Global Acrylic Resin Market

Acrylic Resin Market Size, Share, Growth Analysis, By Application(Paints & Coatings, Adhesives & Sealants, and Others), By Type(Water Based, Solvent Based, and Others), By End-user(Building & Construction, Automotive, Electronics, Packaging), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2350 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 92 |Figures: 76

Acrylic Resin Market Insights

Acrylic Resin Market size was valued at USD 19.67 billion in 2021 and is poised to grow from USD 21.77 billion in 2023 to USD 31.04 billion by 2030, at a CAGR of 5.2% during the forecast period (2023-2030).

The acrylic resins market is expected to witness significant growth due to their expanding applications in various industries such as building and construction, automotive, paints and coatings, and electronics.

The rise in new city projects in emerging economies like China, India, and Japan, driven by rapid urbanization and population growth, is expected to drive the demand for acrylic resins. Their high adhesion properties make them ideal binders for paints and coatings. However, the market growth may be hindered by the adverse effects of solvent-based acrylic resins and the strict environmental regulations related to volatile organic contents (VOCs).

These resins can cause health issues such as headaches, dizziness, and respiratory irritation. To overcome these challenges, the development of bio-based resin systems is gaining importance to ensure sustainability and reduce environmental impact.

The focus on green and bio-based paints and coatings presents new market opportunities and promotes a sustainable approach throughout the entire lifecycle of coatings, from raw materials to manufacturing and formulation.

US Acrylic Resin Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 19.67 billion

Largest Segment

Building & Construction

Fastest Growth

Building & Construction

Growth Rate

5.2% CAGR

Global Acrylic Resin Market by region
Country Share for Europe Region (%)

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Acrylic Resin Market Segmental Analysis

The acrylic resins market is segmented based on solvency, application, end-user, and region. Solvency categories include water-based, solvent-based, and others. Applications of acrylic resins are found in paints & coatings, adhesives & sealants, elastomers, and other industries. The end-user sectors encompass building & construction, paper & paperboard, consumer goods, automotive, electrical & electronics, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.

Acrylic Resin Market Analysis By Solvency

Water-based resins have captured the largest share in the acrylic resins market and are projected to experience the highest growth rate. The increasing focus on water-based acrylic resins in coating applications is a key factor driving market growth. These resins are favored by industries and consumers seeking more sustainable and environmentally friendly coating solutions. The demand for water-based acrylic resins is expected to be driven by the growing awareness of environmental regulations, the need for eco-friendly coatings, and the shift towards sustainable practices in various end-use industries.

Acrylic Resin Market Analysis By Application

The paints and coatings segment held a substantial share of the acrylic resins market revenue. Acrylic resins are extensively utilized as binders in the formulation of paints and coatings. These resins offer excellent temperature resistance, chemical resistance, and durability, making them highly suitable for various applications in the paints and coatings industry. Acrylic-based paints and coatings provide superior adhesion, weatherability, and color retention properties, making them a preferred choice in architectural coatings, automotive coatings, industrial coatings, and more. The demand for acrylic resins in the paints and coatings segment is driven by the need for high-performance coatings that can withstand harsh environmental conditions and offer long-lasting protection to surfaces. The versatility and advantageous properties of acrylic resins contribute to their widespread use in the paints and coatings industry.

Global Acrylic Resin Market by End-user, 2023 (%)

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Acrylic Resin Market Regional Insights

In 2022, Europe emerged as the region with the highest market share in the acrylic resins market. This can be attributed to the increased demand for protective paints and coatings, particularly in the automotive industry. Acrylic resins are widely used as binders in automotive coatings, providing durability, weather resistance, and enhanced aesthetic appeal to vehicles. The stringent regulations on emission control and the focus on sustainability have further driven the demand for acrylic resins in Europe.

On the other hand, the Asia-Pacific region is expected to witness the highest market growth in the acrylic resins market. The region is experiencing a surge in building and construction projects, creating a strong demand for acrylic resins. Countries like China, with its rapidly growing infrastructure and construction activities, have a significant market size within the Asia-Pacific region. The Chinese government has implemented initiatives to reduce volatile organic compounds (VOCs) in resins, leading to an increased demand for water-based acrylic resins for coating applications. The growing urbanization, increasing disposable income, and changing lifestyles in the Asia-Pacific region are driving the demand for acrylic resins in various end-use industries, including building and construction.

