Acrylic paints are water-based paints that contain pigment suspensions in acrylic polymer emulsions. They are fast-drying, offer excellent coverage, durability, and are relatively inexpensive compared to oil-based paints. Acrylic paints provide protection against moisture and weathering while maintaining a flexible yet non-cracking and non-peeling finish. They are widely used for crafts, hobbies, decorating, commercial applications like signage and also have gained popularity in the construction industry for both interior and exterior applications.
The global acrylic paints market is estimated to be valued at US$ 290.26 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the construction industry remains a key driver for the growth of the acrylic paints market over the forecast period. Acrylic paints are commonly used in construction for applications such as coating on walls, ceilings, floors and other structures. They provide excellent adhesion and flexibility which makes them suitable for uneven surfaces. Additionally, their water-based formulation reduces VOC emissions making them a viable eco-friendly alternative to oil-based paints. Several regulations pertaining to emission of VOCs from paints and coatings have further boosted the demand for low-VOC and zero-VOC acrylic paints. Furthermore, rising investments in infrastructure development projects across both developed and developing nations is expected to augment the market growth over the forecast period. However, fluctuating raw material prices remains a key challenge for market players.
SWOT Analysis
Strength: Acrylic paints have high durability, quick drying time and water resistance properties. They produce vibrant colors and can be easily cleaned with soap and water. Acrylic paints offer great opacity and coverage which reduces the need for multiple coats.
Weakness: Acrylic paints have weak adhesion properties and do not bond well with some surfaces like metal or ceramic. Changes in temperature and humidity can cause acrylic paints to crack over time. Deterioration of acrylic paint quality at extreme heat is also a limitation.
Opportunity: Growing do-it-yourself home improvement trends and increasing participation in art and craft hobbies is driving the demand for acrylic paints. Mainstream adoption of acrylic paints in industrial applications like automotive painting can further boost the market.
Threats: Availability of substitutes like oil-based paints pose competition to acrylic paints. Stringent environmental regulations around VOC emissions during paint production is a challenge. Fluctuations in raw material prices can increase production costs.
Key Takeaways
The Global Acrylic Paints Market Size is expected to witness high growth over the forecast period owing to factors like increasing home improvement and decoration activities. According to research, the Asia Pacific region currently dominates the market with a share of over 35% in 2023. Rapid urbanization, rising disposable incomes and growth in art and craft hobbies in countries like China and India is driving the demand for acrylic paints in the region. The market is projected to grow at a CAGR of 5.8% in Asia Pacific during the forecast period.
North America is another major market for acrylic paints accounting for an estimated 25% market share in 2023. Presence of leading players like The Sherwin-Williams Company and PPG Industries along with growing popularity of DIY trend amongst consumers will support market gains. Additionally, prominent end-use industries like automotive and construction are augmenting the sales of acrylic paints in the US and Canada.
Key players operating in the acrylic paints market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V., and RPM International Inc. These companies dominate the global market and are focused on new product development, expansion into emerging economies and strategic mergers and acquisitions to enhance their geographic footprint and product portfolios. For instance, in 2021, Akzo Nobel N.V. acquired mapa spa to expand its global industrial wood coatings business.
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Golden Open Acrylics are acrylic paints that stay wet longer than traditional acrylic paints.
The word "open" means you have a longer open time to mix the paints and blend them.
Acrylics can be used in several various ways to produce many different modes of art.
Acrylics are water-based, which means, unlike oil paints.
Acrylic Paints are some of the most versatile paints in the world, as they can be utilized directly from the tubes they come in, or you can thin them with water to produce a lighter, more watercolour choice.
If you are looking for the best acrylic paint supplier, then Art Alley is the best option that provides high-quality paints across Canada at reasonable prices.
