In 2022, the Global Acrylic Resin-based Paints & Coatings Market was valued at USD 18.10 billion and is projected to reach a market size of USD 27.78 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 5.5%.
Industry Overview:
Acrylates and other materials are combined to form acrylic coating resin. It is used to enhance resistance against scratching, peeling, or fading due to ultraviolet light exposure in exterior paints, wood stains, furniture finishes, and automobile coatings. These resins are also non-toxic, making them environmentally benign. Acrylic resin is essentially a polymeric substance that comprises acrylic monomers and is applied as a solid, dispersion, or solution. Depending on the manufacturer's preferred material for the manufacturing process, the components that make up this compound can either be solvent-based acrylic resin or solid acrylic resin. While solvent-based acrylic resins tend to evaporate more quickly than their solid counterparts, offering a speedier drying time but with less protection from moisture damage, solid acrylic resins have higher water resistance. Due to a variety of characteristics, including good adhesion to non-porous surfaces, excellent gloss, finish, and clarity, superior hardness, improved flow, better storage stability, superb weather ability, improved solubility, and high alkali-resistance and anti-corrosion properties, acrylic resin coatings are used in a variety of applications. The building and construction sector in the Asia Pacific has been growing rapidly due to economic expansion and the consequent rise in the living standards of those in the region's developing nations. The widespread use of paints and coatings in the building, automotive and transportation, and healthcare industries is a major factor driving the global market for acrylic resin-based paints and coatings. The market's leading vendors are consistently working to expand their product portfolios by spending on R&D efforts, which is projected to help the market maintain growth over the forecast period.
COVID-19 pandemic impact on Acrylic Resin based Paints & Coatings Market
The pandemic had caused a temporary halt to residential and commercial construction. During this time of crisis, there was a low to moderate demand from this industry for acrylic resins. A few significant problems included a delay in order delivery, supply chain limitations, a lack of personnel and equipment, and material scarcity. The construction & building industry has suffered as a result of the lockdown in some nations and logistical limitations. The industry has been negatively impacted by supply chain interruptions, manpower shortages, logistical constraints, limited component availability, declining demand, low corporate liquidity, and stoppage of operations due to lockdown in several nations.
MARKET DRIVERS:
Increased construction activities and government funding for public infrastructure projects are likely to boost the market
The building and construction sector is anticipated to expand quickly in the coming years due to the increase in urbanization and population. The worldwide construction industry is anticipated to be driven in the next years by urbanization and shifting lifestyles. The cost of building houses and infrastructure has increased globally as a result of population growth and improving economic conditions. Buildings and infrastructure are frequently decorated and protected with paints and coatings. Some of the architectural improvements used to enhance a home's aesthetics include floor paint, epoxy floor paint, primers, sealers, varnishes, and stains. Architectural paints are low-VOC and scrub-resistant and come in a variety of textures, from semi-gloss to high-gloss polishes. Due to an increase in building activity and government investment in various public infrastructure projects, the market is anticipated to grow.
The growing need for environmentally friendly formulations and an increase in the demand for eco-friendly coating products are driving the market's expansion
The use of low-VOC and environmentally friendly technologies, such as water-based coatings, powder coatings, and UV-curable coatings, is becoming more and more popular in the paints and coatings sector. The change is linked to numerous regions, mainly North America and Europe, passing strict controls on VOC emissions. The Asia Pacific region is becoming more aware of VOC emissions. The demand for low VOC water-based coatings is predicted to increase as a result during the forecast period. The demand for water-based paints and coatings is increasing as people become more conscious of the effects that coating products have on the environment and human health, as well as they place more emphasis on sustainable alternative technologies. Manufacturers are concentrating on water-based paints and coatings because they are more affordable than the more common solvent-based paints and varnishes. Environmental sustainability is the main goal of the production of green or bio-based paints and coating systems. Every stage of the coating's life cycle, including the manufacture of resin and the formulation of raw materials level, is covered by environmental sustainability. The majority of raw materials used in coatings are made from fossil fuels like coal, oil, and natural gas. Misusing these resources has a detrimental effect on the ecosystem due to the release of greenhouse gases. Comparing raw materials made from plant biomass to their traditional counterparts reveals that they have advantageous qualities.
