The global Acrylic Resins market is forecast to grow at CAGR of 4.74%, in 2019 the ceramide market is valued at USD 15.12 Billion, and it is projected to reach USD 21.85 billion according to a Report by Reports and data. The acrylic resins are a group of thermoplastic or thermosetting resins which are produced by polymerization of esters or amides of acrylic or methacrylic acid. Acrylic resins have pervasive use in Sanitary ware, Automotive OEM, and adhesives. Acrylic Resins are water-resistant, give the glossy external appearance, and provide resistance to any harsh weather condition.
The regulations, such as weight reduction, will help in increasing the use of acrylic resins in the future. Restraining Factors such as raw material prices or strong environmental regulations in markets such as the U.S. or Europe could hinder growth. The market is penetrating the medical devices market due to an increased preference for acrylic resins as compared to PVC and polyethylene due to the health and environmental hazards associated with them.
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Key players of the acrylic resins market are The DOW Chemical Co., Air Products and Chemicals, Inc., Nippon Shokubai Co. Ltd., DIC Corporation, Hitachi Chemical Co., Cargill, Novozymes., Eastman Chemical Company, BASF SE, Arkema S.A.
The majority of the demand for acrylic resins market is expected to come from the renovation of old houses. The demand from automobile and construction is certainly to see a dip. The majority of the acrylic resins market is based in the paints and coatings industry. The imposed lockdown will drive people away, with low income among people; the automobile sector will likely suffer the most. With minimal consumption and stringent lockdown regulation, the production will suffer from a disruption in the supply chain of the acrylic resins market. However, government regulations and policies can make way for an imminent recovery.
Further Key findings from the Report Suggest
- Paints and coating industry in Europe and the U.S. looks for environmentally friendly alternatives due to the government rules and regulations, the thermoplastic segment of acrylic resins market will help in overcoming these issues because of its recyclability. Acrylic resin accounts for 30% of the paints and coatings market, which is set to grow at a CAGR of 5.4%.
- Growth in acrylic resin, the market is highly dependent on the end-use industries such as automotive and construction. India and China are the acrylic resins market most significant targets, India's young population and a rise in middle-class income will drive the growth of acrylic resins consumption in the automobile sector, In India, Automobile the industry grew 14.50% in the FY19.
- The health hazards associated with PVC and polyethylene, the use of acrylic resins is preferred in medical devices. The acrylic resins for use in medical devices are primarily based on methacrylic type.
- Thermoplastics offer excellent applications in automotive and refinish markets as lacquers, thermosetting on the other hand, are used in industrial applications as in white goods. Thermoplastics holds 55% of the acrylic resins market share over the forecast period. This mainly due to their properties such as recyclability and enhanced mechanical properties, which make it cost-effective.
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For this report, Reports, and Data have segmented into the global Acrylic Resins market based on type, application, property, and region:
Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
Application Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Paints Coatings
- Fibres Adhesives
- Paper Paperboard
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- North America
- Asia Pacific
- Middle East Africa
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