According to MarketsandMarkets’ new market research report, “Acrylic Resins Market by Solvency (Water-Based, Solvent-Based, and Others), Chemistry, Application (Paints & Coatings, Adhesives & Sealants, DIY Coatings, Elastomers, and Others), End-use Industry, and Region – Global Forecast to 2025,” the global acrylic resins market size is projected to reach $21.9 billion by 2025 from $16.8 billion in 2020, at a CAGR of 5.5% during the forecast period.
The demand for acrylic resins in emerging economies, such as APAC, MEA, and South America, is increasing due to the growth in the construction industry and industrial activities. The stringent regulations regarding coating application is a major challenge for the acrylic resins market.
The hybrids segment is estimated to be the fastest growing in the overall acrylic resins market in 2020. Hybrid acrylic resins are generally the mixture of two functional monomers. These resins where created to combine the desirable properties of both resins to achieve required functioning, while offsetting their shortcomings. These are mainly used in coating application due to their higher performance properties such as ultraviolet (UV) resistance, gloss retention and improved adhesion.
Water-based is estimated to be the fastest growing market in the overall acrylic resin market in 2020. Water-based acrylic resins are effective as solvent-based but also have a low environmental impact. These resins are used increasingly in the current period owing to its sustainable nature and easy formulation processes, their excellent durability, quick drying times and emission of low odor.
In applications, the paints & coatings segment is estimated to lead the market in 2020.
Acrylics are utilized in a broad range of applications in paints & coatings industry, from architectural coatings to industrial coatings. Acrylic resins show good chemical, photochemical resistance, good colors and gloss retention properties, are easy to handle, cost efficient, and exhibit superior performance in a wide variety of applications such as roof coating, wall coating, interior and exterior paints, and others.
Building and construction is expected to be the largest acrylic resins end-use industry in 2020. Acrylic resins are used in manufacturing coatings, paints, adhesives, sealants, and other products in the construction sector.
The acrylic resins market in APAC is projected to register the highest CAGR in terms of both value and volume, during the forecast period. The building & construction market in APAC is driven by the growing construction industry, increased urbanization, industrial growth, and strong economic growth.
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