Acrylic Resin Market

Acrylic Resin Market Outlook from 2024 to 2034

The acrylic resin market is projected to be worth USD 23.3 billion in 2024. The market is anticipated to reach USD 40.0 billion by 2034. The market is further expected to surge at a CAGR of 5.6% during the forecast period 2024 to 2034.

Key Market Trends and Highlights

• Acrylic resins find applications in various end use industries such as automotive, construction, paints and coatings, adhesives, and textiles. The growth of these industries, driven by economic development and population growth, is expected to boost the demand for acrylic resins.
• Growing environmental concerns and regulations promoting low volatile organic compound content have led to an increased preference for water based acrylic resins over solvent based counterparts. The shift towards eco friendly and sustainable products has driven innovation in acrylic resin formulations.
• Ongoing research and development in acrylic resin technology have led to the introduction of new and improved products. Innovations such as high performance acrylic resins with enhanced durability, weather resistance, and versatility are anticipated to drive market growth.
• The construction and housing sectors play a crucial role in the demand for acrylic resins, especially in architectural coatings and paints. The demand for acrylic resins for protective coatings and decorative paints is expected to rise, as construction activities increase globally.

Attributes	Key Insights
Acrylic Resin Market Estimated Size in 2024	USD 23.3 billion
Projected Market Value in 2034	USD 40.0 billion
Value-based CAGR from 2024 to 2034	5.6%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

The scope for acrylic resin rose at a 5.6% CAGR between 2019 and 2023. The global market for acrylic resin is anticipated to grow at a moderate CAGR of 6.2% over the forecast period 2024 to 2034.

Report Attributes	Details
Market Value in 2019	USD 17.3 billion
Market Value in 2023	USD 22.0 billion
CAGR from 2019 to 2023	6.2%

The acrylic resin market experienced steady growth during the historical period from 2019 to 2023. Acrylic resins are used in automotive coatings and adhesives. The growth of the automotive industry, driven by factors such as rising disposable income, urbanization, and changing consumer preferences, contributed to increased demand for acrylic resins.

The Asia Pacific region, especially countries like China and India, dominated the market during the historical period, due to rapid industrialization, urbanization, and infrastructure development. The factors contribute to increased demand for acrylic resins in various applications.

Looking ahead to the forecast period from 2024 to 2034, the market is expected to witness significant growth. There has been a growing interest in renewable and bio based acrylic resins as part of the commitment of the industry, to sustainability. Manufacturers exploring eco friendly alternatives are expected to find new opportunities in this segment.

Acrylic resins are used in the manufacturing of medical devices due to their clarity, biocompatibility, and ease of processing. The growth in the healthcare sector and demand for advanced medical equipment and devices can drive the use of acrylic resins.

UV curable acrylic resins have gained popularity due to their fast curing times and low environmental impact. The demand for UV curable coatings in various industries, including electronics, packaging, and automotive, presents growth opportunities for acrylic resin manufacturers.

Acrylic Resin Market Key Drivers

• In industries such as automotive and aerospace, there is a continuous emphasis on reducing weight to improve fuel efficiency and performance. Acrylic resins, being lightweight and having good mechanical properties, can find applications in these sectors.
• Acrylic resins are used in the production of coatings for wind turbine blades. The demand for acrylic resins in this application is expected to rise, with the increasing focus on renewable energy and the expansion of wind energy projects globally.
• The growth of e-commerce has led to increased demand for protective coatings and adhesives used in packaging. Acrylic resins provide properties such as clarity, adhesion, and scratch resistance, making them suitable for applications in the packaging industry.
• The development of hybrid acrylic resins, combining acrylics with other polymers, has led to materials with enhanced performance characteristics, which includes improved adhesion, chemical resistance, and flexibility, expanding the potential applications of acrylic resins.

