Global acrylic resins market forecast to expand by 4.8% CAGR over the next few years
Acrylic Resins: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-10 19:52:01
Global market for Acrylic Resins is projected to reach 21.7 billion pounds by 2020, driven by improving economic environment and the subsequent increase in demand from various end-use markets.Acrylic resins, manufactured by the polymerization of acrylates or methacrylates, find use in several applications ranging from paints and coatings to automotive and construction. Demand for acrylic resins is dependent on the health of the economy and dynamics in various end-use and downstream markets such as paints and coatings, textiles, paper and adhesives in addition to detergents, personal care products, superabsorbent polymers, and wastewater treatment chemicals, among others. In the coming years, global acrylic resins market is expected to register steady growth driven by recovering economic climate, and increasing demand from end-use industries such as construction, electronics and automotive sectors. Despite the opportunities for growth, the market will witness challenges manifested in the form of rising cost of raw materials, and increasingly stringent environmental regulations. In the paints industry, for instance, the strong shift towards low-odor and low-VOC paints is exerting increased pressure on manufacturers to innovate and manufacture nontoxic, environmentally friendly acrylic resins.Asia-Pacific represents the largest and the fastest growing market, worldwide. Consumption is expected to be strong across Southeast Asia due to increasing demand for acrylic resins in automotive and construction sectors, and in manufacturing LCD TVs. Countries such as, India, China, Indonesia, and Thailand, are expected to provide maximum growth opportunities for manufacturers. China´s burgeoning population, rising disposable income and steady economic growth will continue stimulating demand for acrylates in major sectors including textile, paint, leather, chemical fiber, and adhesives. The United States, Canada, Japan, and Europe are expected to record relatively lower growth due to maturity of various end-use markets, rising raw material prices and legislation of stringent environment regulations.Acrylic monomers such as acrylates and methacrylates are primarily used as the base resin for coating systems. Methacrylates represents the largest product market. Methacrylates are used to impart specialized properties such as flexibility, hardness, color stability, and weatherability to the end-product. Acrylates market is poised to grow at a CAGR of 4.8% over the analysis period. Paints & Coatings represents the largest end-use market for acrylic resins, while fastest growth is anticipated from Paper & Paperboard segment. Of all the synthetic resins used in paints and coatings, vinyl acrylic copolymers and acrylic esters are the major resins with primary applications in architectural paints. China and India supported by robust construction activity, and the ensuing increase in demand for resins used in paints and coatings, will drive growth in the market.Major players operating in the global acrylic resins market include Air Products and Chemicals Inc., Arkema S.A., Asahi Kasei Corporation, BASF SE, DIC Corporation, The Dow Chemical Company, Eastman Chemical Company, E.I. du Pont de Nemours and Company, Evonik Industries AG, Formosa Plastics Corp. U.S.A., Henkel AG & Co. KGaA, Kaneka Corporation, Kuraray Co. Ltd., LG Chem Ltd., Mitsubishi Rayon Co. Ltd., Mitsui Chemicals Inc., Momentive, Nippon Shokubai Co. Ltd., Royal DSM N.V., Solvay, and Sumitomo Chemical Co. Ltd., among others.
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