TAGS: Acrylic Adhesives Waterborne Adhesives Sealants
According to a new report by Markets and Markets (M&M), the acrylic resins market is projected to reach USD 21.9 billion by 2025 from USD 16.8 billion in 2020, at a CAGR of 5.5 percent during the forecast period. The demand for acrylic resins in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in the construction industry and industrial activities.
Acrylates - Largest Segment Based on Chemistry
The stringent regulations regarding coating application are a major challenge for the acrylic resins market. The demand for acrylic resins is rising, owing to the growing demand for cost-effective and sustainable coating materials. This increase in demand for environment-friendly acrylic resins and the construction of green buildings provide growth opportunities to the market. On the other hand, the potential health and environmental issues are the major restrain for the market.
Acrylates are the largest chemistry type which is used in the production of acrylic resins. These chemicals are bifunctional in nature i.e., can be polymerized and used for various other applications. The growing demand for acrylic resins and easy availability of acrylate chemistry are driving the market growth.
Water-based acryic resins are effective as their solvent-based but also have a low environmental impact. These resins are used increasingly in the current period owing to its sustainable nature and easy formulation processes, their excellent durability, quick-drying times and emission of low odor. Using solvent-based acrylic resins in confined spaces can be unpleasant or hazardous to the workers due to the evaporation of solvents, these drives use of water based resins.
Construction - Largest Consuming Sector
Acrylics are utilized in a broad range of applications in paints & coatings, and adhesive and sealant industry, right from architectural coatings to the industrial coatings. Acrylic resins show good chemical and photochemical resistance. Acrylics have good colors and gloss retention properties and are easy to handle, moderately priced, and exhibit superior performance in a wide variety of applications such as roof coating, wall coating, and others.
The increasing number of residential and commercial construction in emerging economies and refurbishment of existing buildings in developed economies are driving consumption of acrylic resins in the building & construction industry. Acrylic resins have excellent adhesion, flexibility and elongation, UV stability, carbonation resistance, and are environment friendly which are the major adoption factors for these resins in the sector.
APAC is projected to be the fastest-growing market for acrylic resins. The rising population, increased demand for residential buildings, rapid industrialization, and increased urbanization are driving the APAC acrylic resins market. China is the largest market for acrylic resins in the region. China is also a major producer and consumer of acrylic resins in the region as it has a huge manufacturing base. Apart from China, India, Japan, and South Korea are projected to grow at a decent rate during the forecast period.
Source: Markets and Markets (M&M)