Global Acrylic Resin Market by region, 2024-2031
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Acrylic Resin Market Dynamics

Rise in Demand due to its Advantages over Alternatives

  • Growing demand for paints and coatings in various industries, including automotive, construction, and consumer goods along with Increasing emphasis on sustainable and eco-friendly resin solutions are driving the demand. Rising construction and infrastructure development activities worldwide and advantages of acrylic resins such as high durability, chemical resistance, and temperature resistance are bringing lucrative growth opportunities for players in the market. Technological advancements leading to improved performance and application versatility of acrylic resins will open new revenue generating opportunities in the market.

Harmful Environmental Effects to Hinder Market

  • Adverse effects of solvent-based acrylic resins and stringent environmental regulations regarding volatile organic compound (VOC) emissions.
  • Fluctuations in raw material prices, particularly for feedstocks like propylene and ethylene.
  • Availability of alternative resin systems and competition from other coating technologies.

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Acrylic Resin Market Competitive Landscape

The acrylic resins market is highly competitive, with several key players operating globally. These players focus on strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and product innovations to strengthen their market position. Some of the major players in the market include BASF SE, The Dow Chemical Company, Arkema Group, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., DIC Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., LG Chem, Ltd., and Formosa Plastics Corporation. These companies invest significantly in research and development activities to enhance their product portfolios and cater to the evolving market demands.

Acrylic Resin Market Top Player’s Company Profiles

  • BASF SE (Germany)
  • The Dow Chemical Company (United States)
  • Arkema Group (France)
  • Mitsubishi Chemical Corporation (Japan)
  • Nippon Shokubai Co., Ltd. (Japan)
  • DIC Corporation (Japan)
  • Evonik Industries AG (Germany)
  • Sumitomo Chemical Co., Ltd. (Japan)
  • LG Chem, Ltd. (South Korea)
  • Formosa Plastics Corporation (Taiwan)
  • Wacker Chemie AG (Germany)
  • Solvay S.A. (Belgium)
  • Shin-Etsu Chemical Co., Ltd. (Japan)
  • Covestro AG (Germany)
  • Kuraray Co., Ltd. (Japan)
  • SABIC (Saudi Arabia)
  • Eastman Chemical Company (United States)
  • Celanese Corporation (United States)
  • DowDuPont Inc. (United States)
  • Huntsman Corporation (United States)

Acrylic Resin Market Recent Developments

  • In April 2021, Mitsubishi Chemical America Inc. announced the merger of its seven subsidiaries in the United States, leading to the establishment of an expanded company. This merger aims to strengthen the company's presence and enhance its capabilities in the market.

Acrylic Resin Key Market Trends

  • One key market trend in the acrylic resins industry is the growing demand for sustainable and eco-friendly solutions. With increasing environmental awareness and regulations, there is a shift towards using acrylic resins that have lower volatile organic compound (VOC) content and are derived from renewable sources. Manufacturers are focusing on developing bio-based acrylic resins that offer similar performance characteristics to traditional resins while reducing their environmental impact. Additionally, there is a rising interest in water-based acrylic resins, which have lower VOC emissions compared to solvent-based resins. These water-based resins also offer easier application, faster drying times, and improved safety for workers.

Acrylic Resin Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the acrylic resins market is expected to witness significant growth in the coming years. Factors driving this growth include the increasing demand for acrylic resins in various end-use industries such as building and construction, automotive, and consumer goods. The rising emphasis on sustainable and eco-friendly solutions is also fueling the market growth, with the development of bio-based acrylic resins. The continuous advancements in technology and product innovation, along with the growing applications of acrylic resins in diverse sectors, are expected to contribute to the positive future growth prospects of the acrylic resins market.

