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The acrylic resin market size is forecast to increase by USD 5.77 Billion at a CAGR of 5.02% between 2023 and 2028. The growth of the real estate and construction industry is driving the expansion of the market for resin production and polymer materials. These products serve as common and widely utilized architectural paints in construction and structural applications, catering to the increasing demand for office space, commercial complexes, and residential buildings spurred by the global real estate and construction industry growth. A significant trend in the market is the rising demand for acrylic resins within the automotive industry, contributing to the growth of thermoplastic acrylic polymerization. Acrylic resins, predominantly based on methacrylate monomers, are utilized for coating and protecting metallic surfaces in automobiles, offering shiny coatings with seamless appearance and excellent protection. This resin production also finds applications in adhesives, emulsions, acrylic sheets, and paint manufacturing, serving various industrial needs within the plastic industry and construction materials sectors.
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The paint and coatings segment is estimated to witness significant growth in market forecasting. This is mainly used for painting and coatings. Acrylic resin is a type of polymer that includes acrylic monomers. These monomers are usually in solvents (solvents) or solvents (solid solvents).
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The paint and coatings segment was the largest segment and was valued at USD 7.59 Billion in 2018. This is one of the most widely used resins in latex paint. Better stain protection is achieved by increasing the percentage of it in latex paints, better water resistance, advanced adhesion, and better cracking and blistering resistance compared to other chemical formats of paint materials. The Acrylic Resin is extremely resistant to the elements and can be used outdoors.
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APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China, India, Japan, Malaysia, Thailand, Indonesia, and Vietnam are the leading consumers of this in APAC. China is the biggest regional contributor to the market, as the largest automotive producer in the world and one of the biggest manufacturers of paints and coatings for a wide range of industries, it is well placed to meet this demand, such as aerospace, architecture, automobile, and construction. The housing market in APAC is booming thanks to government initiatives. Hence, if countries in Asia-Pacific are working together to promote housing and residential construction, it is likely that wood will be used more as a component of construction and building. In accordance with that, this product will be in high demand for construction, paint, and coating during the forecast period.
The Acrylic Resin Market is driven by the increasing demand for lightweight and durable materials in various industries. Acrylic resins, also known as polymethacrylate, are produced from Methacrylic ester monomers using initiators. These resins can be formulated into different types such as solvent-based systems, aqueous emulsions, and resin content prepregs. Acrylic resins find extensive applications in various sectors including automotive components, electrical equipment, and ballistic molding for handgun bullets. Their desirable properties like high viscosity, resin content, and thermal stability, make them suitable for these applications. Additives like styrenic plastics and parabolic reflectors are often added to enhance the properties of acrylic resins. For instance, the addition of SAN (Styrene-Acrylonitrile) copolymers improves the weatherability of acrylic resins. Acrylic resins are also used in fibre coatings and PA (Polyacrylate) coatings due to their chemical bonding properties. The resin content prepregs made from acrylic resins are used to reinforce fabrics for various applications. The market for acrylic resins is diverse, with applications ranging from automotive components to electrical equipment. The demand for lightweight and durable materials is expected to propel the growth of the market. The pH range and water vapor permeability of acrylic resins are crucial factors affecting their performance in different applications. Acrylic resins are available with different CAS numbers and can be classified as acrylate polymers or vinyl polymers depending on their structure. The market for acrylic resins is expected to grow significantly due to their versatile applications and desirable properties.
The growth of the real estate and construction industry is driving the market. For construction and structural applications, polymer films are among the most common and widely used architectural paints. This demand surge is propelled by the increasing demand for office space, commercial complexes, and residential buildings, fuelled by the expansion of the global real estate and construction industry.
Further, chemical compounds play a vital role in paint manufacturing and resin production for industrial applications. Emulsion polymers and acrylic polymerization are integral processes in the production of coating materials utilized in construction materials and adhesives. Additionally, polymer-based products, including acrylic sheets, cater to various industrial and construction needs. Raw materials sourced from resin suppliers are pivotal in solvent-based resin production, crucial for the plastic industry.
