The global acrylic coatings market size is expected to witness potential gains in the future, and register a CAGR of 6.1% over the forecast period (2019 - 2027).
Acrylic coatings possess excellent durability, are highly resistant to water and UV rays, stable under extremely cold temperature, easy to apply, and cost effective compared to other materials. The key feature of acrylic polymers is that they can be developed to be both tough and flexible at the same time. Acrylic materials have a wide range of applications, but are most commonly designed for the purpose of roof coatings (as replacement for house paint), and other roof applications. Elastomeric finish and high surface hardness makes them ideal for application in the building sector. Among other advantages, acrylic coatings have low odor, quicker drying time, eco-friendly, water resistance, and they are also resistant to corrosion. The low odor means acrylic coatings are a preferred choice for external as well as internal use.
Acrylic coatings can be applied over a wide range of surfaces such as wood, steel, aluminum, primers rich in zinc, concrete, piping, and others. As a result, acrylic coatings are expected to witness a high demand from coating and paint industries. Furthermore, there is a significant demand for decorative paints for application in exterior and interior walls which is driving the growth of the market. Increasing disposable income in emerging economies combined with rapid urbanization has led to a demand for aesthetically pleasing infrastructure and decorative coatings. Key players across the globe are also focusing on investments in untapped regions which is expected to benefit the overall market growth over the forecast period. Moreover, increasing number of environmentally friendly regulations by government agencies have led to industries opting for coatings containing low intensity volatile organic compounds, as a result of rising health concerns among the global population such as cancer risk and respiratory illnesses. Environmental policies have driven manufacturers to produce ecofriendly products that will not have a harsh impact on the environment and public health. Such regulations are facilitating the growth of the global acrylic coatings market.
Although, there are some limitations to waterborne coatings with regards to the weather at the time of application, and have a moderate scope of affecting the market growth. For instance, in extremely humid conditions (over 90% humidity), acrylic coatings may take longer to dry.
Asia Pacific has accounted for the highest market share in the past few years, and the trend is likely to continue over the forecast period owing to an industrial boom in the region. Rapidly expanding end use industries such as automotive, construction, and metal in emerging economies such as China and India are contributing to the demand for acrylic coatings in Asia Pacific. Furthermore, the growing gross domestic product and disposable income of the population in this region is expected to benefit the market growth in the upcoming years. Europe is expected to be the second largest market for acrylic coatings, and is likely to witness significant growth, particularly in the wood substrate acrylic coating segment. The North America market is expected to grow at a steady rate following the economic slump in 2009. Other regions such as Latin America and Africa are also projected to contribute to the market share as a result of increasing urbanization and industrialization in the regions.
Some of the prominent players in the global acrylic coatings market are Nippon Shokubai, Asian Paints India, Berkshire Hathaway, Azkonobel, Berger Paints India, and BASF SE among others.
Various players in acrylic coatings market are engaged in developing organic or inorganic growth strategies such as merger, acquisitions, joint venture, plant expansion and new product launch, in order to strengthen their global position. For instance,