(MENAFN- Market Press Release) January 18, 2022 10:22 am - The 'Global Acrylic Surface Coatings Market' is expected to grow at a high CAGR of 3.9% during the forecasting period (2021-2028).
Acrylic surface coatings are made up of acrylic or methacrylic polymers with strong color retention properties and strength against damage caused by environmental factors. They act by completely or partially covering the substrate.
The acrylic coatings share increased constantly over the last decade and accounted for nearly 25% of the global paints and coatings market in 2019.
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New developments in the applications of acrylic surface coatings are propelling the market growth. Acrylic surface coatings can be used efficiently in industrial insulation applications. Transfer of thermal energy leads to various issues such as increased energy use, heat loss in processing equipment, and a higher incidence of worker injuries through contact with hot substrates. Traditional insulation methods include fiberglass and polyurethane foam, which consist of thick layers of insulation. These methods come with high maintenance and various issues related to corrosion and damages in the production facility.
Besides, increasing consumption of waterborne acrylic surface coatings in waterproofing applications will drive the market further in the forecast period. Waterborne acrylic coatings are the most popular coatings in the weatherproofing of roofs. They have dominated the paints and coatings market in the last two decades, and their market share is increasing, driven by trends and preferences in end-use industries.
On the other hand, growing raw material prices and stringent regulations on paints and coatings hinder the market growth. The major share of acrylic monomers going into the production of PMMA, which is used in applications ranging from the manufacture of aquariums to cell phones and LCDs. This results in a shortage of supply for paint manufactures and eventually leads to increases in coatings' prices.
– By Substrate
•Wood and Others
– By Technology
The global acrylic surface coatings market is conquered by the Asia-Pacific region in 2019 with approximately 45% of the total market, followed by North America and Europe with XX% and XX%, respectively. The paints and coatings market in North America and Europe are in a mature stage of production and usage. Thus, emerging economies such as India, China, and Middle East countries show noteworthy growth rates than North America & Europe.
Asia-Pacific has about 62% of the world's population, which is expected to rise further over the forecast period. This population growth corresponds to a commensurate demand for various facilities such as housing and supporting infrastructure. It also warrants an upgrade in the manufacturing industry's capabilities. The region is a hub for investments because of the significant growth rates displayed by various end-use industries.
Axalta, BASF, DOW Chemicals, Nippon Paints, PPG, and Sherwin-Williams led the global acrylic surface coatings market. Along with their subsidiaries, these players constitute around 47% of the market in terms of value. The rest of the share is contributed by medium to small-scale localized paint manufacturers who either cater to dedicated customer segments or rely on cheaper formulations to cater to the low-end market requirements.
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