Acrylic paints are a popular choice of paints for variety of applications owing to their properties such as fast drying, water solubility, color retention, durability and compatibility with different surfaces. Acrylic paint has a long shelf life, adheres well to various substrates such as wood, metal, canvas and also provides excellent coverage with minimal coats. The global
Acrylic Paints Market is estimated to be valued at US$ 290.26 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from construction and automotive industries has been a major key trend contributing to the growth of the global acrylic paints market. Acrylic paints are widely used in construction industry for coating purposes on both interior and exterior surfaces. They impart properties like water resistance, elasticity and durability which makes them an ideal choice for construction applications. The growing construction activities led by increasing investments in infrastructure projects in developing countries has been fueling the usage of acrylic paints. Similarly, automotive industry utilizes acrylic paints for coating vehicle bodies and frames owing to their characteristics such as fast drying, color retention and weather resistance. Thus, the mounting automotive production worldwide is further boosting the adoption of acrylic paints.
SWOT Analysis
Strength: Acrylic paints offer good durability and resistance to cracking or peeling. They dry quickly, allowing for fast re-coating.
Weakness: Acrylic paints cannot withstand high temperatures and are not intended for exterior applications. They are also prone to weathering over time when used outdoors.
Opportunity: Increasing demand from DIY activities and home improvement projects is boosting the acrylic paints market growth. The market is witnessing rising popularity of water-based paints due to environmental regulations.
Threats: Fluctuations in raw material prices may increase the overall production cost of acrylic paints. Strict environmental rules and regulations regarding the use of VOCs in paints pose challenges to market players.
Key Takeaways
The Global Acrylic Paints Market Size is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis – North America currently dominates the global market owing to high consumption of acrylic paints in construction and paints & coatings industries in the US and Canada. The Asia Pacific region is expected to grow at the fastest rate during the forecast period led by rising infrastructure development and growing paints & coatings industry in China, India, and other developing nations.
Key players operating in the acrylic paints market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V., RPM International Inc. The Sherwin-Williams Company is one of the leading manufacturers and suppliers of acrylic paints globally. PPG Industries offers comprehensive range of architectural coatings including acrylic paints. BASF SE is a German chemical company known for product innovation and a wide product portfolio including water-based acrylic paints.
