The global acrylic resin market size was worth USD 17,294.3 million in 2021 and is estimated to grow to USD 23,576.1 million by 2028

SUITE N202, NEW YORK, UNITED STATES, January 10, 2023 /EINPresswire.com/ -- The report analyzes the global acrylic resin market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the acrylic resin market. The global acrylic resin market is segregated based on chemistry, solvency, application, end-use industry, and region. Based on chemistry, the market is divided into acrylates, methacrylates, and hybrids. The hybrid market sector dominated in 2021. Based on solvency, the market is divided into water-based, solvent-based, and others. The solvent-based acrylic resin dominated the market in 2021. Based on application, the market is divided into paints & coatings, adhesives & sealants, DIY coatings, elastomers, and others. In 2021, the paints and coating category dominated the market. Based on the end-use industry, the market is divided into building & construction, industrial, paper & paperboard, consumer goods, electrical & electronics, packaging, and others. The building & construction industry dominated the market in 2021. Key players in the global acrylic resin market include BASF SE, Arkema, The Dow Chemical Company, Mitsubishi Chemical Holdings, Sumitomo Chemical, DIC Corporation, DSM, Mitsui Chemicals, Nippon Shokubai Co., Showa Denko Materials, Aekyung Chemical Co. Ltd. Allnex, Berger Paints India Ltd., Fujikura Kasei Co. Ltd., Innotek Technology Ltd., Geo Specialty Chemicals, Lubrizol, Momentive Performance Materials, Jotun, Kamsons Chemicals Pvt. Ltd., Rohm, Solvay, Sun Polymers Inc., Synthomer (Omnova), and Yip’s Chemical Holdings Ltd.

The global acrylic resin market size was worth USD 17,294.3 million in 2021 and is estimated to grow to USD 23,576.1 million by 2028, with a compound annual growth rate (CAGR) of roughly 5.3 percent over the predicted time frame.

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Global Acrylic Resin Market Overview

Various acrylic and methacrylic ester monomers and small amounts of monomers with additional functional groups are used to create acrylic resins. Most commercial procedures involve extra reactions of the free-radical type carried out at high temperatures using an initiator. Acrylic resins are offered as aqueous emulsions and in solvent-based systems. Both systems' viscosities can be tailored to fit the needs of ballistic molding applications for prepregs with low resin contents made of textiles or uni-tape fiber. It is well known that acrylic resins have strong oxidative and UV stability. Acrylic emulsions frequently require thickeners. The rheology properties can be optimized for low resin concentration by making the right thickener choice. Acrylic resins are widely used in various products, including paints, varnishes, adhesives, and sealants.

The global acrylic resin market is anticipated to rise as more end-use sectors, including building & construction and automotive, increase their use of acrylic resins. Additionally, due to their great adherence, acrylic resins are frequently utilized as major binders in paints and coatings. Additionally, it is anticipated that an increase in the number of new city developments in developing countries like China, India, and Japan will drive demand for acrylic resins. The fast urbanization and population expansion in Asia-Pacific, and the demand for better housing and infrastructure, are expected to significantly impact the market growth for acrylic resins. Its great chemical resistance and durability make it appropriate for electronic applications, including PC screens, phone display windows, and light guide panels. However, the negative impacts of acrylic resins made with solvents and environmental laws about highly volatile organic compounds (VOCs) could have a detrimental effect on the market's expansion.

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Recent Development:

In March 2021, BASF increased the manufacturing of acrylic dispersions in Pasir, Gudang, Malaysia, by double. The new manufacturing facility produces several dispersion products, including Acronal EDGe, Acronal PLUS, Jonocryl, and next-generation dispersion Acronal ECO, as a supplement to the current manufacturing setup.

In April 2021, Mitsubishi Chemical America Inc. announced the merger of seven companies in the United States to form a larger firm. Among the subsidiaries' main lines of operation are acrylic monomers, polyester films, specialty resin, battery materials, and others.

In September 2020, Dow expanded its focus on the label business with the North American launch of its INVISUTM Acrylic Adhesive portfolio, the latest innovation for pressure-sensitive paper and film label applications. The new technologies make it easier for producers of label stock, converters, and brand owners to meet the evolving demands of the business.

Acrylic Resin Market: Geographical Analysis

The global acrylic resin market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market for acrylic resins was dominated by the Asia Pacific in 2021. Government incentives, residential, and commercial building & construction activities, the manufacture of automobiles, interest rates, and consumer spending are all significant factors in GDP that greatly impact the nation's demand. The market in the region is anticipated to be supported by advancements in adhesives and sealants as well as improvements to infrastructure. Recent technological developments are also anticipated to increase demand for these resins. Additionally, it will expand as more people become conscious of their environmental obligations. The industrial sector in North America is anticipated to slowly start to revive. The expanding industrial manufacturing industry in the area is driving up demand. Increasing vehicle purchases and increased construction activities are expected to fuel growing demand in this region. Large international resins firms already have a significant presence in North America and want to grow through selective organic acquisitions. The demand for acrylic-type resins in the area is anticipated to rise due to increased construction activity brought on by increasing purchasing power and living standards.

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