties like UV resistance and longevity.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the acrylic resin market is attributed to the region’s rapid industrialization, coupled with expanding construction and automotive industries.
Global Acrylic Resin Market Trends:
The market is witnessing dynamic trends, primarily driven by technological advancements and environmental consciousness. Additionally, there is a notable shift toward water-based and bio-based acrylic resins in response to stringent environmental regulations and increasing demand for sustainable products. In line with this, ongoing innovations in resin formulations are enhancing application-specific performance, widening their use across diverse industries. The market is also benefiting from the robust growth in the construction and automotive sectors, especially in emerging economies. These trends collectively reflect the evolving landscape of the acrylic resin market.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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