Acrylic surface coating industry is projected to be worth USD 33990 million by 2030, registering a CAGR of 5.9% during the forecast period (2021 - 2030).
The acrylic coating is commonly applied on the surface of a substrate to serve decorative, functional, protectoral, or operational purposes. The final product substrate is obtained with some significant physical properties after application so acrylic surface coatings, such as excellent finish, gloss, and better clarity. In addition to this, the end product also offers greater weather ability and superior hardness, also greater impact resistance, enhanced adhesion and chemical resistance. The acrylic surface coating adds value to the product, an object or a substrate and increases the life span and durability of the same. In recent years, the acrylic surface coating has been successfully penetrated into a vast number of industries including, building & construction, automotive, marine, and aerospace & defense, and other industrial coatings. As per the overall estimation of the global protective coating market, it is significantly growing at a healthy CAGR to reach over USD 23 billion by the end of 2023. This is expected to fuel the demand for the acrylic surface coating in the coming years as the trend is likely to remain the same over the forecast period.
Market Segmentation
The global acrylic surface coating industry has been segmented on the basis of the substrate, technology, end use industry, and region.
On the basis of the substrate, the market is divided into concrete, metal, plastics, wood, and others. Among these segments, the concrete is holding the largest share of the market on account of rapid urbanization, swiftly growing construction sector, increasing government investment in the infrastructure development projects. Moreover, the product confers excellent resistive properties to concrete on the application.
Based on technology the market is categorized into waterborne, solvent borne, powder, and radiation curable. The waterborne segment is growing at a robust growth rate during the review period. This growth trend is primarily attributed to the increasing demand for the product from applications such as automotive, marine, and industrial machinery, tools and equipment. Apart from this, the major factor favoring the growth of this segment is growing environmental concerns regarding solvent and powder bore technology.
Based on the end use industry, the global acrylic surface coating industry is classified as building & construction, automotive, aerospace & defense, marine, furniture making, and others. Building & construction segment is the largest consumer of acrylic surface coatings, which is majorly attributed to the steady and continuous rise in the construction activities in commercial, household, and physical infrastructural sectors. The product is predominantly used to coat a concrete and furniture substrate in the construction industry to improve adhesion and abrasion resistance.
Regional Analysis
The global acrylic surface coating industry is geographically spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia Pacific is leading the market, among others, owing to the increasing demand for building & construction, automotive, and wind energy sector in this region. India, South Korea, China, and Japan are the major markets in this region due to the growing demand from emerging end use industries such as marine, automotive, and building & construction. North America is the second most considerable region in the global acrylic surface coating industry. The U.S. is the major contributor to this region due to the presence of leading end use industries such as defense, marine, aerospace & defense. Europe is another substantial region in the market. The major markets in this region are Germany, the U.K, France, and Italy, where there is a growing demand for acrylic surface coatings by the automobile industry. Latin America is witnessing a rise in industrialization along with the pacifying political and economic scenario in Brazil and Colombia. During the forecast period, the region anticipated holding a significant share of the global acrylic surface coating industry. The Middle East & Africa is holding relatively lesser shares in the global acrylic surface coating industry. It is anticipated to witness growth in coming years on account of hitherto untapped growth opportunities in the construction sector.
Competitive Analysis
Some of the leading players in the global acrylic surface coating industry are, Arkema SA (France), PPG Industries (U.S.), Dunn-Edwards Corporation (U.S.), SIKA AG (Switzerland), The Valspar Corporation (U.S.), Wacker Chemie AG (Germany), Axalta Coating Systems (U.S.), HEMPEL A/S (Denmark), B.M. REAL INTERNATIONAL (Romania), and RPM International Inc. (U.S.), among others.
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