Acrylic Polymer Market Expected to Reach $36.9 Billion by 2032

According to a new report published by Allied Market Research, titled, “Acrylic Polymer Market," The acrylic polymer market was valued at $20 billion in 2022, and is estimated to reach $36.9 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.

Acrylic polymers are synthetic resins derived from acrylic acid or its derivatives. These versatile compounds are characterized by their excellent adhesion, durability, and weather resistance, making them valuable across various industries. Acrylic polymers are widely used in paints, coatings, adhesives, and sealants due to their strong bonding properties and resistance to environmental factors. They also find applications in construction materials, textiles, medical devices, electronics, and personal care products. With their ability to enhance product performance and facilitate innovation, acrylic polymers play a crucial role in driving growth and competitiveness for businesses while offering opportunities for sustainable and eco-friendly formulations.

India is experiencing rapid urbanization and infrastructure development, which in turn has surged the demand for acrylic polymer-based paints & coatings in various construction projects including both commercial and residential buildings. According to a report published by the United Nations, around 51% of India’s population is expected to live in urban areas by 2047. This factor may act as one of the key drivers responsible for the growth of the acrylic polymers market.

In addition, factors such as attractive government policies, infrastructure development, and rise in ease of doing business have led to rapid industrialization in India. For instance, the Indian government has launched several programs and schemes such as Make in India, Production Linked Incentive Scheme, Industrial Corridor Development Programme, Pradhan Mantri Mudra Yojana, and others, for promoting industrial activities within the country.

This factor has led to increase in establishments of industrial manufacturing units wherein acrylic polymer-based industrial coatings are widely utilized on machinery, equipment, and tools to provide a protective layer against wear and corrosion. This is expected to further augment the growth of the acrylic polymers market in the growing industrial sector.

Furthermore, acrylic polymers are utilized in the manufacture of medical devices and implants such as intraocular lenses, dentures, and bone cement. With the aging population and increasing healthcare expenditure globally, the demand for acrylic polymer-based medical products is expected to witness growth. Moreover, acrylic polymers exhibit excellent biocompatibility, making them suitable for medical applications. Moreover, they can be sterilized using various methods such as gamma irradiation, ethylene oxide, or steam sterilization, meeting stringent regulatory requirements for medical device manufacturing. This is expected to fuel the growth of the acrylic polymers market during the forecast period.

However, acrylic polymers are predominantly derived from petrochemical feedstocks such as propylene and ethylene. Fluctuations in crude oil prices and petrochemical feedstock costs directly impact the production costs of acrylic polymers, leading to price volatility and margin pressures for manufacturers. Furthermore, disruptions in the supply of raw materials due to geopolitical tensions, natural disasters, or logistical challenges can disrupt acrylic polymer production and distribution, leading to supply shortages and increased lead times. This factor is expected to hamper the growth of the acrylic polymers market during the forecast period.

On the contrary, acrylic polymers can be used in renewable energy applications such as solar panels, wind turbine blades, and energy storage systems. Opportunities exist for manufacturers to develop acrylic-based materials that enhance the performance, durability, and efficiency of renewable energy technologies, supporting the transition to a sustainable energy future. Moreover, the growing adoption of 3D printing technology across industries creates opportunities for acrylic polymer manufacturers to develop specialty resins and filaments tailored for additive manufacturing applications. Customizable properties, rapid prototyping capabilities, and design flexibility make acrylic-based materials suitable for various 3D printing applications, including automotive, aerospace, healthcare, and consumer goods.

The acrylic polymers market is segmented on the basis of type, application, and region. By type, the market is segregated into solvent borne and water borne. The waterborne segment dominated the global market, in terms of revenue in 2022. Waterborne acrylic polymers can be easily diluted with water, simplifying formulation and application processes. In addition, equipment cleanup is easier and more cost-effective since water is used as the primary solvent, eliminating the need for harsh solvents and reducing waste disposal requirements. Moreover, advances in technology have led to the development of waterborne acrylic polymers with performance characteristics comparable to or even surpassing those of solvent-based alternatives. These advancements include improved adhesion, durability, weatherability, and color retention, expanding the range of applications for waterborne coatings and adhesives. By application, the market is divided into paints and coatings, adhesives and sealants, industrial water treatment additives, textiles, cleaning/detergents, super absorbent polymer, and others. The textile application segment dominated the global market, in terms of revenue in 2022 with 21.8% share in the global market. Textiles made from acrylic fibers are typically easy to care for, requiring minimal maintenance compared to natural fibers like wool.

Acrylic fabrics are often machine washable, quick-drying, and resistant to wrinkling, shrinking, and stretching, making them suitable for everyday wear and household textiles. Also, acrylic fibers have excellent color retention properties, allowing them to retain vibrant and fade-resistant colors even after repeated washings and exposure to sunlight. This makes acrylic textiles a preferred choice for products where colorfastness is essential, such as outdoor fabrics, awnings, and upholstery.

Region wise, the acrylic polymers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific acrylic polymers market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2022. The textile industry in the Asia-Pacific region is one of the largest in the world, with countries such as China, India, Bangladesh, Vietnam, and Indonesia being major producers and exporters of textiles and apparel. Acrylic polymers are used in the production of synthetic fibers, yarns, fabrics, and garments, contributing to the growth of the textile industry in the region. Moreover, the rapid urbanization in many countries of the Asia-Pacific region has led to increased demand for residential, commercial, and industrial construction. Acrylic polymers are used in construction materials such as paints, coatings, sealants, and adhesives for applications such as building exteriors, interiors, and infrastructure projects.

Key players operating in the global acrylic polymers market include Dow Inc., BASF SE, Arkema, DuPont, Mitsui Chemicals, Inc., NIPPON SHOKUBAI. CO. LTD, The Lubrizol Corporation, Ashland Inc, TOAGOSEI CO., LTD., Sumitomo Chemical Co., Ltd.

Key Findings:

• By type, the water borne segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.5% from 2023 to 2032.
• By application, the textile segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.0% from 2023 to 2032.
• Asia-Pacific garnered the highest share of morethan 40% in 2022, in terms of revenue, growing at a CAGR of 6.6%.