Challenges in the Acrylic Resin Market

• Acrylic resins are derived from petrochemical feedstocks. Fluctuations in the prices of raw materials, especially crude oil, can impact the production cost of acrylic resins, potentially affecting profit margins for manufacturers.
• Stringent environmental regulations, particularly those related to volatile organic compounds, can limit the use of certain acrylic resin formulations. Compliance with evolving environmental standards may necessitate changes in production processes and formulations.
• The availability of alternative materials with similar or improved properties may pose a challenge. For instance, other resin types or emerging sustainable materials can be considered as substitutes, affecting the demand for acrylic resins.
• High research and development costs associated with developing new and advanced acrylic resin formulations may be a hindrance. Technological barriers can also slow down the pace of innovation.

Country-wise Insights

The below table showcases revenues in terms of the top 5 leading countries, spearheaded by Korea and the United Kingdom. The countries are expected to lead the market through 2034.

Countries	Forecast CAGRs from 2024 to 2034
The United States	5.8%
The United Kingdom	6.5%
China	5.9%
Japan	6.0%
Korea	7.9%

Increasing Construction Industry Driving the Market in the United States

The acrylic resin market in the United States expected to expand at a CAGR of 5.8% through 2034. The construction industry is a major consumer of acrylic resins, particularly in applications such as architectural coatings, adhesives, and sealants. Growth in residential, commercial, and infrastructure construction projects boosts demand for acrylic resins.

The automotive industry uses acrylic resins in coatings and adhesives for vehicles. The growth of this industry positively impacts the demand for acrylic resins, with the automotive sector being a key contributor to the economy of the United States.

Renovation and Remodeling Trends to Accelerate Market Growth in the United Kingdom

The acrylic resin market in the United Kingdom is anticipated to expand at a CAGR of 6.5% through 2034. Renovation and remodeling activities, driven by changing consumer preferences and government incentives, contribute to the demand for paints and coatings. Acrylic resins, being commonly used in architectural coatings, benefit from trends in home improvement.

Acrylic resins are used in the production of consumer goods such as appliances, electronics, and household items. The growth in consumer goods manufacturing activities contributes to the increased consumption of acrylic resins.

Rising Demand in Electronics Manufacturing Spearhead the Market in China

Acrylic resin trends in China are taking a turn for the better. A 5.9% CAGR is forecast for the country from 2024 to 2034. Acrylic resins are used in the electronics industry for coatings and encapsulation materials. The growth in this sector positively influences the acrylic resin market, with China being a major hub for electronics manufacturing.

Acrylic resins are used in various packaging materials, coatings, and adhesives. The booming e-commerce industry and increased consumer goods packaging contribute to the growth of the market in China.

Growth in Industrial Manufacturing Fueling the Market in Japan

The acrylic resin market in Japan is poised to expand at a CAGR of 6.0% through 2034. Acrylic resins are utilized in various industrial coatings and adhesives. The growth of industrial manufacturing activities in Japan contributes to the increased consumption of acrylic resins in the production of coatings, adhesives, and sealants for industrial use.

Similar to global trends, the adoption of water based acrylic resins over solvent based formulations is driven by environmental concerns and regulations in Japan. The shift towards more sustainable and low VOC coatings supports the growth of water based acrylic resin formulations.

Shipbuilding Industry Driving the Demand in Korea

The acrylic resin market in Korea is anticipated to expand at a CAGR of 7.9% through 2034. Korea is a major player in the global shipbuilding industry. Acrylic resins, particularly coatings, are used for corrosion protection and aesthetic finishes in shipbuilding. The growth in the shipbuilding sector can drive the demand for acrylic resins.

Acrylic resins may find applications in coatings and materials used in healthcare facilities and pharmaceutical manufacturing. There can be an increased demand for specialty coatings and adhesives in Korea, as the country invests in advanced healthcare infrastructure.

Category-wise Insights

The below table highlights how water based segment is projected to lead the market in terms of type, and is expected to account for a CAGR of 5.4% through 2034.

Based on application, the paints and coatings segment is expected to account for a CAGR of 5.3% through 2034.

