The Global Acrylic Protective Coatings Market size is predicted to reach USD 23 Mn by 2023, as per a new insightful report by Market Research Future (MRFR). It is expected to grow at a remarkable CAGR from 2016 to 2023 (forecast period). Acrylic protective coatings exhibit properties such as weather resistance, gloss, superior finish, and hardness. These can considerably increase the life of objects upon application. They are able to resist abrasion and adhesion. Popularity of these coatings in the automotive sector can purportedly influence market demand during the forecast period.
Drivers and Restraints
Need for protective coating on tools and equipment is the major driving factor of the market. Demand in various industries to prevent corrosion of machines is expected to propel market demand over the forecast period. Protection from wear and tear and long lifespan of equipment can spur market growth. Rising costs of raw materials and stringent regulations related to volatile organic compounds (VOCs) emissions can hamper market growth.
Wacker Chemie AG has developed a wood coating, SILRES WH, for wooden structures. The coating can resist temperate weather conditions and absorb as minimal water as possible. It can prevent the growth of fungicides and biocides.
Development of 2K protective coatings for cars to preserve their sheen is anticipated to bode well for the market. In 2018, BASF and Sirrius have decided to partner to develop high-performance automotive coatings. Regulations in the automotive sector pertaining to energy requirements and carbon footprint are expected to propel demand for these coatings in the coming years.
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Noteworthy players include Wacker Chemie AG, The Valspar Corporation, PPG Industries, SIKA AG, and Dunn-Edwards Corporation. Expansion tactics and development of new products are strategies being implemented by these players to maintain their position in the market. Acquisitions are being used to acquire smaller companies and increase the current product offerings.
The Acrylic Protective Coatings Market is segmented by type, end-user, and region. By type, the market is segmented into waterborne thermosetting enamels, thermosetting acrylic coating, and thermoplastic waterborne acrylic latex. The thermosetting acrylic coating segment is anticipated to gain the lion’s share of the market in the forthcoming years. The waterborne thermosetting enamels segment is touted to generate significant market revenue by 2023 due to various products launched in the market to prevent damage to products fabricated from wooden, plastic, and composite materials.
End-users of these coatings include marine, industrial, automotive, aerospace, building & construction, and others. The industrial segment is touted to be the biggest end-user of the acrylic protective coating market by 2023. The building and construction application segment can generate demand due to rise in infrastructural and renovation projects.
Geographically, the market covers regions such as Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and Middle East & Africa (MEA).
The APAC region is expected to lead due to increased government funding for marines and infrastructural projects. Heavy influx of capital by private and public sectors in Japan and China is projected to influence market demand in the coming years. In addition, automobile players expanding in the region is expected to be a major gamechanger for the market. Strong economic growth rates of developing nations can bolster market demand.
The North America region is the second-largest user base of acrylic protective coatings due to well-performing sectors in the U.S. Aerospace, automotive, and reconstruction are sectors expected to propel regional revenues over the forecast period. Non-residential infrastructural projects are expected to induce market demand till 2023.
The Europe market is anticipated a windfall owing to emphasis on VOC-free coatings in Germany and France.
The LATAM and MEA market together can contribute to overall market revenue due to the burgeoning construction sector in these regions.
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