Acrylic Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 1408 Report Format: PDF + Excel

Acrylic Coatings Market Overview

Acrylic coatings market size is forecast to reach US$49.2 billion by 2026, after growing at a CAGR of 4.8% during 2021-2026. Acrylic coatings are well known as organic coatings that are widely preferred in both architectural and industrial applications. These coatings are manufactured from acrylic and methacrylic polymers. Acrylic coatings find their application in many end-use industries due to their super adhesion to non-porous surfaces. The coatings also offer some excellent properties including anti-corrosion, superior hardness, high finishing, and high alkali resistance. Acrylates have found their application in the manufacturing of copolymers which are used for coatings & paints, sealants, adhesives, and others. The growth in the industrial and manufacturing sector is one of the major factors driving the market growth for acrylic coatings. The growing demand from end-use industries such as aerospace, automotive, and construction, among others is supporting the market growth throughout the forecast period. The growing adoption of environmentally friendly coatings and organic coatings is propelling the market growth. However, the fluctuating raw material prices and environmental regulations are likely to hamper the market growth during the forecast period.

COVID-19 Impact

The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the chemical industry. Due to the Covid-19, the construction and automotive industry are impacted very badly which further impacted the acrylic coating industry. Lack of supply chain, low demand, and lack of workforce are the major factors that negatively impacted the market during a covid-19 pandemic. Delay in construction activities across the globe and economic crises are also challenging the market growth.

Report Coverage

The report: “Acrylic Coatings Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the acrylic coatings industry.
By Substrate: Concrete, Metal, Plastic, Wood, and Others.
By Technology: Waterborne, Solvent-borne, Powder Coatings, UV Cured Coatings, Radiation Cured Coatings, and Others
By End-Use Industry: Building and Construction (Residential construction[Independent Homes, Row Homes, and Large Apartment Buildings], Commercial construction [Hospitals and Healthcare Infrastructure, Educational Institutes, Hotels and Restaurants, Banks and Financial Institution, Airports, Hyper and Super Market, Shopping Malls, and Others]), General Industrial, Automotive (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), Furniture, Marine, Aerospace and Defense, Oil and Gas, Agricultural, Mining, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Denmark, and Rest of Europe), Asia-Pacific (China, Australia, Japan, South Korea, India, Taiwan, Malaysia, and Rest Of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East and Africa).

Key Takeaways

  • The Asia Pacific region will dominate the market and is expected to register a high CAGR of 6.2% during the forecast period (2021-2026). Rapid industrialization and growing FDI in the manufacturing sector are boosting regional growth. 
  • The growing demand for advanced coating along with the adoption of environmentally sustainable formulations among end-users are positively supporting the market growth between the forecast period.
  • Furthermore, high adoption of waterborne acrylic basecoats among prominent automotive players such as Toyota, Ford, and Hyundai are positively impacting market growth
  • The acrylic coatings are preferred over regular coating due to their wide pigment compatibility, environmental friendliness, and low drying time.

    Figure: Asia Pacific Acrylic Coatings Market Revenue, 2020-2026 (US$ Billion)

    Acrylic Coatings Market Revenue
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Acrylic Coatings Market Segment Analysis - By Technology

Based on the technology, the market is categorized into waterborne, solvent-borne, powder coatings, UV cured coatings, radiation cured coatings, and others. The waterborne segment accounted for more than 30% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Waterborne coatings have a low impact on the environment and effective compared to other technologies. Waterborne is one of the commonly used technology among end-users due to its sustainable nature and excellent durability. The composition includes 80% of water and 20% of acrylic solvents. The high water content makes waterborne technology an environmental friend. Waterborne coatings meet the US and European regulations in terms of volatile organic compound emissions (VOC). The solvent-borne technology is expected to be the second dominating segment in the global market. Solvent-borne technology offers high-performance attributes to architectural and industrial applications.

Acrylic Coatings Market Segment Analysis - By End-Use Industry

Based on the end-use industry, the market is segmented into building & construction, general industry, automotive, furniture, marine, aerospace & defense, oil & gas, and others. The building & construction segment accounted for more than 25% of the market share in 2020 and is estimated to grow significantly during the forecast period. The rapid growth in construction activities in emerging economies is driving the market growth. Acrylic-based coatings are commonly used in the construction industry due to their high resistance to light, and weather. Generally, acrylic coatings include paints and floor polishes. Growing preference for modern paints & coatings among builders is boosting the market growth. The increasing house renovation activities in both developing and developed nations also positively impacting the market during the forecast period. According to the data published by the U.S. Commerce Department, the U.S. construction spending is increased by 0.9 percent to US$1.4 trillion in 2020. The automotive segment also holds a significant share in the global market owing to increasing production and sales of passenger cars globally.

Acrylic Coatings Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the acrylic coatings market in 2020 up to 40%, owing to the rapid growth in the infrastructural and automotive sector in the region. Rapid industrialization along with the presence of developing nations in the region are also supporting the market growth for acrylic coatings. The increasing consumer spending and strong economic growth are some of the major factors expected to propel the regional growth during the forecast period. The presence of leading automotive players such as Toyota, Honda, Hyundai, Mahindra, TATA, and Suzuki are supporting the acrylic coatings demand. The Europe region accounted for the second-largest share in the acrylic coatings market. An increase in the construction of buildings and the development of new buildings will lead to the demand for the acrylic coatings market in Europe.

