Acrylic Resin Market Size & Growth Analysis to 2030

The global acrylic resin market size is anticipated to register a sustainable CAGR of over 6% during the forecast period from 2023 to 2030. The driving factors includes the increasing demand from various industries, such as automotive and construction, driven by the versatile and high-performance characteristics of acrylic resins. The growth of construction and infrastructure development, expanding automotive production, and growing awareness of environmental regulations also contribute to market growth. Technological advancements and the emergence of new markets, particularly in Asia-Pacific, further fuel the demand for acrylic resins. Understanding these drivers is crucial for assessing market trends and identifying opportunities for the acrylic resin industry.

Market Snapshot:

Market Drivers:

Increasing demand from end-use industries: Acrylic resins find extensive application across various industries such as automotive, construction, textiles, adhesives, paints and coatings, and healthcare. The growing demand from these sectors drives the overall acrylic resin market.

Versatility and performance characteristics: Acrylic resins possess excellent versatility and performance characteristics, such as high transparency, weather resistance, chemical resistance, durability, and color stability. These properties make them suitable for a wide range of applications, leading to increased adoption in various industries.

Growth in construction and infrastructure development: The construction industry is a major consumer of acrylic resins due to their use in architectural coatings, sealants, adhesives, and waterproofing applications. With the rapid urbanization and infrastructure development in emerging economies, the demand for acrylic resins in the construction sector is expected to witness substantial growth.

Increasing automotive production: Acrylic resins are used in automotive coatings, interior parts, and lighting applications due to their high gloss, scratch resistance, and UV stability. As the global automotive industry continues to expand, particularly in regions like Asia-Pacific, the demand for acrylic resins in the automotive sector is projected to increase.

Growing awareness of environmental regulations: Acrylic resins are considered more environmentally friendly compared to other resins, such as epoxy or polyester, as they have lower volatile organic compound (VOC) emissions. With increasing environmental regulations and consumer preference for sustainable products, the demand for acrylic resins as a replacement for traditional solvent-based resins is expected to rise.

Advancements in technology: Technological advancements have led to the development of improved acrylic resin formulations with enhanced properties and performance characteristics. This has expanded the application scope of acrylic resins, driving market growth.

Emerging markets: Rapid industrialization and urbanization in emerging economies, particularly in Asia-Pacific, have created significant opportunities for the acrylic resin market. The increasing disposable income, population growth, and rising consumer demand for consumer goods and infrastructure development in these regions contribute to the market’s expansion.

Market Insights:

Market Analysis by Type:

The global acrylic resin market is bifurcated into type, application, and geography. on the basis of type, the market is further segmented into methyl methacrylate (MMA) resin, butyl acrylate resin, ethyl acrylate resin, styrene acrylate resin, and others. the methyl methacrylate (MMA) resin segment is accounted to hold the largest revenue share of the global market in the benchmark year. Methyl methacrylate resin offers a range of desirable properties, including high transparency, impact resistance, weatherability, and excellent UV stability. These properties make it suitable for numerous applications across industries such as automotive, construction, electronics, and signage.

In the automotive sector, MMA resin is extensively used for manufacturing exterior parts, such as headlamp lenses, tail lights, and side mirrors, due to its optical clarity, impact resistance, and weatherability. In the construction industry, it is utilized for architectural coatings, adhesives, and sealants due to its durability and resistance to weathering and chemicals. Furthermore, MMA resin finds application in consumer goods, medical devices, and displays, owing to its optical clarity and biocompatibility. It also offers excellent adhesion to various substrates, making it a preferred choice in adhesive formulations.

Methyl Methacrylate (MMA) Resin: MMA resin is one of the prominent types of acrylic resins. It possesses excellent transparency, weather resistance, and impact strength, making it suitable for a wide range of applications such as automotive parts, architectural coatings, and signage.

Butyl Acrylate Resin: Butyl acrylate resin offers good adhesion, flexibility, and water resistance. It is commonly used in coatings, adhesives, sealants, and textile applications.

Ethyl Acrylate Resin: Ethyl acrylate resin exhibits properties such as high gloss, chemical resistance, and excellent film-forming characteristics. It finds application in various coatings, inks, and adhesives.

Styrene Acrylate Resin: Styrene acrylate resin combines the properties of styrene and acrylic resins. It offers good weather resistance, UV stability, and adhesion. Styrene acrylate resin is commonly used in paints, coatings, and adhesives for exterior applications.

Others: This category includes other types of acrylic resins that may have specific characteristics or niche applications not covered by the above types. These could include specialty acrylic resins or customized formulations developed for specific end-use requirements.