MARKET RESTRAINTS:
Rising raw material costs and environmental and health risks could limit industry expansion.
Concern over the health risks connected to raw materials, as well as their volatile pricing and environmental laws, is growing, which is stifling industry expansion. Acrylics and other plastics pose a threat to marine life because they disintegrate very slowly and enter the ocean and coastal environments. Acrylic is made from petroleum-based materials, which are regarded as harmful to the environment. Not all varieties of acrylic can be recycled. Under typical operating conditions, acrylic does not degas and functions in a way that is equally safe for the environment as glass.
Regulations and strict rules may limit market expansion.
Paint and coatings manufacturers must constantly enhance their processes to conform to the numerous regulatory policies being established by various governments. In nations with severe environmental rules, particularly in Western Europe and North America, products that don't comply with the law are prohibited. Regrettably, some lawmakers still set emission limits based only on the amount of VOC present in exhaust gases. This may result in the certification of procedures that produce high mass emissions although they only need very low airflows to produce low mass emissions. The concentration technique also ignores the decreased air emissions brought on by the use of low-VOC coatings.
ACRYLIC RESIN-BASED PAINTS & COATINGS MARKET REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 - 2030 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2030 |
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CAGR |
5.5% |
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Segments Covered |
By Type, End User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regional Scope |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Key Companies Profiled |
Dow, BASF SE, AkzoNobel N.V., Arkema, Mitsubishi, Shanghai Legend Chemicals, Nippon Shokubai, Mitsubishi Chemical Group, DSM, Showa Denko Materials, DIC Corporation, Sumitomo |
This research report on the Acrylic Resin based Paints & Coatings market has been segmented based on type, end-user, and region.
Solvent-based
Solid Acrylic Resin
Others
Based on Type, the market is categorized into Solvent-based, Solid Acrylic Resin, and Others. Water-based acrylic resins are as effective as those made of solvents, but they also have less of an adverse influence on the environment. Because of their simple formulation processes, quick drying times, superior durability, and low odor emission, these resins are currently used more commonly. The global market for acrylic resin coatings is expanding due to the advent of new, cutting-edge technologies, particularly in the water-borne segment. Also, hybrid coatings like epoxy and alkyd acrylic hybrids help to address the drawbacks of traditional acrylic coatings. Hybrid acrylic resins typically combine two practical monomers. These resins were created to blend the positive characteristics of the two resins and counteract their negative qualities to achieve the necessary functionality. These are mostly employed in coating applications because of their superior performance qualities, such as gloss preservation, ultraviolet resistance, and improved adhesion.
Chemicals and solvents are combined in smaller volumes to create solvent-based acrylic resin. It is mostly made of acrylic polymer that has been dissolved in an organic solvent like methyl ethyl ketone (MEK), toluene, acetone, or xylene, among others. Then, for paint and coating applications, additives are often included in the solution before being applied to the substrate surface.
Solid acrylic resin can be produced using both solvents and oils. Despite being one of the most prevalent varieties in this group, it is not as well known or utilized as other types like solvent-based acrylic resins and liquid acrylics. Since solid acrylic resin often comes in solid form (thus the name), it is more adaptable to use for a variety of projects that demand various types of finishing options. Liquid acrylic resin is frequently applied to utilize spray guns.
Building & Construction
Industrial Coatings
Marine
Consumer goods
Automotive
Others
Based on End User, the market is categorized into Building & Construction Industrial Coatings, Marine, Consumer goods, Automotive, and Others. The Building & Construction segment is projected to capture the largest share of the Acrylic Resin based paints & Coatings Market in terms of revenue. Building exterior surfaces including walls, roofs, and floors are coated with acrylic coating resins as a protective layer. Additionally, they can be used to protect interior surfaces like ceilings or columns. Typically, a high-pressure nozzle on an airless paint sprayer is used to apply the acrylic coating resin to the surface. Due to their capacity to deliver durable performance and easy cleaning features, the use of these items in structures has also increased over time. The demand for acrylic resins in the building and construction sector is being driven by the increase in residential and commercial construction in emerging economies and the restoration of older buildings in developed economies. Acrylic resins are widely used in the industry because of their superior adhesion, UV stability, carbonation resistance, flexibility and elongation, and environmental friendliness.
