Acrylic Surface Coating Market Size Projected to Rise Lucratively during 2023

Acrylic surface coatings are fast-drying paints comprising pigments suspended in acrylic polymer emulsion. These coatings are made up of a methacrylic or acrylic polymer that possesses strong color retention property. Acrylic coatings are soluble in water; however, they become water-resistant in the dry state. Different technologies used in acrylic surface coatings include waterborne coating, solvent-borne coating, and powder coating. Acrylic surface coatings are characterized by properties such as high surface hardness and elastomeric finish when applied as roof coating on buildings.

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Acrylic surface coating has a wide variety of advantages such as low drying time, ease of application, wide pigment compatibility, and environmentally friendly nature. The substrate is either coated completely or partially depending on the context of usage, cost, level of protection, and compatibility. Surface properties of the substrate can be modified by acrylic coating depending on the purpose it serves such as decorative or functional.

Acrylic surface coatings are segmented on the basis of their substrates into concrete, plastic, metals, and wood. Construction industry is one of the major end user industries for concrete substrate acrylic coatings, as it serves many applications in construction and buildings. Urbanization and infrastructure development have led to high growth in the construction sector, thereby increasing demand for concrete-based acrylic coatings. Rise in disposable income in emerging economies has propelled demand for wood furniture. This, in turn, has fueled demand for wood substrate acrylic coatings. Increasing demand for metal substrate acrylic coatings in applications such as automobiles, machinery and equipment, aluminum and steel coil, and freight containers is expected to fuel the market growth in the next few years. Applications of waterborne coatings is increasing as these coatings possess beneficial characteristics such as good heat resistance, abrasiveness, and eco-friendly nature. This, in turn, is estimated to drive demand for acrylic surface coatings in the next few years. Excellent external durability of acrylic coatings has boosted consumption of acrylic coatings in applications such as architectural and automotive refinishes.

The global market for acrylic coatings is segmented into regions such as Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Asia Pacific accounted for major share of the acrylic coating market in 2014 followed by North America and Europe. Asia Pacific is anticipated to continue to witness high growth during the next few years owing to growth in end-user industries such as construction, automotive, furniture, and metal in countries such as India, China, and Japan. Growth in the automobile sector in countries such as India, China, Indonesia, Japan, and South Korea has boosted growth of the market in Asia Pacific. This, in turn, would aid Asia Pacific to retain its market position during the next few years.

Europe is one of the largest markets for furniture across the globe. Demand for wood substrate acrylic coating in Europe is anticipated to witness steady growth during the next few years. Rising disposable income in Asia Pacific is expected to propel demand for aesthetically appealing coatings. This, in turn, is projected to drive demand for decorative paints and coatings during the forecast period. Increasing demand from major end user industries such as construction and automotive and high future growth prospects for acrylic surface coatings have resulted in several global players undertaking capacity expansion across the globe. Furthermore, acrylic coatings are eco-friendly in nature. Hence, environmental regulations play a vital role in fueling demand for acrylic surface coatings.

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Some of the key companies operating in the acrylic surface coating market include BASF SE, The Dow Chemical Company, Axalta Coating Systems, NIPSEA Group, PPG Industries, Inc., The Valspar Corporation, The Sherwin-Williams Company, and Asian Paints.

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