Acrylic Paints Market Key Trends 2014-2020
Acrylic paints are fast drying paints and can be used on canvas, board and paper. These paints are known for their affordability, durability and flexibility and are categorized as acrylic paints and oil paints. Both these are used in very similar areas but have vast differences. Acrylic paints are preferred over oil paints due to its versatility. The flexible nature and consistent drying time between colors, increases the use of acrylic paints over oil paints which crack if excess medium is not applied between layers. Canvases need to be properly sized and primed before using oil paints while acrylic acids are used on raw canvasses. There are a variety of oil paints that are sold in the, market today which include craft acrylics, heavy body acrylics, interactive acrylics, open acrylics, fluid acrylics, iridescent pearl and interface acrylic colors, acrylic gouache and exterior acrylics which are used according to their various characteristics and needs. Commercial acrylic products are sold in the market in 3 different grades; artist or professional acrylics which are designed for professional artists, student acrylics which have very similar working characteristics to professional acrylics but with a low pigment concentration, inexpensive formulas and not a wide color range and scholastic acrylics which use inexpensive pigments and dyes in their formulation with the safety of younger artists in mind.
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The market for acrylic paints is expected to grow in the near future due to the rise in global infrastructure. The increase in construction activity is expected to raise the demand for paint in the near future. The acrylic market is rising due to consumer confidence and its affordability. Acrylic paints are preferred coatings for external home structures especially during the wet season as they are water resistant, hence the demand is bound to increase. The acrylic paints market is driven by the increase in the number of artists globally. Canvass painting are in global demand, which will also raise the demand for acrylic paints as it is the most preferred as compared to oil paints.
The major segments for this industry include North America, Europe, Asia Pacific and Rest of the World (RoW). North America was a one of the major markets for paint but as of now it is a mature market and there is no much scope for huge growth. The U.S. market for paints fell in 2009 due to recession where there was rescheduling and termination of construction projects. However, as of now the market in U.S. is stable. Europe also was one of the largest regions for paints but lost its position to Asia pacific countries and Latin American countries, which are growing economies. The market demand for paint in these countries is likely to be driven by their economic growth, rising foreign direct investments, increase in residential demand in urban areas. In these developing countries there is expected to be rise in residential areas and commercial building construction which n turn will increase the demand for acrylic paints.
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The major companies profiled for acrylic paints include Azkonobel, Asian Paints India, BASF SE, Berger Paints India, Berkshire Hathaway among others.
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