Wide Acceptance of Waterborne Acrylics Create Significant Prospects for the Global Acrylic Surface Coating Market
NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- The global acrylic surface coating market is likely to expand from USD 29.2 billion in 2018 to USD 42.7 billion by 2025, witnessing a CAGR of 5.6% over the forecast period. The growth can be primarily attributed to the increasing use of acrylic surface coatings across a wide range of applications coupled with the growing infrastructural investment in emerging economies. Also, significant rise in technological advancements and innovation by key market players is projected to fuel the market demand over the forecast period.
With the increasing focus on high-end research and technological developments, the demand for advanced waterborne acrylic technology has emerged over time. Acrylic surface coatings are used for different substrates, such as concrete, plastics, and metal. These coatings are most commonly used in paints and coatings industry as finishes. Moreover, in order to provide adequate protection, acrylic surface coatings contain additional additives and binders designed to meet high performance standards, along with fewer pigment dispersants and surfactants that negatively affect corrosion resistance.
Key findings from the report:
-- The global acrylic surface coating market is likely to reach USD 42.7 billion by 2025 -- Concrete segment held a substantial share of the market in 2018, and the trend is likely to continue over the next seven years -- Waterborne segment accounted for the major share of the market in 2018, and is likely to witness a healthy CAGR during 2019-2025 -- Construction segment is likely to offer significant growth opportunities over the forecast period -- Asia Pacific dominated the global market in 2018, and is expected to witness considerable growth over the forecast period -- Some of the key companies operating in the industry include BASF SE; Axalta Coating Systems Ltd.; NIPSEA Group; Arkema SA; The Dow Chemical Company; PPG Industries Inc.; The Sherwin-Williams Company; Asian Paints Industrial Coatings Ltd. (APICL); Brillux GmbH & Co. KG; Benjamin Moore & Co.; ICA Group; DIC Corporation; and AkzoNobel; among others -- As of March 2019, Arkema Group introduced ENCOR® 601 acrylic latex for use in low VOC masonry coating applications. The new resin provides excellent surfactant leaching resistance, which helps reduce the probability of stain formation and other undesired effects in a finished coating.
Waterborne segment drives the global market demand
Waterborne acrylics are gaining wide acceptance in industrial as well as commercial applications. These acrylics offer various benefits, such as easy & safe usage, low volatile organic compounds (VOC), and less exposure to hazardous solvents, among others. The waterborne segment accounted for the largest share of the global market in 2018, and the trend is expected to continue over the coming years. Also, increasing demand for waterborne coatings for insulation and sound damping is expected to expand its market over the coming years.
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Acrylic surface coating market - Regional insight
Asia-Pacific dominated the market for acrylic surface coating in 2018, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to rapid industrialization along with significant infrastructural development in key markets of India, China and Japan. Moreover, the region is witnessing considerable growth in the construction, furniture, and automotive industries, which is expected to further propel the market demand over the next seven years.
The report segments acrylic surface coating market on the basis of substrate, technology, application, and region.
-- Concrete -- Plastic -- Metals -- Others
-- Waterborne -- Powder -- Solventborne -- Others
-- Construction -- Automotive -- Industrial -- Marine -- Furniture -- Others
-- North America -- Europe -- Asia-Pacific -- Central & South America (CSA) -- Middle East & Africa (MEA)
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