Market Overview
The global market for acrylic surface coating was valued at a global market sum worth USD 24,121.1 million during the historic period that had ended in 2018 and it is projected to demonstrate a widened CAGR of 5.2% during the forecast period reaching USD 34,720.3 million by the end of the period in 2028. Some of the major factors that are driving the growth of the market include infrastructural expansion in most of the developing nations, followed by the increasing application in automotive, furniture and the increasing demand from household sector for decorative purposes is helping the market for overall expansion.
The increase in demand for a variety of paints for decorative usage is one of the major factors that are likely to play an important role in boosting the growth of the global market for acrylic surface coating. These coatings have a vast application base, and further, promise its quality on interior and exterior walls, automotive, furniture, amongst several others. With an increase in disposable income of the global target audience and rapid urbanization, there has been a huge demand for decorative coats that are aesthetically appealing in various locations and have witnessed a steep rise. There has been an increasing degree of investments for infrastructural development in most of the developing nations that are expected to further boost the demand for the acrylic surface coating market.
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Market Segmentation
The acrylic surface coating market has been segmented based on the following heads:
Substrate-based segmentation
The acrylic surface coating market is categorized based on the substrate as plastic, metals, concrete, and others. Plastic, as a sub-segment, is expected to have the fastest growth during the ongoing forecast period, while concrete sub-segment is expected to dominate the market with the highest share in 2022.
Technology-based segmentation
The global market is categorized based on technology and includes waterborne, solvent-borne, powder, and others. A waterborne segment of the market had dominated the acrylic surface coating market with the largest share in the historic period in 2018 followed by others like solvent-borne and powder segments.
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Regional Analysis
The market report suggests that the Asian Pacific region had dominated the acrylic surface coating market in the historic period in 2018; and it is further, expected to retain its dominance having a share of 47.0% share in terms of value by 2028. The Asian Pacific region as a part of the acrylic surface coating industry is expected to witness the fastest growth during the ongoing forecast period and is expected to reach a final market value worth USD 16,318.5 million by the end of 2028. There is an increase in investments for infrastructure development followed by the growing automotive industry.
Some of the leading players in the global acrylic surface coating market include The Valspar Corporation, The Dow Chemicals Company, and some of the prominent ones like Brillux GmbH & Co. KG, BASF SE, PPG Industries Inc., Axalta Coating Systems, along with The Sherwin-Williams Company, Benjamin Moore & Co., followed by Asian Paints and NIPSEA Group.
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Industry News
BASF announced its acquisition of assets of Guangdong Yinfan Chemistry Co., Ltd. (“Yinfan”) in the APAC region of China. With this acquisition, BASF has set its aim to establish a better production footprint by obtaining access to the country’s automotive refinish coating plants.
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