Acrylic Resin Market Size, Share, Growth Analysis, By Application(Paints & Coatings, Adhesives & Sealants, and Others), By Type(Water Based, Solvent Based, and Others), By End-user(Building & Construction, Automotive, Electronics, Packaging), By Region - Industry Forecast 2024-2031

Acrylic Resin Market size was valued at USD 19.67 billion in 2021 and is poised to grow from USD 21.77 billion in 2023 to USD 31.04 billion by 2030, at a CAGR of 5.2% during the forecast period (2023-2030).

The acrylic resins market is highly competitive, with several key players operating globally. These players focus on strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and product innovations to strengthen their market position. Some of the major players in the market include BASF SE, The Dow Chemical Company, Arkema Group, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., DIC Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., LG Chem, Ltd., and Formosa Plastics Corporation. These companies invest significantly in research and development activities to enhance their product portfolios and cater to the evolving market demands. 'BASF SE (Germany)', 'The Dow Chemical Company (United States)', 'Arkema Group (France)', 'Mitsubishi Chemical Corporation (Japan)', 'Nippon Shokubai Co., Ltd. (Japan)', 'DIC Corporation (Japan)', 'Evonik Industries AG (Germany)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'LG Chem, Ltd. (South Korea)', 'Formosa Plastics Corporation (Taiwan)', 'Wacker Chemie AG (Germany)', 'Solvay S.A. (Belgium)', 'Shin-Etsu Chemical Co., Ltd. (Japan)', 'Covestro AG (Germany)', 'Kuraray Co., Ltd. (Japan)', 'SABIC (Saudi Arabia)', 'Eastman Chemical Company (United States)', 'Celanese Corporation (United States)', 'DowDuPont Inc. (United States)', 'Huntsman Corporation (United States)'

Growing demand for paints and coatings in various industries, including automotive, construction, and consumer goods along with Increasing emphasis on sustainable and eco-friendly resin solutions are driving the demand. Rising construction and infrastructure development activities worldwide and advantages of acrylic resins such as high durability, chemical resistance, and temperature resistance are bringing lucrative growth opportunities for players in the market. Technological advancements leading to improved performance and application versatility of acrylic resins will open new revenue generating opportunities in the market.

One key market trend in the acrylic resins industry is the growing demand for sustainable and eco-friendly solutions. With increasing environmental awareness and regulations, there is a shift towards using acrylic resins that have lower volatile organic compound (VOC) content and are derived from renewable sources. Manufacturers are focusing on developing bio-based acrylic resins that offer similar performance characteristics to traditional resins while reducing their environmental impact. Additionally, there is a rising interest in water-based acrylic resins, which have lower VOC emissions compared to solvent-based resins. These water-based resins also offer easier application, faster drying times, and improved safety for workers.

In 2022, Europe emerged as the region with the highest market share in the acrylic resins market. This can be attributed to the increased demand for protective paints and coatings, particularly in the automotive industry. Acrylic resins are widely used as binders in automotive coatings, providing durability, weather resistance, and enhanced aesthetic appeal to vehicles. The stringent regulations on emission control and the focus on sustainability have further driven the demand for acrylic resins in Europe.