Global Acrylic Resin Market 2017-2021
About Acrylic Resin
Acrylic resins are a group of thermoplastic or thermosetting resins, derived from acrylic acids. These thermoplastic materials are produced by the polymerization of methacrylic acid esters or acrylic acid esters. Methyl methacrylate is considered to be the primary acrylic resin, which accounts for the major share in the global market. The demand for the acrylic resin is increasing in developing countries like India, Brazil, China, and Mexico, due to their increasing use in the paints and coatings industry, providing a glossy finish. In addition, its sustainability in different weather conditions will lead to an increase in the demand for acrylic resins in the forecast period.
Technavio’s analysts forecast the global acrylic resin market to grow at a CAGR of 4.41% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global acrylic resin market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Acrylic Resin Market 2017-2021
Technavio recognizes the following companies as the key players in the global acrylic resin market: Arkema, BASF, Evonik Industries, Mitsui Chemicals, and The Dow Chemical Company.
Other Prominent Vendors in the market are: Air Products and Chemicals, Asahi Kasei Corporation, DIC Corporation, Hitachi Chemical, NIPPON SHOKUBAI, and Sumitomo Chemical.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of bio-based acrylic resin. The commercialization and production of bio-based acrylic resin have increased and this will result in the growth of the acrylic resin market, in future. Bio-based products, produced by using bio-based feedstock, are anticipated to enhance the global acrylic resin market in the near future. Moreover, this bio-based acrylic resin reduces the dependence on fossil resources, resulting in the reduction of greenhouse gas (GHG) emission. Due to the environmental regulations in Germany, most of the industries such as construction and plastic, prefer to use bio-based acrylic resin; this drives the growth of the acrylic resin market.”
According to the report, one of the major drivers for this market is Increasing demand from the construction industry. The MEA is expected to grow at a faster rate from 2016 to 2021, leading to a massive investment in construction segment, which will drive the acrylic resin market. In addition, the increase in population in the MEA countries will witness enormous growth in infrastructural developments in Qatar, the UAE, and Saudi Arabia. Moreover, the FIFA World Cup 2022 will be hosted for the first time in the ME, which will mark the increase in demand for hotel and transportation networks.
Further, the report states that one of the major factors hindering the growth of this market is Volatile price of raw materials. Fossil fuels play a significant role in the production of plastic. The constant fluctuation in the price of crude oil has an impact on the products that are derived from crude oil, which is used in the manufacture of acrylic resin, thereby posing a challenge to manufacturers of acrylic resin. The petrochemical feedstocks for most plastic resins are produced as by-products of oil and natural gas processing.
Arkema, BASF, Evonik Industries, Mitsui Chemicals, The Dow Chemical Company, Air Products and Chemicals, Asahi Kasei Corporation, DIC Corporation, Hitachi Chemical, NIPPON SHOKUBAI, and Sumitomo Chemical.
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