The global acrylic resins market size was US$ 19,612.2 million in 2021. The global acrylic resins market is forecast to grow to US$ 28,999.1 million by 2030 by registering a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2030.
Acrylic resins are a form of thermosetting polymer developed from acrylic and methacrylic ester monomers. Acrylic resins come in two forms, including solvent-based and water-based systems. Moreover, its density varies from 1.02-1.19 g/cc.
Factors Influencing the Market
The benefits of acrylic resins, such as high-water resistance, high adhesion, and cracking resistance, will fuel the growth of the market. In addition, these are considered beneficial for moulding materials, coatings, and adhesives, which will contribute to the growth of the market.
The acrylic resins market finds application in various sectors, such as building, construction, and automotive. These resins possess high adhesion properties, which makes them suitable for paints and coatings. As a result, it will fuel the growth of the acrylic resins market during the forecast period.
Growing projects aiming at infrastructural development, combined with the increasing urbanization, will contribute to the growth of the acrylic resins market during the analysis period.
The adverse effects of solvent-based acrylic resins on the environment may limit the growth of the market. On the contrary, the growing automotive industry and rising number of launches with advanced features will drive the growth of the acrylic resins market during the forecast period.
The development of bio-based resin systems will be opportunistic for the global acrylic resins market in the coming years.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic negatively affected the end-use industries of the acrylic resins market. Automotive, constriction, and other industries, witnessed the drastic influence due to the wake of the COVID-19 pandemic. Furthermore, reduced labor force and the cancellation of a large number of industrial projects also affected the global acrylic resins market. On the contrary, significant growth in the demand for new construction projects in the medical and healthcare sectors have been opportunistic for the acrylic resins market during the COVID-19 pandemic.
Regional Analysis
Globally, the Asia-Pacific is forecast to emerge as the largest acrylic resins market during the forecast period. It is owing to the presence of one of the largest buildings & construction industries in China and India. Furthermore, growing initiatives for infrastructural development will benefit the acrylic resins market. The region is also home to one of the largest automotive industries. As a result, it will boost the growth of this regional acrylic resins market during the forecast period. Growing disposable income and rapidly growing urbanization will amplify the demand for acrylic resins throughout the study period.
Competitors in the Market
Market Segmentation
The global acrylic resins market segmentation focuses on Type, Application, End-User, and Region.
By Type
By Application
By End-User
By Regional Outlook
