The
acrylic coating in commonly applied on the surface of a substrate to
serve decorative, functional, protectoral, or operational purposes. The
final product substrate is obtained with some significant physical
properties after application so acrylic surface coatings, such as
excellent finish, gloss, and better clarity. In addition to this, the
end product also offers greater weather ability and superior hardness,
also greater impact resistance, enhanced adhesion and chemical
resistance. The acrylic surface coating adds value to the product, an
object or a substrate and increases the life span and durability of the
same. During the recent years, the acrylic surface coating has been
successfully penetrated into a vast number of industries including,
building & construction, automotive, marine, and aerospace &
defense, and other industrial coatings. As per the overall estimation of
the global protective coating market, it is significantly growing at a
healthy CAGR to reach over USD 23 billion by the end of 2023. This is
expected to fuel the demand for the acrylic surface coating in the
coming years as the trend is likely to remain the same over the forecast
period.
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Market Segmentation
The global Acrylic Surface Coating Market Analysis has been segmented on the basis of the substrate, technology, end use industry, and region.
On
the basis of the substrate, the market is divided into concrete, metal,
plastics, wood, and others. Among these segments, the concrete is
holding the largest share of the market on account of rapid
urbanization, swiftly growing construction sector, increasing government
investment in the infrastructure development projects. Moreover, the
product confers excellent resistive properties to concrete on the
application.
Based
on technology the market is categorized into waterborne, solvent borne,
powder, and radiation curable. The waterborne segment is growing at a
robust growth rate during the review period. This growth trend is
primarily attributed to the increasing demand for the product from
applications such as automotive, marine, and industrial machinery, tools
and equipment. Apart from this, the major factor favoring the growth of
this segment is growing environmental concerns regarding solvent and
powder bore technology.
Based
on the end use industry, the global acrylic surface coating market is
classified as building & construction, automotive, aerospace &
defense, marine, furniture making, and others. Building &
construction segment is the largest consumer of acrylic surface
coatings, which is majorly attributed to the steady and continuous rise
in the construction activities in commercial, household, and physical
infrastructural sectors. The product is predominantly used to coat a
concrete and furniture substrate in the construction industry to improve
adhesion and abrasion resistance.
Regional Analysis
The
global acrylic surface coating market is geographically spanned across
five key regions: Asia Pacific, North America, Europe, Latin America,
and Middle East & Africa. The Asia Pacific is leading the market,
among others, owing to the increasing demand for building &
construction, automotive, and wind energy sector in this region. India,
South Korea, China, and Japan are the major markets in this region due
to the growing demand from emerging end use industries such as marine,
automotive, and building & construction. North America is the second
most considerable region in the global acrylic surface coating market.
The U.S. is the major contributor to this region due to the presence of
leading end use industries such as defense, marine, aerospace &
defense. Europe is another substantial region in the market. The major
markets in this region are Germany, the U.K, France, and Italy, where
there is a growing demand for acrylic surface coatings by the automobile
industry. Latin America is witnessing a rise in industrialization along
with the pacifying political and economic scenario in Brazil and
Colombia. During the forecast period, the region anticipated holding a
significant share of the global acrylic surface coating market. The
Middle East & Africa is holding relatively lesser shares in the
global acrylic surface coating market. It is anticipated to witness
growth in coming years on account of hitherto untapped growth
opportunities in the construction sector.
Competitive Analysis
Some
of the leading players in the global acrylic surface coating market
are, Arkema SA (France), PPG Industries (U.S.), Dunn-Edwards Corporation
(U.S.), SIKA AG (Switzerland), The Valspar Corporation (U.S.), Wacker
Chemie AG (Germany), Axalta Coating Systems (U.S.), HEMPEL A/S
(Denmark), B.M. REAL INTERNATIONAL (Romania), and RPM International Inc.
(U.S.), among others.
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