Report Metric Details
Market size value in 2023 USD 19.67 billion
Market size value in 2031 USD 31.04 billion
Growth Rate 5.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Paints & Coatings, Adhesives & Sealants, and Others
  • Type
    • Water Based, Solvent Based, and Others
  • End-user
    • Building & Construction, Automotive, Electronics, Packaging, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BASF SE (Germany)
  • The Dow Chemical Company (United States)
  • Arkema Group (France)
  • Mitsubishi Chemical Corporation (Japan)
  • Nippon Shokubai Co., Ltd. (Japan)
  • DIC Corporation (Japan)
  • Evonik Industries AG (Germany)
  • Sumitomo Chemical Co., Ltd. (Japan)
  • LG Chem, Ltd. (South Korea)
  • Formosa Plastics Corporation (Taiwan)
  • Wacker Chemie AG (Germany)
  • Solvay S.A. (Belgium)
  • Shin-Etsu Chemical Co., Ltd. (Japan)
  • Covestro AG (Germany)
  • Kuraray Co., Ltd. (Japan)
  • SABIC (Saudi Arabia)
  • Eastman Chemical Company (United States)
  • Celanese Corporation (United States)
  • DowDuPont Inc. (United States)
  • Huntsman Corporation (United States)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Acrylic Resin Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Acrylic Resin Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Acrylic Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Acrylic Resin Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Acrylic Resin Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Acrylic Resin Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Acrylic Resin Market size was valued at USD 19.67 billion in 2021 and is poised to grow from USD 21.77 billion in 2023 to USD 31.04 billion by 2030, at a CAGR of 5.2% during the forecast period (2023-2030).

The acrylic resins market is highly competitive, with several key players operating globally. These players focus on strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and product innovations to strengthen their market position. Some of the major players in the market include BASF SE, The Dow Chemical Company, Arkema Group, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., DIC Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., LG Chem, Ltd., and Formosa Plastics Corporation. These companies invest significantly in research and development activities to enhance their product portfolios and cater to the evolving market demands. 'BASF SE (Germany)', 'The Dow Chemical Company (United States)', 'Arkema Group (France)', 'Mitsubishi Chemical Corporation (Japan)', 'Nippon Shokubai Co., Ltd. (Japan)', 'DIC Corporation (Japan)', 'Evonik Industries AG (Germany)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'LG Chem, Ltd. (South Korea)', 'Formosa Plastics Corporation (Taiwan)', 'Wacker Chemie AG (Germany)', 'Solvay S.A. (Belgium)', 'Shin-Etsu Chemical Co., Ltd. (Japan)', 'Covestro AG (Germany)', 'Kuraray Co., Ltd. (Japan)', 'SABIC (Saudi Arabia)', 'Eastman Chemical Company (United States)', 'Celanese Corporation (United States)', 'DowDuPont Inc. (United States)', 'Huntsman Corporation (United States)'

Growing demand for paints and coatings in various industries, including automotive, construction, and consumer goods along with Increasing emphasis on sustainable and eco-friendly resin solutions are driving the demand. Rising construction and infrastructure development activities worldwide and advantages of acrylic resins such as high durability, chemical resistance, and temperature resistance are bringing lucrative growth opportunities for players in the market. Technological advancements leading to improved performance and application versatility of acrylic resins will open new revenue generating opportunities in the market.

One key market trend in the acrylic resins industry is the growing demand for sustainable and eco-friendly solutions. With increasing environmental awareness and regulations, there is a shift towards using acrylic resins that have lower volatile organic compound (VOC) content and are derived from renewable sources. Manufacturers are focusing on developing bio-based acrylic resins that offer similar performance characteristics to traditional resins while reducing their environmental impact. Additionally, there is a rising interest in water-based acrylic resins, which have lower VOC emissions compared to solvent-based resins. These water-based resins also offer easier application, faster drying times, and improved safety for workers.

In 2022, Europe emerged as the region with the highest market share in the acrylic resins market. This can be attributed to the increased demand for protective paints and coatings, particularly in the automotive industry. Acrylic resins are widely used as binders in automotive coatings, providing durability, weather resistance, and enhanced aesthetic appeal to vehicles. The stringent regulations on emission control and the focus on sustainability have further driven the demand for acrylic resins in Europe.

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Global Acrylic Resin Market

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