Increasing market penetration in medical devices and automotive industry is expected to remain a key driving factor for acrylic resins market demand over the forecast period. Acrylic resins are widely used to manufacture automotive interiors, exterior panels and instrument clusters. Growth of automotive industry, particularly in China, India and Brazil, coupled with increasing government intervention regarding weight reduction in vehicles has driven the demand for thermoplastics. This trend is expected to have a positive influence on the market growth. Increasing preference for acrylic resins in medical devices as an alternative to PVC and polyethylene on account of health hazards associated with them has helped in development of overall market.
Rapid urbanization and industrialization particularly in emerging economies across the globe have prompted governments to increase construction spending. This trend is expected to drive acrylic resin demand in construction and architectural applications. Acrylic resins based on methyl methacrylate (MMA) are used in optical printed circuit boards of LED screens. Increasing disposable income has driven the demand for electronics across the globe. This trend coupled with growth of electronics industry in Asia, particularly Taiwan, South Korea and China, are expected to further fuel the acrylic resins market growth. Market participants are expected to face challenge mainly in the form of volatile raw material prices and growing environmental concerns degradability of plastics. Heavy investment in R&D by companies to develop bio-based raw materials to counter such challenges is expected to yield opportunities. BASF, Cargill, Arkema and Novozymes are a few major companies to have successfully developed bio-based acrylic acid and its derivative resin.
Asia Pacific is a major regional acrylic resins market. The market in the region is characterized by growth of key industries such as infrastructure, electronics, automotive and healthcare. Flexible regulations coupled with government support such as tax relief to promote manufacturing, predominantly in China and India, are expected to positively impact acrylic resin production in the region. The global market is highly fragmented with companies involved in M&A to gain market share. In 2011, Arkema acquired TOTAL’s resin production unit. Some major companies operating in the global acrylic resins market include BASF S.E., Dow Chemical Company, Evonik Industries AG, Formosa Plastic Corp., Arkema S.A., Solvay and Eastman Chemical Company.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.