Acrylic Resins Market Business Opportunities, Challenges, Drivers and Restraint Research Report by 2027

Acrylic resins, a type of thermoplastic or thermosetting polymer, is produced from acrylic and methacrylic ester monomers. Acrylic resins can be solvent-based and water-based systems. The density of acrylic resin is in the range 1.02-1.19 g/cc. Acrylic resins have high water resistance, high adhesion, and these are resistant to cracking. This is majorly used in molding materials, coatings, and adhesives.

The global acrylic resins market size was valued at $18.7 billion in 2020, and is projected to reach $28.3 billion by 2028, growing at a CAGR of 5.2% from 2021 to 2028.

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Growth in application of acrylic resins in various end-use industries such as building & construction and automotive is expected to boost the market growth. In addition, owing to high adhesion, acrylic resins are widely used as primary binders in paints and coatings. Moreover, rise in number of new city projects in emerging nations, such as China, India, and Japan is expected to fuel demand for acrylic resins. Increase in population and rapid urbanization in Asia-Pacific and need for improved infrastructure and residential spaces are anticipated to play a crucial role in the acrylic resins market growth.

The total population of Asia-Pacific represent around 60% of total world population and is expected to increase 5.2 billion (0.9 billion increase) by 2050. Moreover, high durability and chemical resistance make it suitable for electronics application such as PC screens, display windows for cellular phones, and light guide panels.

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However, adverse effects of solvent-based acrylic resins and environment regulations regarding high volatile organic contents (VOCs) may negatively impact the market growth. Moreover, adverse effects may lead to headache, dizziness, and light‐headedness progressing to unconsciousness and seizures. Irritation of nose, eye and throat are also some of the other effects of working with these systems.

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Nonetheless, development of bio-based resin systems is crucial for sustaining demand in projected timeframe. Sustainable solution is the main goal of developing green or bio-based paints and coating systems. Environment sustainability encompasses every stage of coating's life cycle i.e., from raw material to resin manufacturing and formulation level. Such developments are expected to provide new market opportunities in the coming years.

COVID-19 scenario analysis:

►Rapid spread of COVID-19 pandemic largely impacted the demand from end users of acrylic resins such as building and construction, automotive, and electronics. Lockdown measures and travel restrictions hindered large number of construction activities, which further impacted the market demand. In addition, owing to reduced labor force, large number of industrial projects were delayed that affected the market demand.

►Countries across the globe imposed ban on cross-border imports of various goods, which largely impacted supply chain of the acrylic resins market. Delayed supply of raw materials and increase in lead time affected production of acrylic resins.

►However, rise in demand for new construction projects in medical and healthcare sectors is expected provide new growth opportunities. In addition, growth in prominence of private transport and personal vehicles to maintain social distancing is slowly improve the market growth.

Key Market Players:

DSM, MITSUBUSHI CHEMICAL HOLDINGS, ARKEMA, MITSUI CHEMICALS, NIPPON SHOKUBAI CO. LTD, DIC CORPORATION, SHOWA DENKO MATERIALS, THE DOW CHEMICAL COMPANY, SUMITOMO CHEMICALS, BASF SE

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