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The global market for acrylic surface coating was valued at $24,121.1 million in 2015; and it is projected to demonstrate a CAGR of 5.2% during the forecast period reaching $34,720.3 million by 2022. Some of the major factors driving the growth of the market include infrastructural expansion in developing nations, increasing application in automotive, furniture and increasing demand from household sector for decorative purposes.
Acrylic Surface Coating Market Dynamics
The increase in demand paints for decorative usage is one of the major factors boosting the growth of the global market for acrylic surface coating. These coatings have a vast application base, interior and exterior walls, automotive, furniture, and several others. With an increase in disposable income and rapid urbanization, demand for decorative coats that are aesthetically appealing have witnessed a rise. Increasing investments for infrastructural development in developing nations is expected to further boost the demand for acrylic surface coatings.
Additionally, increasing environmental concerns have led to creation of stringent environmental regulations. The demand for coatings with low levels of volatile organic compounds (VOCs) have witnessed a rapid increase in demand. This is attributed to the increasing awareness of harmful effects of VOC, such as respiratory illnesses, and cancer. Governments of several nations have amended norms, for lowering VOC emission levels. Moreover, stringent environmental norms have created a pressure on manufacturers to produce coatings that are environment friendly.
The acrylic surface coating is produced to suit all the major markets within the paint and coatings industry owing to its usage in a variety of applications. Increasing investment for infrastructural development in developing nations of Asia-Pacific, such as India and China are expected to serve as a major growth opportunity for the market. Additionally, the acrylic surface coating market is witnessing a fast growth in developing economies of Latin America, and Eastern Europe.
By substrate, the acrylic surface coating market is categorized into plastic, metals, concrete, and others. Plastic is expected to have the fastest growth during the forecast period, while concrete is expected to dominate the market with the highest share in 2022.
By technology, the acrylic surface coating market is categorized into waterborne, solvent borne, powder and others. Waterborne segment dominated the acrylic surface coating market with the largest share in 2015, followed by solvent borne and powder segment.
By geography, Asia-Pacific dominated the acrylic surface coating market in 2015; and it is expected to retain its dominance having a share of 47.0% share in terms of value by 2022 (end of forecast period). The Asia-Pacific acrylic surface coating industry is expected to witness the fastest growth during the forecast period and is expected to reach $16,318.5 million by 2022. Increasing investment for infrastructure development, growing automotive industry, increase in spending power and increase in adoption of environment friendly coatings are some of the major factors driving the growth in APAC region.
Acrylic Surface Coating Market Competitive Landscape
Leading players in the global market for acrylic surface coating are going through mergers and acquisitions in order to gain a larger market share. For instance, in April 2016, BASF confirmed that it will be acquiring the assets of Guangdong Yinfan Chemistry Co., Ltd. (“Yinfan”) in China. With this acquisition, BASF is aiming to establish a better production footprint by obtaining access to China’s automotive refinish coating plants. This agreement would also allow BASF to expand its automotive refinish portfolio in Asia-Pacific region by adding the Yinfan line of products to its global brands such as baslac, Glasurit, Norbin and R-M.
Some of the leading players in the global market for acrylic surface coatings are The Valspar Corporation, The Dow Chemicals Company, Brillux GmbH & Co. KG, BASF SE, PPG Industries Inc., Axalta Coating Systems, The Sherwin-Williams Company, Benjamin Moore & Co., Asian Paints and NIPSEA Group.
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