Furniture coatings for wood utilize acrylic resins. Acrylic resin can be dissolved in solvents that can evaporate, leaving only the solid polymer coating on the surface it was applied to and no solvent residues. Acrylics that have been solidified have depth retention, great gloss, and water resistance capabilities. They are also quite durable.
Car paint uses acrylic coating resin. For automotive paints, acrylics are the most used kind of polyester resin. The acrylic primer surfacer acts as a bridging layer between the underbody panel's bare metal base and the final coat, shielding it from any rust formation during storage or transportation before painting. After being applied to various surfaces including plastics, rubber hoods, glass enamel, or aluminum panels, this product creates a barrier that protects against corrosion and has improved gloss to improve its look. In addition, acrylic coatings can be used to shield repair patches from rusting internally while welding or painting is being done.
North America
Europe
Asia-Pacific
Rest of the World
The North American region is anticipated to lead the global market for acrylic resin-based paints & coatings over the forecast period due to the increasing disposable income of the population, which increases their purchasing power for more opulent items like vehicles. Europe is anticipated to take second place regarding revenue creation. Europe and North America are two additional significant markets for paints and coatings. These regions have a developed paints and coatings industry. However, the implementation of strict controls on VOC emissions in these areas may affect the market growth.
The Asia Pacific acrylic resins-based paints & coatings market is anticipated to grow at the greatest CAGR during the forecast period. The expanding construction sector, rising consumer expenditure, and rapid economic expansion are the main drivers of demand in APAC. The usage of paints and coatings in several end-use industries, including architectural (residential and non-residential), and industrial, is primarily responsible for the expansion in the area. The Asia Pacific has a significant market for epoxy paint, Clearcoat spray paint, waterproof paint, wood coatings, vinyl ester coatings, and roof coatings.
The Latin American acrylic resins-based paints & coatings market is anticipated to grow at the highest CAGR over the forecast period due to rising demand from Brazil, Mexico, and Argentina. The Middle East and Africa region are forecast to demonstrate a high CAGR due to the growing usage of acrylic coating for exterior paints, furniture finishes, linings, and wood coatings, which are anticipated to be highly profitable markets in this region.
Major Key Players in the Market
The major players in the global Acrylic Resin based Paints & Coatings Market are
Dow
BASF SE
AkzoNobel N.V.
Arkema
Mitsubishi
Shanghai Legend Chemicals
Nippon Shokubai
Mitsubishi Chemical Group
DSM
Showa Denko Materials
DIC Corporation
Sumitomo
Notable happenings in the Acrylic Resin based Paints & Coatings Market in the recent past:
Expansion- In May 2022, BASF expanded its Automotive Coatings Application Center at the Mangalore, India, Coatings Technology Center. It is a crucial component of the current R&D facilities for automotive coatings solutions at BASF. In the Asia Pacific, BASF also runs Automotive Coatings Application Centers in Bang Pu, Thailand; Totsuka, Japan; and Shanghai, China.
Acquisition- In June 2022, Akzo Nobel and Kansai Paint came to an agreement for Akzo Nobel to purchase their respective paints and coatings businesses.
Partnership- In July 2021, Mercedes-Benz and AkzoNobel N.V. renewed their partnership arrangement for an additional four years. This indicates that the business will keep offering services and goods for vehicle refinishing, such as automotive and specialized coatings, in China and as a preferred partner in Indonesia.
Global automotive lighting refers to all vehicle lighting systems, from headlamps that illuminate the road to taillights that communicate movements. They guarantee motorists and other road users alike safety, visibility, and style. While taillights frequently use LEDs for improved visibility, headlights are available in a variety of technologies, including LED and laser. Interior illumination, DRLs, and signal lights all have a role to play. This market, which was estimated to be worth $33.64 billion in 2022, is anticipated to rise to $67.39 billion by 2030 because of laws, luxury tastes, safety concerns, and technological developments like OLED taillights and adaptive headlights. Anticipate a future dominated by intelligent, connected, personalized, and sustainable lighting systems that enhance the safety, efficiency, and aesthetic appeal of automobiles.