Market Analysis by Application:

On the basis of application, the global acrylic resin market is segmented into automotive, construction, electronics, adhesives, paints and coatings, textiles, and others. The automotive industry is a major consumer of acrylic resins due to their versatile properties and wide range of applications. Acrylic resins are used in automotive coatings, interior parts, lighting components, and adhesives. The automotive sector’s demand for acrylic resins is driven by the need for enhanced aesthetics, durability, weather resistance, and improved performance of automotive components. Furthermore, the construction industry is another dominant segment for acrylic resins. Acrylic resins find application in architectural coatings, sealants, adhesives, waterproofing systems, and decorative finishes. The construction sector demands acrylic resins for their durability, weather resistance, ease of application, and ability to protect and enhance the lifespan of buildings and infrastructure.

Automotive: Acrylic resins are widely used in the automotive industry for various applications such as automotive coatings, interior parts, lighting components, and adhesives. Their properties, such as high gloss, UV resistance, and impact resistance, make them suitable for enhancing the aesthetics and performance of automotive products.

Construction: Acrylic resins find significant application in the construction sector. They are used in architectural coatings, sealants, adhesives, waterproofing systems, and decorative finishes. Acrylic-based products offer durability, weather resistance, and protection against environmental factors, making them ideal for construction applications.

Electronics: Acrylic resins play a role in the electronics industry for encapsulating and protecting electronic components, printed circuit boards, and displays. Their properties, such as electrical insulation, thermal stability, and chemical resistance, make them suitable for these applications.

Adhesives: Acrylic resins are utilized in the formulation of adhesives and sealants due to their excellent bonding strength, flexibility, and resistance to moisture and chemicals. They are widely employed in industries such as automotive, construction, packaging, and woodworking.

Paints and Coatings: Acrylic resins are extensively used in paints and coatings for various substrates, including metals, plastics, wood, and concrete. They provide excellent adhesion, color retention, gloss, and weather resistance. Acrylic-based paints and coatings are used in architectural, automotive, industrial, and decorative applications.

Textiles: Acrylic resins are used in the textile industry for manufacturing synthetic fibers and fabrics. Acrylic fibers exhibit properties like softness, lightweight, colorfastness, and resistance to sunlight and chemicals. They are used in apparel, upholstery, carpets, and outdoor fabrics.

Others: This category includes other applications of acrylic resins that may not fall into the above sectors. It could encompass uses in healthcare, packaging, signage, and various specialty applications.

The acrylic resin market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Type:

• Methyl Methacrylate (MMA) Resin
• Butyl Acrylate Resin
• Ethyl Acrylate Resin
• Styrene Acrylate Resin
• Others

By Application:

• Automotive
• Construction
• Electronics
• Adhesives
• Paints and Coatings
• Textiles
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

On the basis of region, the Asia Pacific dominated the global acrylic resin market in the recent year and anticipated to grow at a significant CAGR over the forecast period. Asia-Pacific is experiencing significant industrialization and urbanization, leading to increased demand for acrylic resins. Countries like China, India, and Southeast Asian nations are witnessing robust growth in various sectors, including automotive, construction, electronics, and textiles, which are major consumers of acrylic resins.

The region has a strong presence of end-use industries that extensively use acrylic resins. For example, the automotive industry in Asia-Pacific has been expanding rapidly, driven by increasing vehicle production and rising consumer demand. Similarly, the construction sector is booming, with massive infrastructure projects and urban development initiatives. These factors contribute to the dominant position of Asia-Pacific in the acrylic resin market.

Competitive Analysis:

Some of the major market players operating in the global acrylic resin market are Arkema, BASF SE, Dow Chemical Company, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., and Sumitomo Chemical Co., Ltd. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy. For instance:

Sustainable and Eco-friendly Solutions: Many companies are focusing on developing acrylic resin products that have reduced environmental impact. This includes the use of bio-based raw materials, water-based formulations, and low volatile organic compound (VOC) emissions.

Improved Performance and Specialty Formulations: Companies are continuously working on developing acrylic resins with enhanced properties and performance characteristics. These can include improved weather resistance, higher durability, enhanced adhesion, and increased scratch resistance, among others.

Application-specific Solutions: Companies are introducing new product formulations tailored for specific applications or industries. For example, acrylic resins with specialized properties for automotive coatings, architectural coatings, adhesives, or electronics applications.

Key Companies:

• Arkema
• BASF SE
• Dow Chemical Company
• Mitsubishi Chemical Corporation
• Nippon Shokubai Co., Ltd.
• Sumitomo Chemical Co., Ltd.
• LG Chem
• Evonik Industries AG
• DIC Corporation
• Wanhua Chemical Group Co., Ltd.

Key Questions Answered by Acrylic Resin Market Report

• Global acrylic resin market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Acrylic resin submarket forecasts from 2023-2030 covering the market by type, application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level acrylic resin markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market