Acrylic Coatings Market Drivers

Increased infrastructural and construction activities

The usage of acrylic coatings in the construction sector is increasing gradually due to their protective properties from the environment. Acrylic coatings find their application as exterior architectural coatings, roof coatings, and floor coating in the construction industry for excellent durability and weathering resistance. Acrylic coatings account for over 25% of all coatings due to their versatility and performance. Over the past few years, the construction industry is growing significantly. The economic growth, investments in infrastructure projects, and technology advancements are boosting the industry. Approximately 1.2 million new housing units are constructed every year in the United States. According to a research paper, The U.S. construction industry is spending more than US$1,231 billion every year. The U.S. private construction spending reached US$1.1 trillion in 2020. Residential construction is increased in the past few years owing to increasing disposable income, changing lifestyle, and availability of finance.

Growing demand from end-use industries

Growing demand from different end-use industries for high resistant, protective, economically friendly, and low-cost coatings is boosting the growth of the acrylic coatings market. Acrylic coatings act as a protective layer in many industries. Acrylic coatings are the leading finishes used in the paint and coating industries. Acrylic chemicals improve adhesion rate, gloss retention, and UV resistance, in the coating industry. They are versatile polymers available in different technologies such as waterborne, solvent-borne, and powder coatings. The emergence of new coating technologies such as hybrid coatings in the automotive and aerospace industries is positively driving the market.

Acrylic Coatings Market Challenges:

Environmental & health issues

The coating industry is one of the prominent industries play a vital role in various manufacturing sectors. Acrylic coatings cause many health-related problems among workers. Some of them include headache, seizures, dizziness, unconsciousness, light?headedness, irritation of nose, eyes, and others. The Volatile organic compounds (VOCs) present in industrial coatings are harmful to health and the environment. Industrial paints release harmful VOCs during painting processes. Volatile organic compounds impact body organs and lead to asthmatic reactions. Sometimes acrylic coatings may lead to heart and lung problems among workers.

Acrylic Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Acrylic Coatings market. Major players in the Acrylic Coatings market are Akzo Nobel N.V., Sumitomo, BASF SE, Nippon Paint Co. Ltd., DIC Corporation, Sherwin-Williams, The Dow Chemical Company, PPG Industries, Inc., DSM, Mitsui Chemicals, Showa Denko Materials, Allnex, Solvay, Yip’s Chemical Holdings Ltd., Innotek Technology Ltd., Geo Specialty Chemicals, and others

Acquisitions/Technology Launches

  • In March 2021, BASF opened its new production line for acrylic dispersions in Pasir Gudang, Malaysia. The new production line is engaged in the production of new dispersions technologies under Acronal EDGE, Acronal PLUS, Joncryl, and next-generation Acronal ECO product ranges.
  • In July 2020, Allnex launched two new acrylic dispersions products namely SETAQUA DTM 6918 and SETAQUA DTM 6919. The products are used for direct to metal (DTM) applications.

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1.Acrylic Coatings Market- Market Overview
    1.1 Definitions and Scope 
2. Acrylic Coatings Market - Executive Summary
    2.1 Key Trends by Substrate
    2.2 Key Trends by Technology
    2.3 Key Trends by End Use Industry
    2.4 Key Trends by Geography
3. Acrylic Coatings Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Acrylic Coatings Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Acrylic Coatings Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Acrylic Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Acrylic Coatings Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Acrylic Coatings Market – By Substrate (Market Size -$Million/Billion)
    8.1 Concrete
    8.2 Metal
    8.3 Plastic
    8.4 Wood
    8.5 Others
9. Acrylic Coatings Market – By Technology (Market Size -$Million/Billion)
    9.1 Waterborne
    9.2 Solvent borne
    9.3 Powder Coatings
    9.4 UV Cured Coatings
    9.5 Radiation Cured Coatings
    9.6 Others 
10. Acrylic Coatings Market – By End-Use Industry (Market Size -$Million/Billion)
    10.1 Building and Construction
        10.1.1 Residential construction
            10.1.1.1 Independent Homes
            10.1.1.2 Row Homes
            10.1.1.3 Large Apartment Buildings
        10.1.2 Commercial construction
            10.1.2.1 Hospitals and Healthcare Infrastructure
            10.1.2.2 Educational Institutes
            10.1.2.3 Hotels and Restaurants
            10.1.2.4 Banks and Financial Institution
            10.1.2.5 Airports
            10.1.2.6 Hyper and Super Market
            10.1.2.7 Shopping Malls
            10.1.2.8 Others
    10.2 General Industrial
    10.3 Automotive 
        10.3.1 Passenger Vehicles
        10.3.2 Light Commercial Vehicles
        10.3.3 Heavy Commercial Vehicles
    10.4 Furniture
    10.5 Marine
    10.6 Aerospace and Defense
    10.7 Oil and Gas
    10.8 Agricultural
    10.9 Mining
    10.10 Others 
11. Acrylic Coatings Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 U.K.
        11.2.2 Germany 
        11.2.3 Italy 
        11.2.4 France
        11.2.5 Netherlands
        11.2.6 Belgium
        11.2.7 Spain
        11.2.8 Denmark
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China 
        11.3.2 Australia
        11.3.3 Japan 
        11.3.4 South Korea
        11.3.5 India
        11.3.6 Taiwan
        11.3.7 Malaysia
        11.3.8 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 U.A.E.
            11.5.1.3 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Acrylic Coatings Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Acrylic Coatings Market – Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Acrylic Coatings Market – Key Company List by Country Premium Premium
15. Acrylic Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"