The increasing demand for acrylic resins in the automotive industry is a major trend in the market. As a material for coat and protecting metallic surfaces with varnish and paints, these are used in the automobile industry. They are mostly based on methacrylate monomers. One of the advantages of methacrylate monomers is that they provide shiny automotive coatings with a seamless appearance and are also useful for great protection.
Moreover, they are also useful in the production of different automotive products, such as headlamp lenses, instrument panels, taillights, and trim components. Due to the durability and impact-resistant of acrylic resin, they are in great demand. It is expected that the demand for acrylic resin in the automotive industry and thereby drive global market growth and forecasting during the forecast period.
The fluctuation in raw material prices is a major challenge in the market. The type of thermoplastic plastic material is acrylic resin. They is usually composed of acrylic acid, methacrylic acid, and acrylate monomers such as butyl acrylate and methacrylic monomers such as methyl methacrylate.
In addition, in order to produce acrylic resins at an industrial level and in large quantities, raw materials are also required in enormous amounts. Unpredictability on the market, reduced production costs, and a decrease in vendor's profit margins are brought about by price fluctuations of basic materials. Therefore, crude oil price volatility is expected to have a negative influence on the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Acrylic Resin Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allnex GMBH - The company offers products such as Solventborne Acrylics under its trade names SETALUX and MACRYNAL.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market growth analysis research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market encompasses a wide range of applications, primarily driven by the production of Methacrylic ester monomers. Initiators play a crucial role in the polymerization process, while solvent-based systems and aqueous emulsions serve as popular methods for resin production. Viscosity is a significant factor in determining the suitability of acrylic resins for various applications, such as resin content prepregs used in fabrics and Unitape fiber prepregs for ballistic molding. Acrylic resins find extensive use in ballistic materials for applications like hard molded armor and ballistic molding applications, where UV stability and oxidative stability are essential. Additives like thickeners and impact modifiers enhance the properties of acrylic resins, ensuring optimal performance in various applications. Acrylic resins are also widely used in industries such as automotive components, electrical equipment, and solar energy systems. In the automotive sector, acrylic resins contribute to the production of SAN (Styrenic Acrylonitrile) and PA Coating, while in solar energy systems, they are used in parabolic reflectors and fibre coatings.
Further, acrylic resins exhibit excellent thermal stability, making them suitable for high-temperature applications. They also have a broad pH range and good water vapor permeation resistance. Some common applications include thermoplastic acrylic coatings, polyacrylate, and PVC. CAS number plays a crucial role in identifying and classifying acrylic resins, while the addition of additives like Polyacrylate (Inidex) and impact modifiers enhances the properties of acrylic resins. Acrylic resins are also used in various applications, such as weatherability, surfboards, golf cars, and movement sensors. Overall, the Acrylic Resin market is a dynamic and diverse industry, with applications ranging from ballistic materials to automotive components and solar energy systems. The market is driven by the unique properties of acrylic resins, including their excellent UV stability, thermal stability, and water vapor permeation resistance. The production of acrylic polymers, including polyacrylates and acrylic multipolymers, involves utilizing acrylic acid derivatives and esters within the framework of engineering thermoplastics and cyanoacrylic acid.
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Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.02% |
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Market growth 2024-2028 |
USD 5.77 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.69 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 50% |
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Key countries |
China, US, Germany, Japan, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allnex GMBH, Anhui Elite Industrial Co. ltd., Arkema Group., BASF SE, CHANSIEH ENTERPRISES CO. LTD, Chevell Performance Material Group, Covestro AG, DIC Corp., Dow Chemical Co., Eternal Materials Co. Ltd., Evonik Industries AG, Formula Chemicals Inc., Henkel AG and Co. KGaA, Koninklijke DSM NV, Mitsubishi Chemical Group Corp., Mitsui Chemicals Inc., NIPPON SHOKUBAI CO. LTD, Resonac Holdings Corp., Solvay SA, and Sumitomo Chemical Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research and growth report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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