Acrylic Resins are produced by addition polymerization process of various raw materials such as acrylic and methacrylic acid. They are extensively used in lacquer, textile products, and others to impart aesthetic appearance and glossy finish to the final products. Moreover, they also provide reliability and versatility to the product.
The Global Acrylic Resins Market is driven by the scope of its application in various sectors such as paints & coatings, construction, paper & paperboard, textiles, fibers & adhesives. Moreover, paints & coatings segment is set to grow at a higher CAGR owing to the endless use of thermoplastic and thermosetting resins in the sector.
The Global Acrylic Resins Market is segregated into the type, property, and application. The market by type is classified into methacrylates, acrylates and hybrids segments. On the basis of property, the market is sub-divided into thermoplastic and thermosetting segments. The market by application is bifurcated into paints & coatings, construction, paper & paperboard, textiles, fibers & adhesives.
Some of the well-known players functioning in the Global Acrylic Resins Market are BASF SE (Germany), The Dow Chemical Company (U.S.), Arkema S.A. (France), Air Products and Chemicals, Inc. (U.S.), NIPPON SHOKUBAI CO., LTD. (Japan), Formosa Plastics Corporation (U.S.), Mitsubishi Chemical Holdings Corporation (Japan), DIC CORPORATION (Japan), Hexion (U.S.),and Hitachi Chemical Co., Ltd (Japan) among others.
The methacrylate type is leading the market on account of its growing consumption in paints & coatings, furniture, textiles, and others. This type is expected to continue its dominance in the market during the forecast period.
The thermoplastic property is the most used sub-segment in the market due to unique features exhibited by the final product such as lightweight, biocompatible, superior mechanical strength, and other features.
Paints & coatings hold the major portion in Acrylic Resins Market. The increasing production of decorative and industrial coatings in end-use industries is the major factor behind their growth in the market. This industry is set to expand at a higher rate on account of rising consumption of the product in cosmetic and health care products.
Geographically, Acrylic Resins Market is segmented across five regions in the world and they are Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the majority of the market share due to ample availability of raw materials such as methacrylate, acrylic acid, and their extensive use in major industries. North America is set to expand at a significant rate owing to growing demand for acrylic resins in construction, furniture, textiles, and other sectors. In this region, the manufacturers and investors are shifting their focus from conventional to eco-friendly products in end-use applications. The enactment of new rules and regulations to follow water-based coatings instead of solvent-borne has driven the market in the European region. Additionally, the rapid urbanization coupled with technology is set to drive the market in Latin America and the Middle East & Africa regions.
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