Acrylic Resins Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world market for acrolein has the potential to grow at a rapid pace. The current market size of $ 20,704,200,000 is expected to reach $ 30,741,300,000 by the year 2023. This growth will be achieved at a CAGR of 5.6% for the forecast period. The main reason for this growth is the growing demand for acrolein in various applications, such as the automobile, construction, and consumer goods industries. Furthermore, the introduction of new production processes and the development of new formulations for acrolein will drive the market growth. In this market, the main players are BASF, Dow, and Evonik Industries. They are focusing on strategic collaborations and investments to enhance their product offerings and expand their market reach. Recent product launches have focused on eco-friendly and high-performance acroleins, thereby demonstrating the industry’s shift toward innovation and sustainable practices in line with evolving consumer preferences and regulations.

Regional Market Size

Regional Deep Dive

The Acrylic Resin market is characterized by its wide range of applications in the automobile, construction, and consumer goods industries. The market is characterized by a robust manufacturing sector in North America and an increasing demand for eco-friendly products. In Europe, the emphasis is on innovation and compliance with the regulations on low-VOC and water-based resins. The Asia-Pacific region is characterized by a growing demand for adhesives and coatings due to industrialization and urbanization. The Middle East and Africa are slowly embracing the use of Acrylic Resins, owing to the growing construction sector and improved infrastructure. Latin America is experiencing a surge in growth due to the rising investments in the automobile and construction industries and the shift towards sustainable materials.

Europe

• The European Union's Green Deal is pushing for a significant reduction in carbon emissions, leading to increased demand for sustainable acrylic resin solutions, particularly in the automotive and construction sectors.
• Companies such as Arkema and Evonik are leading the charge in developing bio-based acrylic resins, which are becoming increasingly popular due to their lower environmental impact and compliance with EU regulations.

Asia Pacific

• China's rapid urbanization and infrastructure development are driving the demand for acrylic resins in construction and coatings, with local manufacturers like Shanghai Huayi and Jiangsu Sanmu actively expanding their production capacities.
• India's growing automotive sector is also contributing to the acrylic resin market, with companies like Asian Paints investing in innovative acrylic solutions to meet the rising demand for high-performance coatings.

Latin America

• Brazil's investment in infrastructure projects, such as the Growth Acceleration Program (PAC), is driving demand for acrylic resins in construction applications, with local companies like Tigre and Eternit expanding their offerings.
• The increasing focus on sustainability in Latin America is leading to a rise in the use of water-based acrylic resins, as companies adapt to consumer preferences for environmentally friendly products.

North America

• The U.S. Environmental Protection Agency (EPA) has introduced new regulations aimed at reducing VOC emissions, prompting manufacturers to innovate and develop low-VOC acrylic resins, which are gaining traction in the market.
• Major companies like BASF and Dow are investing in R&D to enhance the performance characteristics of acrylic resins, focusing on durability and environmental sustainability, which is expected to drive market growth.

Middle East And Africa

• The UAE's Vision 2021 initiative is fostering growth in the construction sector, leading to increased demand for acrylic resins in paints and coatings, with local firms like Al Ghurair and Jotun expanding their product lines.
• Regulatory changes in South Africa aimed at promoting sustainable building materials are encouraging the adoption of eco-friendly acrylic resins, which is expected to enhance market growth in the region.

Did You Know?

“Acrylic resins are not only used in coatings and adhesives but also play a crucial role in the production of medical devices, providing biocompatibility and durability.” — Acrylic Resins Market Analysis Report, 2023

Segmental Market Size

The market for acrylic resins is growing steadily, owing to a steady rise in demand from various industries such as automobiles, construction and consumer goods. The main reasons for this growth are the increasing need for light materials to reduce fuel consumption in automobiles, and the growing trend towards the use of sustainable building materials that meet regulatory standards. In addition, the development of production technology has led to the development of high-performance acrylic resins that meet the needs of specific applications. The market for acrylic resins is currently in a mature stage, and the leading players in the field are BASF and Dow. North America and Europe are the main regions where this technology is in use, especially in the automobile and architectural coatings industries. The main applications of this technology are in adhesives, paints and coatings, where they offer excellent aesthetics and a long service life. The growth of this market is also supported by trends such as the use of sustainable materials and the implementation of government regulations. The development of new technology such as waterborne formulations with lower VOCs is also expected to have a positive impact on this market.

Future Outlook

The acrylic resin market is expected to grow rapidly from 2023 to 2030, with a projected value growth of 20,704,200,000 to 30,741,300,000. The compound annual growth rate is 5.6%. The main driving force for this growth is the increasing demand for acrylic resins in the fields of automobiles, construction and daily necessities, which are mainly attributed to their superior properties, such as wear resistance, weather resistance and gloss. Besides, the industry is focusing more and more on lightweight and high-performance materials, and the penetration of acrylic resins is expected to increase, especially in emerging economies with fast-paced industrialization. The government has also introduced a series of policies to support the development of the industry, and the development of the industry is expected to be further accelerated. In addition, the development of bio-based phenolic resins is also expected to be a trend, which is in line with the concept of sustainable development. The policy of encouraging the use of green materials will also promote the use of phenolic resins in various fields. Besides, the smart integration of coatings and adhesives will also drive the development of the market, and the development of the future material industry will also be closely related to the development of phenolic resins. In the future, the phenolic resin market is expected to be prosperous and dynamic.