The global acrylic surface coating market is expected to witness significant growth on account of increasing demand in various applications including automotive, households, construction, and industrial. Increasing demand owing to its inertness and excellent color retention when exposed to outdoor condition is expected to fuel market growth.
Rising disposable incomes coupled with urbanization is likely to lead to higher demand for aesthetically appealing coats and will drive the decorative paints demand over the forecast period. Mounting demand for coatings in construction, furniture, metal fabrication, coil, and plastic will create immense potential for market expansion. In addition, increasing use of powder coatings in consumer goods, automotive, architecture, and furniture will propel acrylic surface coating industry growth.
Acrylic surface coatings are divided into thermoplastic and thermosetting. They are applied to plastics, concrete, metals, and wood; and possess properties including transparency, high color ability, and UV resistance. Acrylic resins-based products are widely used in automotive refinishes and architectural applications owing to excellent exterior durability along with low production cost.
Growing demand in light of high disposable income and urbanization along with rapid infrastructural development in China, India, and Middle East will propel industry growth. Based on the technology, the acrylic surface coating market is divided into solvent-borne, waterborne, powder and radiation curable coatings.
Waterborne accounts for the largest market share owing to its advantages such as environment friendliness over solvent-borne. Increasing demand for waterborne thermosetting enamels in automobiles, containers, aluminum and steel coil, and machinery and equipment is expected to fuel industry expansion. Growing demand for waterborne coatings for insulation and sound damping is expected to increase the acrylic surface coating market penetration
Growing consumption of acrylic surface coating owing to its various advantages over their substitutes such as their low drying time, wide pigment compatibility, ease of application, and environmental friendliness will drive market growth. Increasing investment by various major players including BASF and The Dow Chemical Company in countries including India, China, Mexico, Russia, Vietnam, and South Africa is expected to propel the demand.
Asia Pacific was the largest acrylic surface coating market and is expected to grow owing to increasing various end-use industries including automotive, construction, furniture, and metal industry in China, Japan, and India. Increasing vehicle production in countries including China, Indonesia, Japan, South Korea, and India is a major driver for market growth.
High requirement of waterborne acrylic basecoats for vehicles in China has been gradually increasing on account of high consumption by players including Toyota, Honda, and Hyundai. In addition, growing demand in architectural and automotive OEM will further drive acrylic surface coating industry growth. Robust construction sector in MEA will fuel industry expansion over the next seven years.
The acrylic surface coating market is highly competitive in nature with various key players including BASF, The Dow Chemical Company, Axalta Coating Systems, Nippon Paint, PPG Industries, Valspar Corporation, and Sherwin-Williams. Other players include Asian Paints, Brillux, Jotun, Kansai Paint, RPM, Benjamin Moore, AkzoNobel, Dunn Edwards, and Sacal International.
The Dow Chemical Company offered AVANSE Acrylic-Binder Technology, which has low-VOC capability and has applications in wide variety of sectors including industrial, metal finishing, masonry, maintenance, and protective coatings.
PPG ELECTROCLEAR and ELECTROCOLOR finishes comprise a family of acrylic-urethane electrocoats that deliver high gloss, decorative finishes along with improved chemical and corrosion resistance.
Various players should comply with the FDA, the EU, and the U.S. EPA regulations in order to increase acrylic surface coating market penetration. In addition, ongoing product innovation and technological advancements in order to minimize environmental effect and offer safe and healthy products will generate immense market opportunities over the next seven years. Moreover, adoption of new waterborne acrylic technology in order to reduce VOCs will open new market avenues.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.