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The Acrylic Resins Market Share is valued USD 17.16 billion in 2023 and estimated to grow at a CAGR of 4.3% during the period 2024-2030 to reach USD 23.05 billion in 2030. The growth can be primarily attributed to increasing use of acrylic resins in major applications including paints & coatings, automotive, and construction due to urbanization, industrialization, and increasing government spending on infrastructure.
Factors & Opportunities Driving Market Growth
Rapid industrialization, increasing construction in emerging economies, and high demand for sustainable and durable materials further drive the growth of the global market. These countries are also urbanizing quickly, resulting in an increase in consumption of paints, coatings, adhesives, and sealants, all of which are major applications for acrylic resins. Furthermore, the automotive industry demand for lightweight and long-lasting materials as well as the rising trend of eco-friendly construction is providing acrylic resin market players a new expansion avenue.
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On the basis of type, property, and application, the global market for acrylic resins is segmented. Methacrylates by type hold the largest market position in 2023. They are known indirectly for their high performance, short curing times, and far-reaching applications in many sectors. Because of its high assault and adhesion asset, methacrylates are gaining popularity within the construction, automotive, and paint applications. After methacrylates comes the family of acrylates, that are more extensively utilized in paints, coatings, and other industrial purposes.
Based on property, thermoplastic acrylic resins occupy 55% of the global acrylic resin market as these acronym resins provide better mechanical properties, cost-effectiveness, and recyclability. The benefit of being re-moldable also makes the thermoplastic composite attractive to manufacturers.
Based on application, paints and coatings segment is the largest in acrylic resins market, as most decorative and protective coatings use acrylic resins as the main binder. The resins offer a high gloss and excellent weather resistance that are important in both interior and exterior coatings. Key applications include medical devices, adhesives & sealants, textiles, and paper.
United States: The U.S. also holds the highest market share in the global acrylic resins market with significant demand from automotive, paints and coatings, and construction sectors. Anteceding argument explicated, we are savage for this market rather in light of the fact that the regulatory structure is very solid on yet another level as far as giving a sort of driving force to the utilizing of supportable materials. The demand for low-VOC products is increasing which in turn is making companies opt to develop high performance green acrylic as well as acrylic resins.
Germany is the largest economy of Europe and is expected to be a key captive market for acrylic resins. Germany is expected to witness steady demand for acrylic resins due to its strong manufacturing presence in the automotive and construction sectors. In addition to this, the guidelines on sustainable construction materials by Germany will also enhance the demand for eco-friendly acrylic resins.
China is the largest market in acrylic resins on account of rapid urbanization and mega infrastructure initiatives. An important factor of acrylic resin consumption is the construction sector, boosted by increasing government initiatives focused on city expansion and infrastructural development. In addition, demand for acrylic resins in the country is anticipated to be propelled on the back of growing inclination towards eco-friendly solutions in coatings.
India is also a major acrylic resins market, supported by booming construction and rising infrastructure investments. High investments from the government in the construction of new cities and lifestyle enhancements are driving the market for high performance acrylics resins for coatings & adhesives.
Japan has a large share of the acrylic resins market, with a robust automotive and electronics base. The reason boldly focus on innovation of advanced materials with high durability and low weight. High demand for low VOC, or eco-friendly, acrylic resin formulations in Japan for a reduction in the environmental impact of paints & coatings.
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The acrylic resins market is fragmented and many small- and large-scale industries dominate the acrylic resins business worldwide through mergers, acquisition and strategic alliances. Some of the prominent players in the global market include Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Mitsui Chemicals Inc., Evonik Industries AG, and Formosa Plastics Corp.
Recently, Sumitomo Chemical Co. Ltd. has made massive efforts in wider diversification in terms of various products and increasing production capacities to cater the demand from various end-use industries.
Asahi Kasei Corporation aims to utilize its technology and manufacturing capabilities to offer special high-performance acrylic resins that meet automotive and construction- sector needs and which can be essential for energy-efficient and sustainable solutions.
Mitsui Chemicals Inc. is still making strides in the market scene via acquisitions and product development. In emerging markets, the company is boosting its acrylic resin production capacity.
Evonik Industries AG (Germany) has devoted more focus to sustainability and is developing greener acrylic resins, which are desired in a number of sectors such as, automotive, paints, and coatings among many others.
EVA helps Formosa Plastics Corp to product innovation, especially on acrylic resins for automotive and construction sector. The firm is trying to grow footprint into markets like China and India.
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The international acrylic resins market is prepared to witness the most elevated benefited development rate more than 10 a long time, driven by sound development of finish amplifying businesses counting development, automotive and paints and coatings. The emerging economies are highly urbanized and industrialized where the consumers are now shifting towards increased utilization of sustainable products which will further open these markets for various players to explore and innovate. These are the leading players in the market, and as demand for high performance and environmentally friendly materials and solutions continues to grow, expect a dynamic and competitive market landscape in the future.
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