Acrylic Resins Market Outlook: Strategic Growth And Industry Insights

(MENAFN- EIN Presswire) EINPresswire/ -- According to the report, the global acrylic resins market, valued at $18.7 billion in 2020, is projected to reach $28.3 billion by 2028, advancing at a CAGR of 5.2% from 2021 to 2028.

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Key Market Drivers:-

The market growth is largely propelled by:

- Expansion in building and construction activities, which significantly boosts demand for acrylic-based paints, coatings, and adhesives.
- Growing usage in the automotive sector, particularly in high-performance coatings and finishes.

However, stringent regulations on volatile organic compound (VOC) emissions and the adverse effects of volatile content challenge market expansion. Meanwhile, rapid industrialization and infrastructure development across emerging economies are expected to create promising growth opportunities.

Segmental Highlights:-

Paints & Coatings Lead the Market:

By application, the paints & coatings segment accounted for over one-third of the market in 2020 and is forecasted to grow at the highest CAGR of 6.0%. This growth is attributed to rising construction activity and the demand for durable, high-performance coatings.
(Other key segments include adhesives & sealants and miscellaneous industrial uses.)

Packaging to Register the Fastest Growth:

- By end-user, the packaging segment is projected to record the highest CAGR of 6.3% through 2028. Growth in packaged foods, e-commerce, and retail applications is driving this segment.

- The building & construction segment, however, dominated in 2020 with nearly two-fifths share, supported by demand for acrylic-based coatings, sealants, and architectural finishes.

Regional Landscape:

- Asia-Pacific, followed by North America, is expected to exhibit the fastest CAGR of 6.0% during the forecast period. Rapid urbanization and strong residential construction markets in high-income countries fuel growth.

- Europe held the largest market share in 2020, contributing over two-fifths of global revenue, driven by the demand for protective automotive coatings and advanced industrial applications.

Key Market Players:-

The report profiles leading companies shaping the global acrylic resins market:

- BASF SE
- The Dow Chemical Company
- Arkema
- Sumitomo Chemical
- Mitsubishi Chemical Holdings
- DSM
- DIC Corporation

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