Acrylic Surface Coating Market to Record an Exponential CAGR by 2023
Acrylic
surface coatings are fast-drying paints comprising pigments suspended
in acrylic polymer emulsion. These coatings are made up of a
methacrylic or acrylic polymer that possesses strong color retention
property. Acrylic coatings are soluble in water; however, they become
water-resistant in the dry state. Different technologies used in
acrylic surface coatings include waterborne coating, solvent-borne
coating, and powder coating. Acrylic surface coatings are
characterized by properties such as high surface hardness and
elastomeric finish when applied as roof coating on buildings.
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Acrylic
surface coating has a wide variety of advantages such as low drying
time, ease of application, wide pigment compatibility, and
environmentally friendly nature. The substrate is either coated
completely or partially depending on the context of usage, cost,
level of protection, and compatibility. Surface properties of the
substrate can be modified by acrylic coating depending on the purpose
it serves such as decorative or functional.
Acrylic
surface coatings are segmented on the basis of their substrates into
concrete, plastic, metals, and wood. Construction industry is one of
the major end user industries for concrete substrate acrylic
coatings, as it serves many applications in construction and
buildings. Urbanization and infrastructure development have led to
high growth in the construction sector, thereby increasing demand for
concrete-based acrylic coatings. Rise in disposable income in
emerging economies has propelled demand for wood furniture.
This,
in turn, has fueled demand for wood substrate acrylic coatings.
Increasing demand for metal substrate acrylic coatings in
applications such as automobiles, machinery and equipment, aluminum
and steel coil, and freight containers is expected to fuel the market
growth in the next few years. Applications of waterborne coatings is
increasing as these coatings possess beneficial characteristics such
as good heat resistance, abrasiveness, and eco-friendly nature. This,
in turn, is estimated to drive demand for acrylic surface coatings in
the next few years. Excellent external durability of acrylic coatings
has boosted consumption of acrylic coatings in applications such as
architectural and automotive refinishes.
The
global market for acrylic coatings is segmented into regions such as
Asia Pacific, North America, Europe, Middle East and Africa, and
Latin America. Asia Pacific accounted for major share of the acrylic
coating market in 2014 followed by North America and Europe. Asia
Pacific is anticipated to continue to witness high growth during the
next few years owing to growth in end-user industries such as
construction, automotive, furniture, and metal in countries such as
India, China, and Japan. Growth in the automobile sector in countries
such as India, China, Indonesia, Japan, and South Korea has boosted
growth of the market in Asia Pacific. This, in turn, would aid Asia
Pacific to retain its market position during the next few years.
Europe
is one of the largest markets for furniture across the globe. Demand
for wood substrate acrylic coating in Europe is anticipated to
witness steady growth during the next few years. Rising disposable
income in Asia Pacific is expected to propel demand for aesthetically
appealing coatings. This, in turn, is projected to drive demand for
decorative paints and coatings during the forecast period. Increasing
demand from major end user industries such as construction and
automotive and high future growth prospects for acrylic surface
coatings have resulted in several global players undertaking capacity
expansion across the globe. Furthermore, acrylic coatings are
eco-friendly in nature. Hence, environmental regulations play a vital
role in fueling demand for acrylic surface coatings.
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Some
of the key companies operating in the acrylic surface coating market
include BASF SE, The Dow Chemical Company, Axalta Coating Systems,
NIPSEA Group, PPG Industries, Inc., The Valspar Corporation, The
Sherwin-Williams Company, and Asian Paints.
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