— Acrylic Coatings Market size is forecast to reach US$49.2 billion by 2026, after growing at a CAGR of 4.8% during 2021-2026. Acrylic coatings are well known as organic coatings that are widely preferred in both architectural and industrial applications. These coatings are manufactured from acrylic and methacrylic polymers. Acrylic coatings find their application in many end-use industries due to their super adhesion to non-porous surfaces. The coatings also offer some excellent properties including anti-corrosion, superior hardness, high finishing, and high alkali resistance. Acrylates have found their application in the manufacturing of copolymers which are used for coatings & paints, sealants, adhesives, and others.
The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the chemical industry. Due to the Covid-19, the construction and automotive industry are impacted very badly which further impacted the acrylic coating industry.
Acrylic Coatings Market Segment Analysis - By Technology
Based on the technology, the market is categorized into waterborne, solvent-borne, powder coatings, UV cured coatings, radiation cured coatings, and others. The waterborne segment accounted for more than 30% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Waterborne coatings have a low impact on the environment and effective compared to other technologies. Waterborne is one of the commonly used technology among end-users due to its sustainable nature and excellent durability.
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Acrylic Coatings Market Segment Analysis - By End-Use Industry
Based on the end-use industry, the market is segmented into building & construction, general industry, automotive, furniture, marine, aerospace & defense, oil & gas, and others. The building & construction segment accounted for more than 25% of the market share in 2020 and is estimated to grow significantly during the forecast period. The rapid growth in construction activities in emerging economies is driving the market growth. Acrylic-based coatings are commonly used in the construction industry due to their high resistance to light, and weather. Generally, acrylic coatings include paints and floor polishes. Growing preference for modern paints & coatings among builders is boosting the market growth.
Acrylic Coatings Market Segment Analysis - By Geography
Asia Pacific region held the largest share in the acrylic coatings market in 2020 up to 40%, owing to the rapid growth in the infrastructural and automotive sector in the region. Rapid industrialization along with the presence of developing nations in the region are also supporting the market growth for acrylic coatings..
Acrylic Coatings Market Drivers
Increased infrastructural and construction activities
The usage of acrylic coatings in the construction sector is increasing gradually due to their protective properties from the environment. Acrylic coatings find their application as exterior architectural coatings, roof coatings, and floor coating in the construction industry for excellent durability and weathering resistance. Acrylic coatings account for over 25% of all coatings due to their versatility and performance. Over the past few years, the construction industry is growing significantly. The economic growth, investments in infrastructure projects, and technology advancements are boosting the industry. Approximately 1.2 million new housing units are constructed every year in the United States.
Growing demand from end-use industries
Growing demand from different end-use industries for high resistant, protective, economically friendly, and low-cost coatings is boosting the growth of the acrylic coatings market. Acrylic coatings act as a protective layer in many industries. Acrylic coatings are the leading finishes used in the paint and coating industries. Acrylic chemicals improve adhesion rate, gloss retention, and UV resistance, in the coating industry.
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Acrylic Coatings Market Challenges:
Environmental & health issues
The coating industry is one of the prominent industries play a vital role in various manufacturing sectors. Acrylic coatings cause many health-related problems among workers. Some of them include headache, seizures, dizziness, unconsciousness, light?headedness, irritation of nose, eyes, and others.
Acrylic Coatings Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Acrylic Coatings market. Major players in the Acrylic Coatings market are Akzo Nobel N.V., Sumitomo, BASF SE, Nippon Paint Co. Ltd., DIC Corporation, Sherwin-Williams, The Dow Chemical Company, PPG Industries, Inc., DSM, Mitsui Chemicals, Showa Denko Materials, Allnex, Solvay, Yip’s Chemical Holdings Ltd., Innotek Technology Ltd., Geo Specialty Chemicals, and others
In March 2021, BASF opened its new production line for acrylic dispersions in Pasir Gudang, Malaysia. The new production line is engaged in the production of new dispersions technologies under Acronal EDGE, Acronal PLUS, Joncryl, and next-generation Acronal ECO product ranges.
In July 2020, Allnex launched two new acrylic dispersions products namely SETAQUA DTM 6918 and SETAQUA DTM 6919. The products are used for direct to metal (DTM) applications.
The Asia Pacific region will dominate the market and is expected to register a high CAGR of 6.2% during the forecast period (2021-2026). Rapid industrialization and growing FDI in the manufacturing sector are boosting regional growth.
The growing demand for advanced coating along with the adoption of environmentally sustainable formulations among end-users are positively supporting the market growth between the forecast period.
Furthermore, high adoption of waterborne acrylic basecoats among prominent automotive players such as Toyota, Ford, and Hyundai are positively impacting market growth
The acrylic coatings are preferred over regular coating due to their wide pigment compatibility, environmental friendliness, and low drying time.
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