Car lighting works its magic to provide safety, visibility, and style. Headlights cut through the night, taillights express intent, and interiors shine with comfort. The billion-dollar global business is expected to rise due to consumer demand for high-end experiences, safer roads, and cutting-edge technology. Imagine dynamic messages being painted by taillights, headlights that adjust to the road, and interiors that customize their atmosphere. Driven by technological advancements like linked systems and laser beams, this future is calling. Anticipate even more visually attractive, environmentally friendly, and intelligent lighting to illuminate the way ahead, making cars safer, more efficient, and unquestionably cooler.
In the market for automobile lighting, safety is the driving force behind demand from the public and laws. While automated high beams smoothly react to traffic, adaptive headlights modify their beams so as not to blind other people. With visually striking displays, dynamic taillights convey intentions for braking and turning. Beyond these developments, integrated pedestrian identification and lane departure alerts will soon make roads safer and brighter for everyone.
Luxurious automobile lighting creates a distinct visual identity that goes beyond simple illumination. Personalized interior lighting customizes the driving experience by setting the mood with a range of colours and intensities, while intricate designs and distinctive DRLs modify exteriors. As you approach your automobile at night, welcoming lights lead the way, resulting in an interior that is perfectly lit. Not only is this symphony of light aesthetically pleasing, but it also stands as a tribute to luxury. Upcoming developments like gesture-controlled lighting and holographic displays promise to further enhance the experience.
The worldwide automotive lighting market is undergoing a significant transition towards energy-efficient solutions, as environmental concerns gain prominence. LED technology is leading the way, providing a ray of hope for the environment and drivers alike. LED lights beam brighter and use a lot less energy than conventional halogen lamps. There are some tangible advantages to this. For drivers, this translates to increased fuel economy, which lowers petrol prices and lessens reliance on fossil fuels. Greater air quality and a reduction in the transport sector's contribution to climate change are the results of reduced overall emissions.
Although the global automotive lighting business is booming, there are still unknowns. Difficulties impede growth even as innovation propels it with eye catching features like laser beams and adaptable headlights. These technologies are luxury items due to their high cost and difficult integration, which puts producers' abilities to the test. The worldwide patchwork created by unclear legislation limits the potential of innovation. Durability issues persist, particularly when complex systems are subjected to challenging conditions. Ultimately, a lot of drivers still don't fully understand how these improvements can help them. Together, we can overcome these obstacles. The keys to reducing costs are improved production, more seamless integration, and unified regulations. Their full potential can be realized by educating customers about the safety, efficiency, and aesthetic value of these lighting wonders. By working together, we can pave the way for an even brighter and safer future for vehicle lighting.
It is made possible by advanced LED technology, which gives drivers the ability to customize their illumination for the highest level of comfort and flair. Consumers that care about the environment want greener products, and vehicle lighting complies. While solar- and self-powered lighting technologies offer a future powered by clean energy, energy-efficient LEDs lower pollution. The advent of connected lighting systems heralds a new age. Envision automobiles interacting with infrastructure and one another to minimize accidents and enhance traffic efficiency. Integrated headlights with pedestrian recognition provide unmatched safety, while dramatic taillights with eye-catching displays alert onlookers to your intentions. The possibilities are endless in the future. Gesture-controlled interior illumination, holographic displays projected onto the road, and even light fixtures with self-healing capabilities.
Due to laws requiring safety features like headlights, taillights, and brake lights, exterior lighting presently holds the most market share in the vehicle lighting industry. The dominance of this market is partly attributed to advancements in safety-focused technologies such as adaptive headlights and daytime running lights. The market value of external lighting is increased by the quick adoption of technology like LED bulbs and laser lights, which improve performance and aesthetics. Conversely, the interior lighting market is expected to increase at the fastest rate in the upcoming years. Innovations like ambient lighting and technology breakthroughs like LED and OLED displays, driven by consumer demand for comfort and personalisation, open new possibilities. The spread of sophisticated interior lighting systems is further driven by the growing emphasis on safety and the expansion of the luxury car market.
