- A new study by Grand View Research, Inc. predicts significant growth for the acrylic surface coating market from 2015 to 2022. This could be attributed to growing demand in the construction, automotives, industrial, and household sectors. Acrylic surface coatings retain their color even when exposed to outdoor environment. Low drying time, ease of applications, and wide pigment compatibility are the other advantages offered by them.
Urbanization and rising income levels are leading to demand for aesthetically appealing decorative paints. The market will also benefit from high demand for powder coatings in automotives, consumer goods, and architecture. Large-scale infrastructural developments in emerging economies like India, China, and the Middle East will prove favorable for the market.
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Grand View Research divides the acrylic surface coating market into types, technologies, and regions. Thermoplastic and thermosetting are the two types. The technologies segment includes waterborne, solvent-borne, radiation curable, and powder coatings. Waterborne acrylic surface coatings dominate the market owing to their eco-friendliness.
They are widely used for insulation and sound damping. Demand for waterborne thermosetting enamels arises from aluminum and steel coils, containers, machinery and equipment, and automobiles. Manufacturers are expected to abide by the regulatory guidelines set by the European Union, the USEPA – United States Environmental Protection Agency, and other authorities.
Their abidance promotes products that cause minimal harm to the environment and public health. The adoption of novel waterborne acrylic technology having low VOC – Volatile Organic Compound emissions will also drive the market. Asia Pacific is the largest acrylic surface coating market. It is likely to display similar trends over the next seven years.
Robust expansion in the end-user sectors in India, Japan, and China will facilitate demand in the region. Waterborne acrylic basecoats are consumed in large amounts by China’s automobile sector. This is due to manufacturing operations with regard to Honda, Hyundai, and Toyota in the nation. Growing automobile production in other Asian Pacific countries like India, South Korea, Indonesia, and Japan will also contribute demand for acrylic surface coatings.
The Middle East and Africa would experience growth on account their lucrative construction industries. Substantial investments by major players in South Africa, Mexico, Vietnam, and Russia will augment the regional markets. Leading competitors in the worldwide acrylic surface coating market are The Dow Chemical Company, Nippon Paint, BASF SE, Axalta Coating Systems, and PPG Industries.
Information Source: Grand View Research
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