Vancouver, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario:
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 29.40 Billion in 2032. 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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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 15.98 Billion |
| CAGR (2021–2032) | 5.4% |
| Revenue forecast to 2032 | USD 29.40 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2021–2032 |
| Quantitative units | Volume in Tons, Revenue in USD Billion and CAGR in % from 2021 to 2028 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Form, Chemistry, Application, End-use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | 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. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global acrylic resins market is fairly fragmented, with numerous large and medium-sized market players accounting for a major revenue share. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective acrylic resins. Some major players in the global acrylic resins market report are:
- 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
- Nippon Shokubai Co., Ltd.
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Strategic Development
- In August 2021, Arkema S.A. announced that the company has reached a definitive agreement to acquire Ashland Global Holdings Inc for USD 1.65 Billion. The deal is scheduled to be completed by the end of the fiscal year 2021. With this acquisition, Arkema is expected to strengthen its market position.
- 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.
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.
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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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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