August 18, 2022 07:30 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, USA, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Acrylic Resins Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Acrylic Resins Market Information by Type, Property, Application, And Region - Forecast till 2028”, the market is estimated to grow at a 3.51% CAGR to reach USD 28.3 Billion by 2028.
A polymeric material made of acrylic monomers is known as acrylic resin. These monomers are often functionalized by adding other chemical classes and are esters of acrylic, methacrylic, or a mixture of these acids. Additional monomers can be included in the polymer chains to give resins alternative qualities or make them less expensive. Acrylic resins have high water resistance, high adhesion, and crack resistance. In general, these resins are resistant to both chemical and photochemical attacks.
They are widely employed in industrial coatings that are solvent- and water-based and have a variety of uses, including decorative and automotive coatings. To respond to the unstable supply and demand for products, businesses in the solid acrylic resins industry are switching to a plug-and-play strategy. Due to pricing variations in import and export tariffs, they are re-evaluating their supplier networks. Manufacturers are concentrating on crucial revenue-generating applications like paints, coatings, and varnishes used in the architecture, engineering, and construction (AEC) sector to keep the economy going.
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The famous companies in the acrylic resins market are:
Market U.S.P. Covered:
The market is anticipated to rise as more end-use sectors, including building & construction and automotive, increase their use of acrylic resins. Additionally, due to their great adherence, acrylic resins are frequently utilized as major binders in paints and coatings. Additionally, the number of new city developments in developing countries is anticipated to increase the demand for acrylic resins. The primary driver of the market for systems made of acrylic resin is residential and commercial buildings. Due to rising consumer disposable income, changing lifestyles, rising demand for single-family houses, and ease of financing, residential development has been growing dramatically over the past few years. This stimulates the demand for solid acrylic resins.
The fast urbanization and population expansion in Asia-Pacific, as well as the demand for better housing and infrastructure, are expected to impact the market growth for acrylic resins significantly. The creation of bio-based resin systems is essential for maintaining demand over the anticipated period. Developing green or bio-based paints and coating systems primarily focuses on finding sustainable solutions. Every phase of a coating's life cycle, from raw materials through resin production and formulation level, is covered by environmental sustainability. New market opportunities are anticipated due to these advances in the upcoming years.
Almost all kinds of end-user coatings around the world employ acrylic resins. The original acrylics were solvent-based, but the enormous amount of solvents in these coatings was dangerous for the environment and human health. The market growth may be severely impacted by the harmful effects of acrylic resins made with solvents and environmental laws about high volatile organic contents (VOCs). Furthermore, negative effects may cause headaches, lightheadedness, and dizziness, which may develop into unconsciousness and seizures. Working with these systems can also cause nose, eyes, and throat irritation.
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While the paints and coatings industry's overall trend fluctuates in anticipation, notable variances have emerged in several consumer sectors. Following the first COVID-19 illness outbreak in Asia, followed by stringent lockdown and detection procedures, market performance first decreased, then improved. The pandemic's long-term recurrence, ineffective Euro-American control, the ongoing lockdown, and other issues had an immediate influence on factory supply and shop market circumstances, leading to uneven global demand and a dramatic shift in the segment industry.
The methacrylates segment will earn the top position in the forecast period.
The thermoplastic segment to gain high traction in the forecast period.
Paints & Coatings to take the leading position in the forecast period.
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The European market is anticipated to be supported by improvements in adhesives, sealants, and better infrastructure. Recent technological developments are also anticipated to increase demand for these resins. Additionally, it will expand as more people become conscious of their environmental obligations. This is largely due to the strong market success of architectural coatings in Europe and North America. When owners were left stuck in their homes for a lengthy period, home repair projects were popular in the Euro-American region, which led to a sharp increase in the sales of architectural paints. The introduction of vaccinations is anticipated to restore the paints and coatings sector to its initial rapid expansion rate. The largest market share for acrylic resins was in Europe. The increased demand for protective paints and coatings in the automotive industry is to blame.
The market will grow at the fastest rate in Asia-Pacific. This is due to new uses for acrylic resins in architecture and building projects. As a result of China's government's focus on reducing volatile components in resins, demand for various water-based acrylic resins for coating applications is on the rise. Large international resins firms already have a significant presence in South America and want to grow through selective organic acquisitions. The demand for acrylic-type resins in the area is anticipated to rise due to increased construction activity brought on by increasing purchasing power and living standards. The advantages of using the appropriate resin products for a variety of tasks are being made more widely known by several resin manufacturers in the Middle East and Africa.
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