The global acrylic paints market size is projected to surpass US$ 230 million by 2027, and register a CAGR of 6.1% over the forecast period (2019 - 2027).
Acrylic Paint is made of pigment suspended in acrylic polymer emulsion, and possesses a variety of unique characteristics such as water resistance, fast drying, durability and flexibility, versatility of application on any surface such as canvas, paper, or glass, and ease of application. Acrylic paint is preferred by artists owing to its fast drying property. Moreover, acrylic paint is highly versatile and its properties can be modified by mixing it with water or other gels and pastes. The excellent durability of acrylic paints means their colour may not fade with time and the quality will remain consistent over the years. Since it is a plastic polymer, acrylic paint dries into a durable, flexible, and water resistant surface, and successive layers can be added to it without disturbing the layer at the core.
Acrylic paint is highly preferred over other forms such as oil paints, owing to the former’s unique properties such as consistent drying time, flexible nature, and durability among others. These features are driving demand for acrylic paints over its counterparts in the market. Acrylic paints have been classified into two grades: student acrylics, professional (or artist) acrylics. Both grades have similar characteristics, however artist acrylics possess higher concentrations of pigment, whereas student acrylics have less pigments, lesser variety of colours, and comparatively cheaper formulas. Furthermore, there is a wide range of acrylic paints such as heavy-body acrylics, soft body acrylics, open acrylics, and exterior acrylics among others. However, heavy-body acrylics have significant demand owing to factors such as faster drying, variety of colours, and better coverage.
Moreover, the rise in the construction sector is expected to propel demand for acrylic paints over the next few years. Affordability and consumer preference is another key factor that is expected to increase the demand for acrylic paints. Furthermore, acrylic paints are the preferred choice for external applications owing to its water resistant property. The rising number of artists and canvas painting across the globe is likely to positively impact the global acrylic paints market. Growing preference for acrylic paints over oil paints by artists is estimated to rise steadily owing to a wide range of advantages. Unlike oil paints, acrylic paints are quick to dry, flexible, and elastic. The elastic nature of acrylic paints prevents cracking. Also, as with oil paints, artists do not have to apply more layers of acrylic paint to prevent cracking. Other painting materials such as oil pastels, chalk, ink, and charcoal can also be applied on top of dried acrylic paint. Moreover, it is easy to clean up compared to oil paints.
Asia Pacific is expected to be the largest market for acrylic paints owing to an increasing number of students focusing on painting and allied careers which has led to a large demand for non-commercial, student-grade acrylic paints in the region. Furthermore, growing economies in the Latin America region are likely to account for a significant market share over the forecast period. North America is not likely to witness high growth due to presence of mature markets such as the U.S. Europe is expected to experience slower growth in comparison to Asia Pacific and Latin America.
Some of the major players in the global acrylic paint market are Berkshire Hathaway, Asian Paints India, Berger Paints India, Azkonobel, and BASF SE.