July 14, 2023
The acrylic paints market is growing at an average pace and is anticipated to record a CAGR of 4.5 per cent from 2022 to 2032.
One of the primary differentiating competitive tactics is the development of high-performance acrylic paint bonding for manufacturers to emerge as winners in the market.
Advances in technology-driven end-use applications of acrylic paints are significant factors driving market expansion. The expansion of infrastructure also plays a pivotal role in fuelling the growth of the acrylic paints market as factors such as water resistance and superior finish boost its popularity.
What Boosts the Adoption of Acrylic Paints?
The high reliance of artists on acrylic paints to get consistency and finishes in their portraits is one of the major revenue channels for the market.
Stemming from the popularity of water-based acrylic binders in house paints and artisanal professionals, the global acrylic paint market will continue to make material progress over the decade ahead. Known for their durability, flexibility, and affordability, the acrylic paints market has established itself as a sizeable market over the years.
Tech-driven advancements in acrylic paints are key factors fuelling the market growth. An increasing number of compatible media is expanding the application scope of acrylic paints. And significant players are leveraging market intelligence such as consumer trends and region-wise analysis to devise research and development efforts.
The rise in infrastructure development is a major factor of growth for the acrylic paints market. Factors such as water resistance, superior finish, and consistent drying time are propelling their adoption in construction projects.
Consumer demand for high-performance exterior paint that is sun-reflective, water-resistant, and improves finish quality is making acrylic paints the preferred choice for exterior surfaces.
Acrylic paints do not deteriorate under excessive sunlight and offer enhanced adhesion and thermoplastic properties. Hence, real estate companies are selecting acrylic paints to differentiate themselves in the competitive real estate market. As a result, construction contractors will continue to buy more acrylic paint products thereby expanding the acrylic paints market.
How is the Acrylic Paints Market Classified?
Acrylic paint set out to be a medium for elementary use has gained a wide range of applications and preferences in recent times with diversified products.
Acrylic paint has been treated as a type of medium that is suitable for kindergarten classrooms only over the past few decades. However, with the advancement of pigmentation, consistency, and finishes, many artists are preferring acrylic paints as an ideal choice for acrylic art.
This changing preference has boosted the prominence of acrylic paints among artists over the years. In addition, the excellent properties of acrylic paint are broadening their adoption among artists, globally.
Acrylic paints are low-maintenance mediums that do not require custom supplies such as conventional oil paints. They offer the benefits of enhanced consistency and texture. The versatile nature of acrylic paints is making them an ideal medium that allows artists to do acrylic painting on canvas.
Artists are the key consumers of acrylic paints. Companies focused on stationery products are increasing their investments in acrylic paint, further creating lucrative prospects for manufacturers. Hence, the increasing adoption of acrylic paint as a professional medium of painting will continue to drive market growth in the coming years.
Which Region Holds a Dominant Stance in Acrylic Paints Market?
Spending on the acrylic paints market in North America is rising with the product’s adoption in home furnishing, construction, and textile.
North America has been the most remunerative region for market players, owing to the surging adoption of acrylic paints in construction activities. However, with the saturation of opportunities in infrastructure development projects, the North American acrylic paints market is poised to attain a mature market in the near term. As such, market players are turning to untapped regions such as Latin America and Asia Pacific (APAC) for revenue generation.
Increasing foreign direct investments (FDI) and the proliferation of technology in countries such as Mexico, India, Colombia, and Indonesia are creating remunerative opportunities for acrylic paint manufacturers.
Supportive government investments and tax policies further the growth of infrastructure development, which in turn is resulting in demand for acrylic paint and boosting the acrylic paints market.
How is the Competition Landscape in the Acrylic Paints Market?
Key players in the acrylic paints market are AkzoNobel, Asian Paints India, BASF SE, Berger Paints India, and Berkshire Hathaway among others.
Manufacturers are focusing on enhancing their product portfolios for manufacturing the best acrylic paint and complementing features such as colors, finish, adhesion, consistency, resistance to water, and sunlight.
Major players are leveraging industrial automation to expand their production capacity and global footprint.
As residential infrastructure is a high-growth area in developing countries, market players are capitalising on research efforts toward evolving consumer trends in colour preference and desired finishes.
