Increasing levels of urbanization and industrialization, the intensity of construction and infrastructure projects, and the growing demand for hospitals and healthcare facilities to contain the pandemic are some of the major elements propelling the acrylic resins market. Asia-Pacific is anticipated to remain one of the most appealing markets throughout the projection period.

Newark, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Acrylic resins market was estimated at around USD 15.4 billion in 2021, growing at a CAGR of nearly 5.2% during 2022-2030. The market is projected to reach approximately USD 24.3 billion by 2030.

A class of thermoplastic materials manufactured from materials like acrylic acid or methacrylic acid are referred to as "acrylic resin." Heated plastic is mixed with acrylic derivatives to create a versatile material. Acrylic resin is a particularly valuable material for a variety of applications due to its superior chemical capabilities and unique aesthetic qualities. An increase in certain markets would also be influenced by macroeconomic factors such as volatile organic compound regulations in various countries, the transition from solvent-borne to water-borne uses, and technical advancement in developing countries. Acrylic resins are far more stable and resilient as compared to natural or polymer resins. It is very durable and thermoformable, or having the ability to be heated, shaped, and cooled without showing any obvious physical changes. But they are a lot more expensive than polyester or natural resin. The intensity of infrastructure and construction projects, rising need for hospitals and healthcare facilities to contain the pandemic, and rising urbanization and industrialization levels are some of the key factors driving the market.

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Growth Factors

End-use industries, including as building & construction and automotive, are projected to employ acrylic resins more frequently, which would boost the market. Additionally, because of their excellent adhesion, acrylic resins are commonly used as main binders in paints and varnishes. Additionally, it is projected that the need for acrylic resins would rise as more cities are built in developing nations. Residential and commercial construction is the main factor driving the market for systems constructed of acrylic resin. Residential development has increased significantly over the past few years due to rising consumer disposable income, changing lifestyles, expanding demand for single-family homes, and simplicity of financing. As a result, solid acrylic resin demand is stimulated.

Acrylic resins provide uniformity and adherence in color, are resistant to hydrolysis and the environment, and have a glossy exterior appearance. Due to these distinctive perceived advantages, they are used in a wide range of products, including mobile phones, aero plane windshields, watch crystals, optical lenses, PC displays, binders for processing paper and fiber, outdoor signs, headlights, dishes, floor waxes, lighting fixtures, piano keys, and more. Due to the end-use industries' rapid development, particularly the automotive industry, the worldwide acrylic resin market is predicted to have significant growth.
A substantial impact on the growth of the acrylic resins market is anticipated from Asia-rapid Pacific's urbanization and population increase, as well as from the need for better housing and infrastructure. For demand to remain stable for the predicted time period, bio-based resin solutions must be developed.

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Segmental Overview

The market for acrylic resins market is segmented into the type, and end use. According to the type, the thermoplastic acrylic resins segment is expected to increase at the quickest rate. The resin's polymers don't have any reactive groups. Thus, these resins do not contain cross-linked polymer chains. To improve interaction between various polymer chains, high molecular weight polymers are used. As temperature increases, thermoplastic polymers often soften and can be reshaped. These resins are suitable for several industrial processes, including extrusion, compression molding, and injection molding, because to this characteristic. Inks and adhesives are two of these resins' primary applications.

The paints & coatings segment is anticipated to hold major share in the acrylic resins market by end use during the forecast period. The market is growing as a result of the widespread use of acrylic resins as binders in numerous applications, including decorative coatings and others. Due to its capacity to maintain color and withstand outside conditions, acrylic resins have proven to be an excellent choice for paints and coatings. Sanitary goods are another application for acrylic resins.

The need for Acrylic Resins is predicted to increase due to the expanding construction sector, notably in the regions of Asia-Pacific, North America, and Europe. Acrylic Resins are needed for all types of constructions. The residential application segment is expanding as a result of increased penetration from underserved markets. R&D in acrylic resins will also aid in the expansion.

Regional Overview

The biggest market share of the total market was held by the Asia-Pacific in the acrylic resins market. The market for the region is being defined by expanding key industries like infrastructure, electronics, automotive, and healthcare. The government's encouragement of manufacturing, especially in China and India, through tax breaks and light regulations ought to benefit the region's production of acrylic resin. China is the largest market in Asia Pacific. The demand for various water-based acrylic resins for coating applications is increasing as a result of China's government's focus on lowering volatile components in resins. The increasing acrylic resin market can be attributed to the booming construction industry in developing countries and significant investments in important industries. Construction and building industry are where acrylic resins are most commonly used. The region has seen a particularly strong demand for acrylic resins for building, coatings, and aquarium tanks.

Report Scope

List of the prominent players in the Global Acrylic Resins Market:

• Aditya Birla Group Chemicals
• Mitsubishi Chemical Corporation
• Arkema
• Cardolite Corporation
• BASF SE
• Kukdo Chemical Co., Ltd.,
• Evonik Industries AG
• Hexion
• Huntsman International LLC
• DSM

The global Acrylic resins market is segmented as follows:

By Type

• Thermoplastic Acrylic Resin
• Thermosetting Acrylic Resin
• Acrylic Polyol Resin
• Acrylic Copolymer Emulsion
• Acrylic Styrene copolymer Emulsion
• Acrylic Emulsion Polymer
• Vinyl Acetate copolymer Emulsion
• Others

By End Use

• Paints and Coatings
• Construction
• Textiles
• Paper Industry
• Fibers and Adhesives
• Automotive
• Others

By Region/Geography

• North America

o The U.S.
o Canada
o Mexico

• Europe

o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe

• Asia Pacific

o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific

• The Middle East & Africa

o Saudi Arabia
o UAE
o Kuwait
o Egypt
o South Africa
o Rest of the Middle East & Africa

• Latin America

o Brazil
o Argentina
o Rest of Latin America

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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