A group of related thermosetting plastics or thermoplastics primarily derived from acrylic acids is known as acrylic resin. Acrylic acid is the main raw material in the production of acrylic resin.
Sarasota, FL -- (SBWIRE) -- 09/20/2017 -- Global Acrylic Resin Market: Overview
A group of related thermosetting plastics or thermoplastics primarily derived from acrylic acids is known as acrylic resin. Acrylic acid is the main raw material in the production of acrylic resin. Methyl methacrylate dominates the acrylic resins market. Acrylic resins are used in paints and coatings industry as they provide the glossy finish for residential and commercial constructions, for decorative coatings, and DIY (do-it-yourself) coatings. The major application of the acrylic resin is in the paint and coatings industry. In the construction industry, acrylic resin is used for glazing, light fixtures, and in sanitary wares. Use of acrylic resin is also visible in manufacturing automotive interiors, exterior panels, and instrument clusters. A varied use for acrylic resin is visible and hence there is a general growth in its demand in the market globally.
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Global Acrylic Resin Market: Segmentation
The global acrylic resin market can be segmented on the basis of its raw materials, property of solvency, application, and the regions. The market for acrylic resin is segmented by raw material of products as methacrylates, acrylates, hybrids, and others. On the basis of the type of solvency, the acrylic resin market is divided into solvent-borne, waterborne and solids. Application-based segmentation of acrylic resin market can be seen through its utilization in paints and coatings, industrial and commercial, construction, paper and paperboard, plastics, textile and fibers and adhesives. The acrylic resins market is diversified into regions such as Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa.
Global Acrylic Resin Market: Growth Factors
There has been a significant growth in the acrylic resins market in the past few years and this growth is expected to persist in the coming years. A major portion of this growth is from the developing countries. The development in the acrylic resin market can be contributed to the growth in the automobile industry, construction industry, increased consumption in the commercial segments and paints and coating industry. Also, macroeconomic factors such as VOC regulations in Western countries, shift from solvent-borne to waterborne, industrial development in the developing countries, will direct the growth in certain markets. The challenges faced by the market participants are mainly in the form of volatile raw material prices and growing environmental concerns degradability of plastics.
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Global Acrylic Resin Market: Regional Analysis
The largest market for acrylic resin is visible in Asia. Asia Pacific, Europe, and North America have been dominating the acrylic resins market globally. Moderate growth in the acrylic resins market will be revealed in the regions of the U.S., Western Europe, and China due to increasing in the consumption of acrylic resins in sectors such as automotive, construction, and sign/display markets. Consumption of acrylic resins is predicted to be the fastest in Africa. The demand in the market is increasing and will continue to increase in developing nations such as Brazil, India, and Mexico. In the regions such as India and China, there are flexible regulations by the government and they have supported the market growth in the form of tax relief.
Global Acrylic Resin Market: Competitive Players
Some of the leading players in the acrylic resin market are The DOW Chemical Co., Air Products and Chemicals, Inc., Nippon Shokubai Co., Ltd., DIC Corporation, Hitachi Chemical Co., Ltd., Cargill, Novozymes, Eastman Chemical Company, BASF SE, Arkema SA, Formosa Plastics Corporation, Mitsubishi Chemical Holdings Corporation, Momentive Specialty Chemicals Inc., Evonik Industries, and Solvay.
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Global Acrylic Resin Market: Regional Segment Analysis
The Middle East and Africa