Acrylic Resins Market Size to Reach USD 23.82 Billion in 2028 | Emergen Research

VANCOUVER, BC, Sept. 29, 2021 /PRNewswire/ -- The global acrylic resins market size reached USD 15.98 Billion in 2020 and is expected to register a significantly robust revenue CAGR during the forecast period, according to latest analysis by Emergen Research.

Drivers:

Rapid growth in the automotive industry, especially in developing countries, along with increasing government initiatives related to vehicle weight reduction has been driving demand for thermoplastics. This trend is expected to have a significantly positive impact on market revenue growth. Acrylic resins are resistant to varying weather conditions and hydrolysis, and also have shiny aesthetic qualities, and offer color stability and adhesion. Owing of these unique properties, acrylic resins are used in production of a wide range of products, including smartphones, aircraft windshields, crystalline watches, optical lenses, computer displays, paper and fiber processing binders, exterior signages, headlamps, dishes, ground waxes, lighting systems, piano keys, etc. Rapid expansion across various end-use industries, particularly the automotive industry, is expected to propel revenue growth of the market.

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Restraints:

However, health concerns associated with acrylic resins are key factors expected to restrain market growth to some extent. Acrylic resins are available in solvent-based as well as watery emulsion solutions. Nasal, eye, and throat irritation are common adverse effects of continuous exposure to such solutions.

Growth Projections:

The global acrylic resins market size is expected to expand at a CAGR of 5.4% and increase from USD 15.98 Billion in 2020 to USD 23.82 Billion in 2028. Increasing activities in the construction industry in both developing and developed countries is boosting demand for acrylic resins. Additionally, growing industrial bases in countries such as China, India, South Korea, and others is propelling market growth.

COVID-19 Impact Analysis:

The construction industry has been impacted as a result of different country lockdowns and logistical constraints. Distribution network disruptions, manpower shortages, logistical constraints, restricted component supply, demand decline, low company capital, and factory closure due to lockdown in various countries have impacted the sector. During this period of crisis, raw material suppliers and other associated firms were compelled to reconsider their strategy in order to serve this industry.

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Current Trends and Innovations:

Demand for antimicrobial and antiviral coatings has increased as a result of the COVID-19 outbreak. Long-term sustainable demand for such products is expected to be at least double that of pre-pandemic levels. As a result, major firms in the paints and coatings industry have increased their production and research and development of antimicrobial and antiviral coatings, which are expected to boost market growth.

Geographical Outlook:

Large multinational resins businesses have a significant presence in Latin America and plan to expand by strategic partnerships. Increased construction activity in countries in the region is expected to boost demand for acrylic resins due to increasing spending power and standard of living.

Strategic Initiatives:

Some major companies operating in the market include BASF SE, Dow Chemical Company, Arkema S.A., Mitsui Chemicals, Inc., Koninklijke DSM N.V., Showa Denko Materials Co., Ltd., DIC Corporation, Sumitomo Corporation, Mitsubishi Chemical Holdings Corporation, and Nippon Shokubai Co., Ltd.

• In September 2020, Dow Chemical Company entered in the North American label industry with the introduction of two Invisu acrylic adhesives. The Invisu 4200 is a clear-film adhesive that is ideal for high-end labels on beverages, foods, and beauty and health products.

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Emergen Research has segmented the global acrylic resins on the basis of type, form, chemistry, application, end-use, and region:

• Type Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
• Thermoplastic
• Thermosetting
• Form Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
• Solvent Based
• Water Based
• Chemistry Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
• Methacrylate
• Acrylate
• Hybrid
• Application Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
• Adhesives & Sealants
• Paints & Coatings
• DIY coatings
• Elastomers
• Others
• End-Use Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
• Industrial
• Consumer Goods
• Construction
• Electrical & Electronics
• Packaging
• Paper & Paperboard
• Others
• Regional Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
• North America
• a. U.S.
• b. Canada
• c. Mexico
• Europe
• a. Germany
• b. France
• c. U.K.
• d. Italy
• e. Spain
• f. BENELUX
• g. Rest of Europe
• Asia Pacific
• a. China
• b. India
• c. Japan
• d. South Korea
• e. Rest of APAC
• Latin America
• a. Brazil
• b. Rest of LATAM
• Middle East & Africa
• a. Saudi Arabia
• b. UAE
• c. South Africa
• d. Turkey
• e. Rest of MEA

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