SAN JOSE, CA - Global Industry Analysts Inc. (GIA) has released a comprehensive global report on the acrylic resins markets. The global market for acrylic resins is forecast to exceed 16.4 billion pounds by the year 2015. Factors encouraging market growth include increased demand for superior-performing and cost-effective products, and higher demand in developing markets such as Asia-Pacific. In addition, a growing number of new product introductions and rising demand for eco-friendly products are expected to impact market growth.
Demand for acrylic resins was negatively impacted by the global economic recession in 2008 and 2009. The downturn seriously affected the market, which was already burdened with several challenges such as higher raw material prices, elevated crude oil and feedstock prices, and excess capacity. Significant declines in various end-use markets, including paints and coatings, paper and paperboard, plastics, adhesives, construction, and textiles and fibers, hampered acrylic resin demand. However, sectors such as the do-it-yourself market segment were minimally impacted, driven by a shift in consumption patterns.
Going forward, the resins market is likely to bounce back by 2011 and grow steadily in subsequent years. Increased demand for superior-performing and cost-effective products is likely to fuel demand for resins. In addition, new product introductions that focus on performance are likely to help resin manufacturers. Developing markets such as Asia-Pacific and others are expected to infuse increased demand for resins and emerge as the hub for resins production.
Europe represents the largest regional market for acrylic resins worldwide, as stated by the new market research report. In terms of growth, Asia-Pacific is expected to register the fastest growth for acrylic resins. The region is forecast to have a CAGR of more than three percent over the period 2007 through 2015. The United States represents another major market for acrylic resins.
The paints and coatings sector constitutes the largest end-use of acrylic resins. Acrylic-based paints and coatings deliver improved color stability, flexibility, weatherability, and enhanced solid content and finishes. Consumption of acrylic resins by end-use markets is projected to exceed 4.4 billion pounds by 2012. The paper and paperboard category constitutes the fastest growing end-use segment for acrylic resins.
Greener products are emerging as a lucrative opportunity for acrylic resins manufacturers. Addressing the needs of eco-friendly and greener requirements for end-use industries has become a prime focus for resin manufacturers. Stringent VOC regulations and enhancement of green certification criteria are compelling paint manufacturers to produce green paints.
For additional information about the report, titled “Acrylic Resins: A Global Strategic Business Report,” visitwww.strategyr.com/Acrylic_Resins_Market_Report.asp.