Global Acrylic Surface Coating Market Report, published by Variant Market Research, forecast that the global market is expected to reach $41.3 billion by 2024 from $25.3 billion in 2016; growing at a CAGR of 6.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 7.4% and 6.8%, respectively, during the forecast period.Acrylic surface coatings have applications in several end use areas like automotive, construction, general industry, and furniture. Along with many benefits of acrylic surface coatings, the global acrylic surface coatings market is expected to boost over the coming years.
"Acrylic Surface Coating Market (BySubstrate: Plastic, Concrete, Metals, and Other Substrates; By Technology: Waterborne, Solventborne, Powder, and Other Technologies; By Application: Construction, Automotive, General Industry, Furniture, and Other Applications; By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rapid urbanization to drive the growth ofthe global acrylic surface coatingmarket
The factors supporting growth of the global acrylic surface coating market are green environment rules, growing demand from the end use industries, rapidly growing urbanization and infrastructural expansions in emerging economies. However, high prices of raw materials may act as a restraint for the growth of the market. Moreover, technological developments to decrease environmental consequence and offer safe & healthy products would provide several growth opportunities for the market in the future years.
Substrate, technology, application, and geography are the major segments considered in the global acrylic surface coating market. By substrate, the market is divided into plastic, concrete, metal, and other substrates. Technology is further categorized into Waterborne, Solventborne, Powder, and other technologies. By, application, the market is bifurcated into construction, automotive, general industry, furniture, and other applications. By geography, the global acrylic surface coating market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Concrete accounted for the largest market share in thesubstrate segment
Global Acrylic Surface Coating Market, by Substrate
Concrete accounted for the largest market share in 2016, in the substrate segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to growing construction industry, which is one of the major end use industries for concrete substrate acrylic coatings having several applications in construction & buildings.
Waterborne accounted for the largest market share in the technology segment
Global Acrylic Surface Coating Market, by Technology
Waterborne accounted for the largest market share in 2016, in the technology segment, and is expected to continue its dominance during the forecast period 2016 – 2024, owing to growing applications of waterborne coatings driven by many advantages such as abrasiveness, good heat resistance, and eco-friendly characteristic.
Construction accounted for the largest market share in the application segment
Global Acrylic Surface Coating Market, by Application
Construction accounted for the largest market share in 2016, in the application segment, owing to rapid urbanization and infrastructure expansion which has led to huge growth in the construction sector, globally.
Asia-Pacificdominated the global market with highest market share over the forecast period
GLOBAL ACRYLIC SURFACE COATING MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the global acrylic surface coating market with largest market share of 43.3% in 2016, and expected to continue its dominance during the forecasted period, owing to high growth in many end-use industries such as construction, automotive, furniture, and metal industry in nations including Japan, China, and India coupled with increasing vehicle production in this region.
The major players operating in the market are The Valspar Corporation, BASF SE, The Dow Chemical Company, Axalta Coating Systems, NIPSEA Group, PPG Industries, Inc., Asian Paints Limited, SACAL International Group Ltd., Nippon Paint Holdings Co., Ltd., and The Sherwin-Williams Company, among others.