Acrylic Paint Market to Rise to USD 209.4 Million by 2034 Despite Modest Growth

The global acrylic paint market is poised for steady expansion, with its value projected to grow from USD 138.8 million in 2024 to USD 209.4 million by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 4.2%. This growth is primarily driven by the burgeoning construction industry, increasing urbanization, and a rising consumer preference for eco-friendly and versatile paint solutions.

A significant trend shaping the acrylic paint market is the escalating consumer inclination towards eco-friendly and non-toxic paints. This has led to a notable spike in demand for low-VOC (Volatile Organic Compound) acrylic paints, influencing production patterns and market growth. Leading acrylic paint manufacturers are actively integrating technological advancements in paint formulation, driving innovation and positioning top brands favorably in the market.

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Historical Performance and Future Outlook

From 2019 to 2023, the acrylic paint market experienced a modest CAGR of 2.3%, with its size increasing from USD 120.1 million to USD 134.8 million. This period saw product innovations and advanced manufacturing setups, but market progress was constrained by the global impact of COVID-19 and associated industrial shutdowns. However, with the recovery of the construction sector and the proliferation of e-commerce platforms, the market is set for accelerated growth at a forecasted CAGR of 4.2% from 2024 to 2034.

The spurring infrastructural development globally, particularly in commercial and non-commercial sectors, is driving demand for interior design and painting, directly increasing the acrylic paint market size. Rapid urbanization further fuels demand for both decorative and industrial coatings. Technological evolution is enabling manufacturers to innovate and augment products, offering a wider range of choices for consumers. Additionally, the expanding art field and increasing freedom of artistic expression are creating a consistent demand for acrylic paints.

Challenges and Regional Dynamics

Despite positive growth prospects, the market faces challenges from stringent regulatory policies aimed at meeting environmental standards, which can impact production costs for manufacturers. The increasing availability of eco-friendly paint alternatives also poses a competitive threat, potentially restricting market expansion.
Regionally, Asia-Pacific is expected to witness significant growth due to rapid urbanization, increasing population, and supportive governmental initiatives. India is projected to lead with the highest CAGR of 6.2% through 2034, driven by a burgeoning culture of DIY and upcycling projects, as consumers increasingly redesign their homes. China will see a CAGR of 4.7%, fueled by its booming construction and building industry.

In North America, the United States market will expand at a CAGR of 2.3%, agitated by the growing recreational industry, as consumers pursue hobbies like painting. Europe, with a focus on sustainability guidelines and circular economy trends, will encourage leading manufacturers to produce eco-friendly goods, transforming the competitive landscape. Spain is anticipated to grow at a CAGR of 3.1%, emphasizing culture and arts within its educational system. Japan will see a CAGR of 1.8%, driven by a strong consumer preference for eco-friendly and non-toxic paints.

Category-wise Insights and Competitive Landscape

The Heavy-body Acrylics product type is expected to dominate, holding 54.2% of the market share in 2024. This is attributed to their homogeneous consistency, better color intensity, and suitability for impasto techniques. Within industry verticals, the Building & Construction segment will hold the maximum market share at 47.4% in 2024, driven by the durability, UV resistance, and short drying periods of acrylic paints, enhancing efficiency in construction projects.

The global acrylic paint market is highly competitive, with leading manufacturers employing various expansion strategies, including partnerships, collaborations, product innovation, acquisitions, mergers, and international expansion. Recent key developments include BASF Coatings' partnership with INEOS Automotive in February 2024 for a global body and paint program, and AkzoNobel's €8 million investment in Dutch research labs in April 2024 to enhance innovation capacity and product standards. These strategic moves by top players and the emergence of new entrants are collectively fueling the acrylic paint market's growth.

Acrylic Paint Market - Key Segments

By Product Type:
• Heavy Body Acrylics
• Fluid Acrylics
• Open Acrylics
• Others

By Application:
• Walls
• Fabrics
• Metal
• Ceramics
• Others

By Industry Vertical:
• Building & Construction
• Industrial
• Textile
• Automotive
• Others

By Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

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Explore FMI's related ongoing Coverage in Chemicals & Materials Domain:

Industry Analysis Non-commercial Acrylic Paint in the United States: https://www.futuremarketinsights.com/reports/us-non-commercial-acrylic-paints-market

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This release was published on openPR.