Acrylic Coating Market Analysis :
Acrylic coating is a material used for coating surfaces. They are widely applicable in the construction sector for various coating and decorative activities. They are fungus resistant, water resistant, and moist resistant, and their quick drying property makes it ideal in the coating industry. Acrylic coating is user friendly, allowing the completion of task with ease with the help of brush, spray, or roller. Acrylic coating helps the surface by increasing its resistance to harsh weather conditions as well as prevents corrosion and rusting. Furthermore, it has various applications in buildings and constructions activities such as wall coating, roof coating, window coating, and buildings panels. Rise in disposable income coupled with modernization has increased the demand for the coating. In addition, government initiatives in urbanization of various developing countries are expected to boost the demand for acrylic coatings.
COVID-19 impact analysis
The coronavirus outbreak has a deep impact on all the industry. The paint and coating industries have been facing huge losses due to the outbreak. The production and supply chain has been stopped due to the lockdown. However, some companies are still functional in some regions and providing essential services. HMG paints said in a statement that it has kept higher levels of stock of raw materials and finished goods. Similarly, Sun Chemicals is monitoring its global supply chain and strategically managing warehouse and sites. Many companies have currently shut down especially in India, and they are expected to open after the lockdown. They predict that after lockdown most of the demand will be from renovation of infrastructure and increased hygiene conscious. Healthy measure have been taken by the companies like:
- Strict quarantine for employees who are prone to the disease
- Suspending international travel
- Implementation of work-from-home policy for employees
- Cancelling large meetings and encouraging employees to stay indoor
The adoption of acrylic paints and coatings by the European Union to reduce the emission of volatile organic compounds (VOCs) and less polluting coating technologies is expected to boost the market growth during the forecast period. Moreover, government initiatives in developing countries for urbanization can pave way for the growth of the market. With the growing concern regarding the VOC emission, there has been a shift in demand for the ecofriendly coating. Asia-Pacific is considered to witness significant growth in the industry due to its rapidly expanding automobile and construction industries. In addition, increase in use of acrylic coatings for applications such as water proofing and protection is expected to fuel the market in the forecast period.
Rise in concerns regarding the rising VOC emissions and implementation of stringent government policies to control the pollution levels are expected to hinder the market growth. Similarly, the powder coating operations are releasing many oils, grease, and solid materials to the waterbodies. This increase in water pollution has restrained the expansion of the industry.
The paints and coatings industries have been facing many challenges from the government due to the water pollution caused. The coating industry emits considerable amount of waste such as metal parts, grease, and oil. The water recycling authorities have generated many solid wastes related to paints and coating in their initial stages of water treatment. Similarly, temperature plays an important role in coating. For instance, low temperature makes the paint thick, which increases the time for coating to get dried. The thicker the coating is, the longer it takes to dry. However, the ongoing innovation and research is expected to bring solutions for the current market challenges.
The developing countries of Asia-Pacific such as Chin and India are focusing on their construction industry. The factors such as increase in industrialization in developing countries fuel the market of acrylic coating in the region. India is expected to witness an upsurge in the demand for paints and coatings, followed by China and Indonesia due to the development of automotive and construction industries.
Key benefits of the report
- This report presents the analytical depiction of the global acrylic coating industry along with the future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global acrylic coating market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- The report provides a detailed market analysis depending on competitive intensity and the market growth in coming years.
Questions answered in the global acrylic coating market research report:
- Which are the leading market players active in the global acrylic coating market?
- What are the driving factors, restraints, and opportunities of the market?
- What are the future insights that would help in taking further strategic steps?
Acrylic Coating Market Report Highlights
Key Market Players
Momentive Specialty Chemicals Inc., DIC Corporation, Nippon Shokubai Co., Ltd., Mitsubishi Chemical Holdings Corporation, Formosa Plastics Corporation, Arkema S.A., Dow Chemical Corporation, Hitachi Chemical Co., Ltd., Air Products and Chemicals, Inc., BASF SE