Acrylic resins market accounted at $18.7 billion in 2020, and is expected to hit $28.3 billion by 2028, growing at a CAGR of 5.2% from 2021 to 2028, As per the report published by Allied Market Research. Surge in building and construction projects and increase in demand from the automotive industry drive the growth of the acrylic resins market. However, adverse effects of volatile content and government regulation hinder the market growth. On the contrary, rise in demand from the emerging economies is expected to open lucrative opportunities for the market players in the future.
Acrylic Resins Market by end user, the packaging segment is projected to register the highest CAGR of 6.3% during the forecast period, due to rise in demand for packaging materials from various end-use industries such as food manufacturers and retail stores. However, the building and construction segment held the largest share in 2020, contributing to nearly two-fifths of the acrylic resins market, owing to rise in emphasis of construction projects in residential and commercial sectors.
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Several major players have been adopting new strategies to strengthen their market foothold in the global acrylic resin market. For instance, Mitsubishi Chemical Corporation, one of the leading players in the acrylic resin market has announced to establish acrylic resin verification facilities in Japan with the assistance of its subsidiary, Mitsubishi Chemical Methacrylates Japan Co. Ltd. This investment aims to commercialize the molecular recycling operation of acrylic resin and polymethyl methacrylate. Furthermore, the company has partnered with Honda Motor Company to plan for the collection of acrylic resins, especially from destroyed automobile taillights, and for molecular recycling and reuse of the destroyed automobile lights.
By region, the market across Asia-Pacific, followed by North America, is estimated to portray the highest CAGR of 6.0% during the forecast period, owing to improved outlook for residential building activity in high-income countries and rise in urbanization. However, the acrylic resins market across Europe held the largest share in 2020, accounting for more than two-fifths of the market, due to increased demand for protective paints and coatings in automotive industries in the region.
Major market players
• Basf Se
• The Dow Chemical Company
• Sumitomo Chemical
• Mitsubishi Chemical Holdings
• Dic Corporation
Acrylic Resins Market By Type
• Water based
• Solvent based
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By application, the paints and coating segment held the lion’s share in 2020, accounting for more than one-third of the acrylic resins market. Moreover, the segment is expected to register the highest CAGR of 6.0% during the forecast period, due to surge in demand for paints and coatings in construction and building projects. The report includes an analysis of segments such as adhesive and sealants and others.
Acrylic Resins Market By Application
• Paints & Coatings
• Adhesives & Sealants
However, demand for paints & coatings is predicted to rise in the coming years as infrastructure expenditure would increase, which in turn, further uplift the demand for acrylic resin. Furthermore, the increasing use of acrylic resin in medical devices and the automotive industry is expected to remain a key driving force that will boost the acrylic resins market.
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