Acrylic Surface Coating Market Overview
The global acrylic surface coating market was valued at $24,121.1 million in 2015 and is expected to grow at a CAGR of 5.2% during 2016 – 2022, to reach $34,720.3 million by 2022. The market will be growing at a significant rate due to the increased demand from the household segment for decorative purposes, industrial and infrastructural expansion largely in developing nations and applications ranging from furniture, automobiles to traffic lights and many others.
In terms of substrate, the acrylic surface coating market includes plastic, concrete, metals, and others. During the forecast period, plastic is expected to have the fastest growth, while concrete is expected to have the highest share in the market in 2022. Also, in terms of technology, the market for acrylic surface is segmented into waterborne, solvent borne, powder and others. In 2015, the waterborne segment dominated the acrylic surface coating industry and demand followed by the solvent borne and powder segment.
Taking into account of geographical landscape, Asia-Pacific dominated the acrylic surface coating market and is expected to retain its dominance by 2022, with 47.0% share in terms of value. The Asia-Pacific acrylic surface coating industry is expected to witness the fastest growth during the forecast period and is set to reach $16,318.5 million by 2022. The major reasons behind the growth of the market for acrylic surface coating in the region include increasing investment for infrastructure development, rapid growth in automotive sector large consumer base, increased spending power and growing compliance for environment friendly coating.
Acrylic Surface Coating Market Dynamics
The acrylic surface coating is produced to suit all the major markets within the paint and coating industry, as acrylic surface coating is being widely used in various applications, which in turn has created opportunities for many emerging economies. These opportunities include increasing investment for infrastructural development in developing nations. In many developing regions, such as Latin America, Africa, and Asia-Pacific and Eastern Europe, the acrylic surface coating market is evolving faster with respect to developed countries. The rapid use of acrylic surface coating had led to increased investment majorly in infrastructural industry, as the spending power and people’s willingness for a better and decorative residence has grown in past few years.
Acrylic surface coating market has a good growth potential during the forecast period. The increasing demand for decorative paints is driving the growth of the global acrylic surface coating industry. These coatings have applications ranging from exterior walls to interior decoration and furniture, and automobiles to traffic lights. With the increasing disposable income and urbanization, the demand for aesthetically appealing and decorative coats is also increasing. The increasing investment for infrastructural development in emerging economies is creating ample growth opportunities for the acrylic surface coating industry and is driving the market growth.
Another major factor driving the growth of the acrylic surface coating market is green environmental regulation. Customers, both industrial and governmental, are increasingly demanding coatings that release lower levels of volatile organic compounds (VOCs). The concern about short and long-term adverse VOC health effects from respiratory illnesses to cancer risks has been increasing for decades. As a result, government bodies have been amending their regulations, in order to lower the levels of VOC emissions. Environmental regulations have put pressure on the coatings industry to develop coatings that lower environmental impacts keeping health and safety in minds. These stringent policies are pushing the acrylic surface coating industry towards a steady growth.
Acrylic Surface Coating Market Competitive Landscape
The players in the acrylic surface coating market are undergoing mergers and acquisitions to improve their position in the market. For instance, in April 2016, BASF signed an agreement to acquire the assets of Guangdong Yinfan Chemistry Co., Ltd. (“Yinfan”) in China. With the acquisition, BASF will establish a better production footprint by gaining access to the automotive refinish coatings plant in China. It will also enable BASF to broaden its automotive refinish portfolio in Asia-Pacific by adding the Yinfan line of products to its global brands, including Glasurit, R-M, baslac and Norbin. Also,
Some of the major players operating in the acrylic surface coating market include BASF SE, Axalta Coating Systems, NIPSEA Group, PPG Industries Inc., The Dow Chemicals Company, The Sherwin-Williams Company, The Valspar Corporation, Brillux GmbH & Co. KG, Benjamin Moore & Co., and Asian Paints.