The global market for Acrylic Resins is projected to reach 23.2 billion pounds by 2022, driven by the industrial and commercial importance of thermosetting polymers in a wide range of applications covering synthetic rubbers, textiles, paints, adhesives, plastics, strippable varnishes, among numerous others.
Acrylic resins represent a set of thermoplastics that are manufactured by the polymerization of acrylates or methacrylates. Acrylic acid, which is in turn produced from propylene, is the major raw material for producing acrylic resins. Acrylic resins offer superlative chemical characteristics, distinct aesthetic properties and impact- and high-heat-resistance, making it an ideal material for use in variety of applications. Major end-use application sectors include paints & coatings, construction and adhesives among others. Given that growth is influenced by the business climate in downstream applications, the market is poised to benefit from the growing construction sector; steady automobile production; rising demand for lightweight plastics; need for impact resistant, high strength, quick drying adhesives; widespread use of synthetic polymers in textile processing; among others. The industry is also making considerable strides on the technology front with the immense success of bio acrylic resins or eco-friendly resins. Developments in this space are being encouraged by the focus on sustainability. Though the development of 100% bio-based material is yet to materialize, polymethyl methacrylate (PMMA) materials are being blended with bio-based materials to facilitate a reduction in the carbon footprint of polymers. Green products will therefore score the highest gains in the market. Also, stringent VOC regulations and enhancement of green certification criteria are compelling production of green alternatives. Increased demand for superior performing and cost-effective products are fueling demand for new generation resins with improved functional and aesthetic characteristics.
Asia-Pacific represents the largest market worldwide supported by stable business growth in well-established end-use markets such as paints & coatings, construction, and automotive. China represents the largest market in the region led by rapid industrialization and massive manufacturing prowess built over a period of two decades. Future growth in the market will be powered by Middle East and Africa with a combined CAGR of 6% over the analysis period. As the largest product segment Methyl Methacrylate (MMA) finds primary use in construction and automotive sectors and in the production of PMMA and modified polymers. Signs and display constitute the largest end-use markets for PMMA, owing to the recent expansion of novel PMMA applications in the field of signage, display screens and panels, and TFT-LCDs.
Major players in the market include Arkema S.A., Altuglas International, Arkema Inc., Asahi Kasei Corporation, BASF SE, DIC Corporation, DowDuPont Inc., Evonik Industries AG, Formosa Plastics Corporation, Kaneka Corporation, Kuraray Co. Ltd., LG Chem Ltd., Lotte Chemical Corporation, Mitsubishi Chemical Corporation, Lucite International, Mitsui Chemicals Inc., Anderson Development Company Inc., Nippon Shokubai Co. Ltd., Plaskolite Inc., PPG Industries Inc., Reichhold Inc., Royal DSM N.V., Solvay S.A., Sumitomo Chemical Co. Ltd., and Unigel S.A., among others