Acrylic Resins Market worth $21.9 billion by 2025 Globally, at a CAGR of 5.5% says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The Global Acrylic Resins Marketis projected to reach USD 21.9 billion by 2025 from USD 16.8 billion in 2020, at a CAGR of 5.5% during the forecast period, as per the recent study by MarketsandMarkets™. The price and availability of raw materials are the major factors that affect the price of end-products. The rise or fall in crude oil prices impacts the price of the raw materials required for acrylic resin.
Acrylic resins are a polymeric material containing acrylic monomers. They a re synthesized from acrylic & methacrylic esters monomers and low-level monomers from other functional groups. Acrylic resins can be thermoplastic or thermosetting resins and are used as solvent based, water based, powder based or energy cured form. They provide good weatherability, resistance to hydrolysis, gloss and color resistance in exterior application. Acrylic resins are used in industries such as paints and coatings, construction, adhesives, paper & paperboard, textile and automotive, among others.
Drivers, Restraints, and Opportunities in Acrylic Resins Market:
Driver: Increased infrastructural and construction activities
Restrain: Potential health and environmental issues
Opportunity: Growing requirement of environmentally sustainable formulations
Challenge: Stringent regulations and restrictions
Key Findings of the Study:
Based on chemistry, acrylic resins have been segmented into acrylates, methacrylates, and hybrid systems.
Based on solvency, acrylic resins have been segmented into solvent based, water based, and others.
Based on applications, acrylic resins have been segmented into paints & coatings, adhesives & sealants, DIY coatings, elastomers, and others.
Based on end-use industry, acrylic resins have been segmented into building & construction, industrial, paper & paperboard, consumer goods, electrical & electronics, packaging, and others
APAC consists of major developing nations, such as China and India, and therefore, the scope for development for most of the industries is high. The region accounted for the largest market share I terms of volume, and is the fastest-growing market for acrylic resins. The growth of the market in the region is attributed to the presence of emerging countries, and their high economic growth rate, the rise in infrastructure projects, increasing urbanization, and growing standard of living. These developing countries are the driving engines for the acrylic resins market in the region.
The growing demand for better construction materials is increasing the demand for acrylic resins in these industries. Residential and commercial construction is the major contributor to the market size for acrylic resin based systems. Residential construction grew significantly in the past few years owing to factors such as increasing disposable incomes, changing lifestyle, growing demand for single family homes, ease of financing, and increased investments.
BASF is one of the largest chemical producers in the world and has established its presence in more than 80 countries, globally. The company operates through six business segments namely, chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. BASF offers acrylic resins under its chemicals segment. The company offers products to agriculture, automotive & transportation, chemicals, construction, paints & coatings, plastics, and rubber industries. BASF SE serves more than 100,000 customers in almost every country in the world. They have R&D centers present in 70 locations and operates with 390 production sites worldwide. The company has spent USD 2.4 billion for R&D in all the business segments.
Arkema is a manufacturer of specialty chemicals and advanced materials. The company has organized its operations through four segments: adhesives solutions, advanced materials, coating solutions and intermediates. The company offers products to general industries, consumer goods, paints & coatings, construction, electronics & energy, automotive & transportation, nutrition, and water sectors. Arkema operates in around 55 countries with about 20,500 employees. The company has 13 research centres worldwide and a total of 144 production sites.
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