The global acrylic resins market size is projected to reach USD 21.9 billion by 2025 at a CAGR of 5.5%. Rapid industrialization and urbanization in key countries, such as China and India, have spurred the demand for acrylic resins in the past few years. The building & construction industry requires high-performance materials for protection and decorative purposes.
The key players in the acrylic resins market include Dow (US), BASF SE (Germany), Arkema (France), Mitsubishi (Japan), Nippon Shokubai (Japan), DSM (Netherlands), Mitsui Chemicals (Japan), Showa Denko Materials (Japan), DIC Corporation (Japan) and Sumitomo (Japan). The acrylic resins market report analyzes the key growth strategies, such as investment & expansion, new product launch, and joint venture, adopted by the leading market players between 2017 and 2020.
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BASF is one of the largest chemical producers in the world and has established its presence in more than 80 countries, globally. The company operates through six business segments namely, chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. BASF offers acrylic resins under its chemicals segment. The company offers products to agriculture, automotive & transportation, chemicals, construction, paints & coatings, plastics, and rubber industries. BASF SE serves more than 100,000 customers in almost every country in the world. They have R&D centers present in 70 locations and operates with 390 production sites worldwide. The company has spent USD 2.4 billion for R&D in all the business segments.
Arkema is a manufacturer of specialty chemicals and advanced materials. The company has organized its operations through four segments: adhesives solutions, advanced materials, coating solutions and intermediates. The company offers products to general industries, consumer goods, paints & coatings, construction, electronics & energy, automotive & transportation, nutrition, and water sectors. Arkema operates in around 55 countries with about 20,500 employees. The company has 13 research centres worldwide and a total of 144 production sites.
In the acrylic resins market, the paints and coatings segment is projected to take the lead in terms of application. This suggests that the demand for acrylic resins in the production of paints and coatings is expected to be the highest among various industries. Acrylic resins are valued for their ability to enhance the durability, appearance, and protective properties of paints and coatings. This dominance in the paints and coatings sector can be attributed to their versatility, which allows them to be used in a wide range of applications, from architectural paints to automotive coatings. The growth of this segment is likely to be driven by factors such as increased construction activities, growing automotive production, and a rising emphasis on aesthetics and protection across various end-user industries.
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The increase in demand for acrylic resins and the growing construction industry in the emerging economies, such as APAC and South America, are driving the market. The acrylic resins market is anticipated to experience its fastest growth in the Asia-Pacific (APAC) region. This projection suggests that demand for acrylic resins, which are versatile chemicals used in various industries like paints, coatings, adhesives, and textiles, is expected to significantly increase in APAC. Factors driving this growth could include expanding construction and manufacturing sectors, rising consumer demand for consumer goods, and increasing infrastructure development. The APAC region’s economic development and industrial expansion are likely to contribute to the surge in demand for acrylic resins, making it the fastest-growing market for these products.
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