The worldwide vehicle lighting market is currently dominated by halogen because of its more affordable price, advanced technology, and useful illumination. With its dependable supply chain and affordable option for manufacturers and cost-conscious customers, halogen holds the biggest market share. The fastest-growing market right now is LEDs, which are predicted to shortly overtake halogen. The rapid expansion of LEDs is driven by their higher efficiency, longer lifespan, flexibility in design, and technological breakthroughs including enhanced brightness. Because LEDs use less energy and produce fewer emissions and better fuel economy, they are becoming more and more popular in the changing automotive lighting market.
Passenger automobiles rule the worldwide automotive lighting market. The sheer number of passenger cars produced which surpasses that of business vehicles and fuels the need for lighting systems is the primary cause of this popularity. The growing demand for personal automobiles in developing nations is a result of rising disposable income, which in turn drives the rise of the passenger car market. The importance that consumers place on safety and aesthetics elements helps to drive market expansion. But in the upcoming years, the market for electric and hybrid cars is expected to develop at the quickest rate. The exponential rise of the worldwide electric car market, which is still expanding and shows no signs of slowing down, is what is driving this surge. Specialised lighting solutions are required since electric and hybrid vehicles have different lighting requirements because of their specific functionality and design aesthetics.
Most lighting systems sold nowadays are sold by OEMs (Original Equipment Manufacturers), primarily because manufacturers pre-install lighting systems in new cars. But in the next years, the aftermarket is expected to develop at the quickest rate. This spike in demand for replacement parts, especially lighting systems, can be linked to several variables, one of them being the average age of cars. The industry is expanding because of consumers' growing desire to personalise their cars with aftermarket lighting upgrades such LED upgrades and decorative lighting. The availability and affordability of technologies like adaptive headlights and laser lights in the aftermarket, together with other advancements in lighting technology, are driving demand even more. Moreover, the growing market for electric cars (EVs).
Throughout the forecast period, Asia Pacific is anticipated to be the automotive lighting market with the highest profitability. Over the past few years, Asia Pacific countries like China and India have seen notable increases in automotive manufacturing and sales, primarily in the medium-to premium luxury car segment. Asia Pacific is predicted to see an increase in the manufacturing of passenger cars, with India experiencing the strongest growth rate. Depending on the state of the national economy, the area offers a suitable selection of both high-end and cheap cars. For instance, there is a substantial demand for halogen, Xenon/HID, and LED since China and India produce more economy and mid-range automobiles. On the other hand, luxury car adoption rates are greater in South Korea and Japan, where LED lighting is the norm.
A brief shadow was thrown by COVID-19 over the worldwide automotive lighting market. Production was stopped by lockdowns and supply chain disruptions, while luxury lighting upgrades were shelved by consumers on a tight budget. Resources became scarce, and R&D stagnated. Still, the market is recovering thanks to resurgent demand and rearranged priorities. While energy-efficient LEDs are being pushed towards adoption by sustainability, safety concerns are driving interest in features like pedestrian detection and adaptive headlights. The digital push of the epidemic creates opportunities for intelligent, networked lighting systems that may interact with infrastructure and other cars. Ultimately, the industry is positioned to shine brighter, focused on safety, sustainability, and a connected future, even though the pandemic dimmed its brilliance.
A development collaboration between OSRAM Continental and REHAU aims to incorporate lighting into external components, providing automobile manufacturers with innovative lighting options that improve functionality and design flexibility. For rear combination lamps, Hella unveiled a revolutionary lighting innovation called Hella FlatLight technology. A Memorandum of Understanding (MoU) was signed by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a division of Motherson Group, and Marelli Automotive Lighting to investigate a technology collaboration focused on intelligently lighted external body components. Valeo debuted their revolutionary 360° lighting system at the Shanghai Auto Show. This technology surrounds the car with a band of light, projecting instantaneous, clear signs that other drivers can see from a distance. Pedestrians, cyclists, and scooter riders are especially susceptible to these signals
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