The global acrylic resin market is anticipated to reach a valuation of US$ 23.3 Billion in 2024, driven by the globalization of supply chains. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.6% between 2024 and 2034, and reaching a total valuation of approximately US$ 40.0 Billion by 2034.
One of the major factors contributing to the growth of the market is digitalization and Industry 4.0. The integration of digital technologies and Industry 4.0 concepts in manufacturing processes can enhance efficiency and quality control in acrylic resin production. Companies adopting smart manufacturing practices may experience improved productivity.
Increasing regulations related to environmental protection and sustainability drive the development of acrylic resins with lower environmental impact. Compliance with regulations such as the Registration, Evaluation, Authorization, and Restriction of Chemicals, encourages innovation in formulation and production processes.
Acrylic resins are used in coatings for electronic components due to their electrical insulation properties. The expansion of the electronics industry, including the production of consumer electronics and electronic components, can drive demand for acrylic resins.
The growth of 3D printing and additive manufacturing has led to the exploration of acrylic resins as materials for 3D printing. The versatility of acrylics makes them suitable for various 3D printing applications, offering new possibilities for the market.
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Acrylic resins are used in resin infusion techniques for manufacturing composite materials. The increasing demand for lightweight and high-strength composites in industries like aerospace and automotive creates opportunities for acrylic resin applications.
The incorporation of performance additives to enhance the properties of acrylic resins, such as UV resistance, flame retardancy, and antimicrobial features, is a trend driven by specific industry requirements.
Key Takeaways from the Market Study
- The global acrylic resin market was valued at US$ 22.0 million by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 6.2%.
- The market in Korea is expected to expand at a CAGR of 7.9% through 2034.
- By type, the water-based segment accounts for a CAGR of 5.4% through 2034.
- From 2024 to 2034, the acrylic resin market is expected to flourish at a CAGR of 5.6%.
- By 2034, the market value of acrylic resin is expected to reach US$ 40.0 million.
“The resurgence of DIY trends, particularly in home improvement and crafting, can contribute to increased demand for acrylic based paints, adhesives, and coatings. Manufacturers targeting the consumer market may find opportunities in this trend,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Prominent players in the acrylic resin market are:
- BASF SE
- Sumitomo Chemicals
- DSM
- The Dow Company
- Showa Denko Materials
- Mitsubishi Chemical Holdings
- Nippon Shokubai Co. Ltd.
- Arkema
- DIC Corporation
Recent Developments
- In 2023, BASF SE and Avient Corporation revealed a strategic partnership aimed at providing a range of colored grades of Ultrason® high-performance polymers to the global market.
- In 2023, LyondellBasell unveiled a novel recycled resin obtained from discarded maritime plastics. The innovative resin emerged from a collaboration between a prominent German original equipment manufacturer and a plastic mechanical recycler. Named CirculenRecover PPC TRC 2179N, this PP copolymer recyclate represents a groundbreaking development, specifically designed for injection molding in automotive applications, a pioneering achievement within the industry.
- In the same year, SABIC unveiled a novel ULTEM resin grade designed to assist designers in enhancing the style and aesthetics of components in consumer electronics. According to the company, this polyetherimide material not only reduces costs by approximately 25% compared to metal but also boasts surface hardness to prevent scratches and a high modulus that helps prevent cracks in PVD layers, thereby enhancing its overall appearance.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global acrylic resin market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the acrylic resin market, the market is segmented on the basis of type (water-based, solvent-based, others), application (paints and coatings, adhesives and sealants, others), and end-user (building and construction, automotive, electronics, packaging, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Segmentation Analysis of the Acrylic Resin Market
By Type:
- Water Based
- Solvent Based
- Others
By Application:
- Paints and Coatings
- Adhesives and Sealants
- Others
By End User:
- Building and Construction
- Automotive
- Electronics
- Packaging
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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