Acrylic Resins Market size is poised to cross USD 30 billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of acrylic resins was over USD 20 billion. Growing population and home improvement activities are estimated to propel market growth. The need for housing rises in tandem with the expansion of the world's population, fueling a surge in building activities and home renovation initiatives. The demand for acrylic resins, which are frequently employed in construction as sealants, adhesives, and in the production of other building materials, is therefore increased. As per the estimations of the United States Census Bureau, the global population reached 7 billion in 2011 and may reach 8 billion in 2023.
Increasing demand for antimicrobial and antiviral coating and rapid urbanization is estimated to fuel the acrylic resins market size in the coming years. The need for antimicrobial and antiviral coatings in a variety of settings, including hospitals, schools, and public transportation, has increased as a result of the COVID-19 epidemic, and this is projected to fuel demand for acrylic resins. The construction sector is also expanding quickly due to rapid urbanization, particularly in emerging nations, and this has increased demand for acrylic resins used in building and construction products. More than half the world’s population i.e., 55% of the population lived in urban areas in 2017 and more than 4.3 billion live in urban areas now in 2022.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~USD 20 Billion |
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Forecast Year Market Size (2033) |
~USD 30 Billion |
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Regional Scope |
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End-user (Building & Construction, Automotive, Electronics, Packaging)
The global acrylic resins market is segmented and analyzed for demand and supply by end-user into building & construction, automotive, electronics, packaging, and others. Out of these, the automotive segment is anticipated to hold the largest market size by the end of 2033 on the back of increasing vehicle purchases by individuals. Automotive coatings employ acrylic resins as binders to give the outside of the car durability and protection. They also serve as adhesives to join various parts and elements and are also employed in the production of interior trim, including door panels, dashboard elements, and seat coverings. Their usage is bound to increase with the growth in the automotive industry. For instance, the hybrid electric vehicles sale raised by 76% between 2020-2021.
Type (Water, Solvent Based)
The global acrylic resins market is also segmented and analyzed for demand and supply by type into the water and solvent-based. Owing to its expanding usage across a range of applications, the solvent-based sector is predicted to have the greatest market share by the end of 2033. Solvents including ethyl acetate, butyl acetate, and xylene are used to create solvent-based acrylic resins. These resins are utilized in applications like coatings and adhesives, where a thicker and more solid layer is required. Their use will continue to grow with their growing use in metal and wood materials, and the growth of the construction sector. For instance, it is estimated that over 12,000 new buildings will be constructed by the end of 2050, according to projections.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By Type |
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By Product |
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By End-User |
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APAC Market Statistics
The Asia Pacific acrylic resins market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The region has a fast-expanding industrial sector and some of the world's biggest economies, including China, India, and Japan. The need for acrylic resins is being driven by the expanding consumer goods, automotive, and construction sectors in the region. Aside from that, a rise in the standard of living and an increase in disposable income is driving up demand for home renovation goods, which mostly depend on acrylic resins as raw ingredients. Additionally, the availability of inexpensive labor and raw materials, as well as favorable government regulations, are luring international corporations to locate their operations in the area, further increasing demand for acrylic resins. The growth of the market can be on account of increasing commercial buildings and construction events, and automobile production. 60% of the global construction growth is attributed to India, China, and Indonesia.
North American Market Forecast
The North American acrylic resins market is also expected to garner a sizeable portion of the global acrylic resins market, owing to the existence of a sizable construction industry and an established automotive sector. The market for acrylic resins is also expanding owing to the region's developed industrial infrastructure and increasing demand for high-quality goods. Moreover, in the construction sector in North America, acrylic resins are frequently employed as binders in paints, adhesives, and sealants. The demand for acrylic resins is being driven by the region's robust infrastructure-building activities, particularly in the commercial and residential construction segments.
Arkema planned to acquire Polimeros Especiales to expand the coating solutions segment in developing markets and in low-volatile organic compounds.
BASF SE did the installation and start-up of a state-of-the-art acrylic dispersions production line in Dahej, India. The production line complimented the old setup and lets the new dispersion technology production under Styronal PLUS 7918, Styronal ES series, Basonal FCB, Acronal EDGE, and Acronal PLUS product ranges.
Author Credits: Smruti Ranjan, Rajrani Baghel
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