Global Insights: Acrylic Water-Based Paints Market Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global Acrylic Water Based Paints Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The acrylic water based paints market size has grown strongly in recent years. It will grow from $31.81 billion in 2023 to $33.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increasingly stringent environmental regulations, growing consumer awareness about the health and environmental benefits of acrylic water-based paints, changing architectural trends towards sustainable and eco-friendly construction materials, expansion of construction and renovation activities, and rising supportive government initiatives. .

The acrylic water based paints market size is expected to see strong growth in the next few years. It will grow to $44.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to emerging application areas, increasing digitalization in marketing strategies, growing focus on sustainable practices across the paint industry, rising market penetration in developing regions, and growing demand for customization and personalization color options using acrylic water-based paints. Major trends in the forecast period include advanced formulation techniques, innovative packaging solutions, digital color matching tools, use of biodegradable additives, integration of smart paint monitoring systems, IoT sensors, and predictive maintenance algorithms, and use of modular paint systems.

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Market Drivers and Trends:

The increasing construction activities are expected to propel the growth of the acrylic water-based paint market going forward. Construction activities refer to tasks involved in creating, renovating, or modifying buildings, infrastructure, and other structures. The increasing number of construction is due to growing urbanization, infrastructure development projects, and expanding real estate markets, which fuel the demand for water-based acrylic paints. Construction projects often involve renovation, refurbishment, and maintenance activities to enhance the appearance and functionality of existing structures. Acrylic water-based paints are used for both interior and exterior applications in construction projects. For instance, in November 2023, according to the Office for National Statistics, a UK-based national statistical institute, the total construction of new orders in Great Britain saw a 3.9% (£393 million) increase in Quarter 3 of 2023 compared to Quarter 2 of the same year. This rise was predominantly driven by significant increases in public other new orders and infrastructure new orders, which surged by 23.7% (£265 million) and 14.3% (£204 million), respectively. Therefore, increasing construction activities are driving the acrylic water-based paint market.

Companies operating in the acrylic water-based paint market focus on technology-driven improvements with bio-based technology, incorporating natural plant-derived ingredients to replace petroleum-based resins. This bio-based technology innovation aims to reduce the carbon footprint of paint production while offering environmentally sustainable solutions for consumers. For instance, in January 2023, PT Mowilex Indonesia, an Indonesia-based company that manufactures premium paints and coatings, launched Naturalle Paint, a water-based acrylic binder with bio-based technology that contains 28% renewable raw materials. This innovative paint removes formaldehyde from indoor air by utilizing plant-based elements, improving indoor air quality with its zero-VOC formulation and ability to absorb formaldehyde. Naturalle paint is environmentally friendly and features a formaldehyde abatement capability that can enhance indoor air quality.

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Major Key Players of the Market:

BASF SE, Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co. Ltd., Masco Corporation, RPM International Inc., Axalta Coating Systems Co. Ltd., Diamond Vogel Paints, Valspar Corporation, Kansai Paint Co. Ltd., Asian Paints Limited, Jotun A/S, Cromology, Hempel A/S, DAW SE, Benjamin Moore And Co., Dunn-Edwards Corporation, Teknos Group, Tikkurila, Kelly-Moore Paints, Flugger Group, Tamiya Incorporated, Musashi Paint Co. Ltd., Meffert AG Farbwerke

Acrylic Water Based Paints Market 2024 Key Insights:

• The acrylic water based paints market size is expected to see strong growth in the next few years. It will grow to $44.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Growing Construction Activities Fuel Demand For Acrylic Water-Based Paints
• Bio-Based Technology Revolutionizes The Acrylic Water-Based Paint Market
• Asia-Pacific was the largest region in the acrylic water based paints market in 2023

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