Market Overview:
Acrylic Resins are produced by addition polymerization
process of various raw materials such as acrylic and methacrylic acid. They are
extensively used in lacquer, textile products, and others to impart aesthetic
appearance and glossy finish to the final products. Moreover, they also provide
reliability and versatility to the product.
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The Global Acrylic Resins Market is driven by the scope of
its application in various sectors such as paints & coatings, construction,
paper & paperboard, textiles, fibers & adhesives. Moreover, paints
& coatings segment is set to grow at a higher CAGR owing to the endless use
of thermoplastic and thermosetting resins in the sector.
Competitive Analysis:
Some of the well-known players functioning in the Global
Acrylic Resins Market are BASF SE (Germany), The Dow Chemical Company (U.S.),
Arkema S.A. (France), Air Products and Chemicals, Inc. (U.S.), NIPPON
SHOKUBAI CO., LTD. (Japan), Formosa Plastics Corporation (U.S.), Mitsubishi
Chemical Holdings Corporation (Japan), DIC CORPORATION (Japan), Hexion
(U.S.),and Hitachi Chemical Co., Ltd (Japan) among others.
Market Segmentation:
The Global Acrylic
Resins Market is segregated into the type, property, and application.
The market by type is classified into methacrylates, acrylates and hybrids
segments. On the basis of property, the market is sub-divided into
thermoplastic and thermosetting segments. The market by application is bifurcated
into paints & coatings, construction, paper & paperboard, textiles,
fibers & adhesives.
Market Scenario:
The methacrylate type is leading the market on account of
its growing consumption in paints & coatings, furniture, textiles, and
others. This type is expected to continue its dominance in the market during
the forecast period.
The thermoplastic property is the most used sub-segment in
the market due to unique features exhibited by the final product such as
lightweight, biocompatible, superior mechanical strength, and other features.
Paints & coatings hold the major portion in Acrylic
Resins Market. The increasing production of decorative and industrial coatings
in end-use industries is the major factor behind their growth in the market.
This industry is set to expand at a higher rate on account of rising
consumption of the product in cosmetic and health care products.
Regional Analysis:
Geographically, Acrylic Resins Market is segmented across
five regions in the world and they are Asia Pacific, North America, Europe,
Latin America, and the Middle East & Africa. Among these, Asia Pacific
holds the majority of the market share due to ample availability of raw
materials such as methacrylate, acrylic acid, and their extensive use in major
industries. North America is set to expand at a significant rate owing to
growing demand for acrylic resins in construction, furniture, textiles, and
other sectors. In this region, the manufacturers and investors are shifting
their focus from conventional to eco-friendly products in end-use applications.
The enactment of new rules and regulations to follow water-based coatings
instead of solvent-borne has driven the market in the European region.
Additionally, the rapid urbanization coupled with technology is set to drive the
market in Latin America and the Middle East & Africa regions.
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