The global market for acrylic surface coating is expected to register a CAGR of over 4%, during the forecast period. Increasing applications in architectural coatings are expected to drive the market growth. On the flip side, the slowdown in global automotive production is expected to hinder the growth of the market.
- The acrylic surface coating market is expected to grow during the forecast period, owing to the increasing demand from the building and construction setor.
- The Asia-Pacific region dominates the global market, with the major consumption being registered in China, India, and Japan.
Key Market Trends
Growing Demand from the Building and Construction Sector
- Acrylic surface coatings are widely used in the building and construction sector, because of their inertness and excellent color retention when exposed to outdoor conditions. Acrylics are available in various forms such as emulsions (latex), lacquers, enamels, and powders.
- The chief component of acrylic polymers are acrylic and methacrylic acid which provide a polymer structure that has little tendency to absorb UV light, which increases its resistance to weathering and oxidation than oil-based paints, alkyds, or epoxies due to which its application has increased in buildings & construction sector.
- The Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion), over the coming five years creating scope for the application of these acrylic surface coatings.
- Building & Construction industry leads in the utilization of acrylic surface coatings with China, Germany, United States, India, Japan playing a major role in the market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for acrylic surface coatings during the forecast period. In countries, like China, India, and Japan, because of the growing building and construction sector, the demand for acrylic surface coatings has been increasing.
- The largest producers of acrylic surface coatings are located in the Asia-Pacific region. Some of the leading companies engaged in the production of acrylic surface coatings are Asian Paints, Berger Paints India Limited, Akzo Nobel NV, Jotun, and Sika AG.
- The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities, over the next ten years creating a major scope for acrylic surface coatings market over the coming years.
- Acrylic surface coatings are used as protective coatings in aerospace applications other than paints, and in fabric and leather finishes, floor polishes, paper coatings.
- The aforementioned factors coupled with government support are contributing to the increasing demand for acrylicsurface coatings market during the forecast period.
The global acrylic surface coating market is partially fragmented, with the major players accounting for a marginal portion of the industry. Some of the major companies operating in the market are Asian Paints, Berger Paints India Limited, Akzo Nobel NV, Jotun, and Sika AG.
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