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The acrylic surface coating market size is forecast to increase by USD 20.08 billion at a CAGR of 7.64% between 2024 and 2028. Market growth hinges on several key factors such as the burgeoning real estate and construction sectors, driven by urbanization and infrastructure development, the surging automotive industry driving demand for advanced materials, and the rising popularity of acrylic-based powder coating due to its durability and environmental benefits. These dynamics collectively drive innovation and investment across respective industries, fostering a robust economic landscape. The real estate boom underscores the need for housing and commercial spaces, fueling demand for construction materials and services. Simultaneously, the automotive sector's expansion, fueled by technological advancements and consumer demand for eco-friendly vehicles, stimulates growth in manufacturing and associated supply chains. Additionally, the shift towards acrylic-based powder coatings reflects broader environmental consciousness and regulatory pressures, prompting industries to adopt sustainable practices. As these trends converge, they shape market dynamics, offering opportunities for stakeholders to capitalize on evolving consumer preferences and industry shifts. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is characterized by its versatility and broad application spectrum. Utilizing acrylic polymer emulsion and methacrylic or acrylic polymers, these coatings offer water-resistant and quick-drying properties, ideal for both decorative and functional purposes. They feature increased hardness and elastomeric finish, enhancing surface hardness and protection against environmental elements. Acrylic coatings are known for their color retention properties and compatibility with a broad range of pigments, ensuring vibrant and long-lasting finishes. Their eco-friendly nature and ease of application make them popular in various sectors, including roof coatings and protectoral purposes. With powder formulations and fast-drying capabilities, acrylic surface coatings meet demands for efficiency and performance while providing a glossy appearance. This market continues to innovate with advancements in acrylic coating technologies, meeting diverse industry needs effectively.
The growth of the real estate and construction industry is notably driving the growth. The rise of the global real estate and construction industry has increased the number of office spaces, commercial facilities, and residential properties. This has increased the demand which is widely preferred and used as architectural coatings for architectural and structural applications. Rapid urbanization and heavy investment in infrastructure development are driving the growth of the construction industry in developing countries.
Further, the highly reflective and seamless properties make them preferred for construction applications. They allows the roof to shrink and expand, preventing water ingress during thermal expansion and contraction. The high durability and reflectivity of acrylic surface coatings make them a cost-effective, high-value investment. The highly reflective properties of acrylic coatings help reduce indoor temperatures and reduce energy consumption in air conditioning systems. The world's urban population is projected to grow by 65-70% by 2050, thereby increasing the demand for quality infrastructure and residential and non-residential buildings. As a result of these factors, the growth of the global market will increase during the forecast period.
The growing adoption of UV-curable coatings is the primary trend shaping the global market. UV curable coatings offer high performance and benefit from faster assembly on the assembly line. The focus on R&D for the development of UV curable coatings is a positive development for the global market. Bender has been researching and developing his UV-curable acrylic coatings that are scratch and scratch-resistant. BASF SE offers various multifunctional polyol intermediates for the production of UV-curable acrylic monomers and oligomers, which are then used in UV-curable acrylic surface coatings. UV curable coatings currently occupy a nominal share of the global paints and coatings market. However, its use is projected to increase during the forecast period as more automakers adopt the technology.
Moreover, regulatory agencies such as the US Environmental Protection Agency and the Chinese Environmental Protection Agency have introduced strict regulations to combat the harmful effects of VOC emissions. These regulations force manufacturers to develop eco-friendly coating products. Therefore, UV-curable and water-based coatings made from environmentally friendly natural raw materials are gaining importance in the market. Durability, versatility, appearance, and excellent weather ability have made UV-curable acrylic surface coatings increasingly preferred. All these factors are expected to support the growth of the global market during the forecast period.
Volatility in raw material prices is a major challenge impeding the growth of the global market. The prices of the raw materials used to manufacture are highly unpredictable. This is mainly due to oil prices and high dependence on natural forest products. A variety of substrate, including acrylic resins and additives, are commonly used in the production. The price volatility of petroleum-based raw materials and increasing demand for products in emerging markets are hindering the growth of the global market.
Additionally, large fluctuations in world crude oil prices are caused by systematic imbalances between supply and demand in the global crude oil market. Some of the widely used raw materials for the production of acrylic surface coatings are petroleum derivatives. Fluctuations in raw material prices create unpredictability in the market, negatively impacting production costs and reducing supplier profit margins. Therefore, fluctuations in crude oil prices are expected to have a negative impact on the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers 3M paint protection film sj8587, 3M surface protection film 3952, and Scotchgard surface protection film 2200.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the construction segment will be significant during the forecast period. They are becoming more and more popular in the construction industry due to their various benefits. These coatings offer durability, weather resistance, UV protection, and a wide range of color options, making them versatile and reliable options for a variety of architectural applications.
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The construction segment was valued at USD 12.34 billion in 2018. One of the primary drivers for the adoption in the construction industry is their ability to protect buildings from external elements. Resistant to severe weather conditions such as rain, hail, and extreme temperatures, acrylic coatings are ideal for protecting buildings from damage. In addition, it exhibits excellent adhesion properties to a variety of substrates and adheres well to building exteriors. Its use in the construction industry is expected to continue to grow as more contractors recognize its benefits. Rising demand for environmentally friendly and sustainable building materials is also expected to contribute to the growth of global acrylic paints in the construction segment during the forecast period.
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APAC is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Growing infrastructure development projects and construction activities in India, China, Japan, Singapore, Thailand, Indonesia, Philippines, etc. are expected to boost the regional demand. The Asia-Pacific real estate market is growing rapidly owing to several government initiatives. For example, in June 2022, the Japanese government announced that it plans to spend USD 36 billion over the next 10 years to build new homes and renovate existing homes to make them more energy-efficient and earthquake-resistant. Therefore, concerted efforts of APAC countries to promote the housing sector are expected to increase wood consumption and increase demand for acrylic surface coatings during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is diverse and integral across multiple industries, offering solutions with quick-drying paint formulations and acrylic or methacrylic polymers. These coatings are favored for their environmental-friendly nature, low volatile organic compounds (VOC) content, and suitability for both interior decoration and exterior walls. They provide durable, water-resistant, and weatherable finishes, essential for applications in traffic lights, automobiles, plastic, concrete, and metal substrates across the aerospace and defense, industrial, and building and construction sectors. Acrylic coatings are known for their broad pigment compatibility, high surface hardness, and color retention property, ensuring long-lasting decorative effects and gloss clarity. With advancements in environment-friendly coatings like waterborne and solvent-borne acrylic coatings, they cater to various needs from roof-coatings in commercial and residential buildings to industrial tools, automotive refinishing, and furniture applications, reducing carbon footprints while maintaining high performance standards.
Industry Scope |
|
Report Coverage |
Details |
Page number |
194 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.64% |
Market growth 2024-2028 |
USD 20.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.95 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 29% |
Key countries |
China, US, UK, India, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Akzo Nobel NV, Arkema Group, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Berger Paints India Ltd, Berkshire Hathaway Inc., Brillux GmbH and Co. KG, Chemilac Paints Pvt Ltd, Dow Chemical Co., Dunn Edwards Corp., Jesons Industries Ltd, Jotun AS, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, The Karnak Corp., and The Sherwin Williams Co. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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