Category	CAGR in 2034
Water Based	5.4%
Paints and Coatings	5.3%

Water Based Claims High Demand for Acrylic Resin

Based on type, the water based segment is expected to continue dominating the acrylic resin market. Water based acrylic resins emit lower levels of VOCs compared to solvent based alternatives. Industries and manufacturers are increasingly choosing water based formulations to comply with regulations and address environmental sustainability goals, as concerns about air quality and environmental impact grow.

Water based acrylic resins are generally considered safer for human health compared to solvent based counterparts. The lower toxicity and reduced flammability of water based formulations contribute to a healthier and safer working environment for operators and end users.

Water based acrylic resins find applications in various industries, including paints and coatings, adhesives, sealants, textiles, and construction. The versatility of water based formulations contributes to their widespread adoption across different sectors.

Paints and Coatings to Hold High Demand for Acrylic Resin

In terms of application, the paints and coatings segment is expected to continue dominating the acrylic resin market. Acrylic resins offer versatility and formulation flexibility, allowing manufacturers to tailor coatings to meet specific performance requirements. The adaptability makes acrylic resins suitable for a wide range of paints and coatings applications.

Acrylic resin based paints and coatings exhibit excellent weatherability, UV resistance, and durability. The properties make them suitable for outdoor applications, including architectural coatings, automotive coatings, and industrial coatings.

Acrylic resin based coatings typically have fast drying times compared to some other resin types. The attribute contributes to increased efficiency in manufacturing processes, allowing for quicker turnaround times in various applications.

Competitive Landscape

The acrylic resin industry exhibits a dynamic landscape featuring a combination of well established players, regional manufacturers, and emerging companies, all competing to secure their respective market shares. The sector is propelled by industrial expansion, adherence to safety regulations, and the demand for effective vertical access solutions.

Recent Developments

• In 2023, Arkema S.A declared its commitment to achieving carbon neutrality in acrylics production. The company aims to implement an innovative patented purification technology at its Carling production facility in France by 2026.
• In 2023, DIC Corporation announced its acquisition of 100% ownership of Quebec based PCAS Canada Inc. from the French company PCAS S.A. PCAS Canada Inc. specializes in the production and sale of polymers used in photoresists for semiconductor photolithography.
• In the same year, Delrin launched a high molecular weight nucleated resin meticulously crafted for applications requiring outstanding creep resistance and fatigue durability. Delrin 51HSE enhances the capability of Delrin to replace metal, providing a cost effective solution that reduces both weight and noise for customers. It facilitates the implementation of intelligent design principles that contribute to the reduction of carbon footprints.

Report Scope

Attribute	Details
Estimated Market Size in 2024	USD 23.3 billion
Projected Market Valuation in 2034	USD 40.0 billion
Value-based CAGR 2024 to 2034	5.6%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD billion
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa
Key Market Segments Covered	Type, Application, End User, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	BASF SE; Sumitomo Chemicals; DSM; The Dow Company; Showa Denko Materials; Mitsubishi Chemical Holdings; Nippon Shokubai Co. Ltd.; Arkema; DIC Corporation

Segmentation Analysis of the Acrylic Resin Market

By Type:

• Water Based
• Solvent Based
• Others

By Application:

• Paints and Coatings
• Adhesives and Sealants
• Others

By End User:

• Building and Construction
• Automotive
• Electronics
• Packaging
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia & Pacific
• East Asia
• The Middle East & Africa

Frequently Asked Questions

What is the anticipated value of the Acrylic Resin market in 2024?

The acrylic resin market is projected to reach a valuation of USD 23.3 billion in 2024.

What is the expected CAGR for the Acrylic Resin market until 2034?

The acrylic resin industry is set to expand by a CAGR of 5.6% through 2034.

How much valuation is projected for the Acrylic Resin market in 2034?

The acrylic resin market is forecast to reach USD 40.0 billion by 2034.

Which country is projected to lead the Acrylic Resin market?

Korea is expected to be the top performing market, exhibiting a CAGR of 7.9% through 2034.

Which is the dominant type in the Acrylic Resin domain?

Water based is preferred, and is expected to account for a share of 5.4% in 2024.