Acrylic Paints Market Is Witnessing High Growth Due To Increasing Usage In Decorations And Craftwork3/21/2024 The acrylic paints market has been growing at a steady pace. Acrylic paints are water-soluble paints that consist of pigment suspensions in acrylic polymer emulsions. They are fast-drying, offer good coverage and blending properties. Acrylic paints can be used for diverse applications such as décor, crafts, fine art, graphics, and commercial applications. They are increasingly being used for home décor and craftwork such as paintings, DIY projects, model making, scrapbooking etc. owing to their affordability and ease of use.
The Global acrylic paints market is estimated to be valued at US$ 334.38 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the acrylic paints market are The Kraft Heinz Company, Fonterra Co-operative Group Limited, Groupe Lactalis S.A., Grande Cheese Company, Arla Foods Inc., BelGioioso Cheese Inc., Granarolo S.p.A, Saputo Cheese USA Inc., Sargento Foods Inc., and Organic Valley. The acrylic paints industry is dominated by major international brands like Liquitex, Golden, and Winsor & Newton. The Acrylic Paints Market Demand offers significant growth opportunities owing to rising demand from DIY and home decor sectors. Water-based acrylic paints are gaining popularity as they are environment-friendly and low in toxicity. Rising awareness about sustainability is propelling the demand for water-based paint formulations. Technological advancements in acrylic paints focus on improving covering power, versatility and durability. New product ranges featuring quick-dry, anti-fade and lightfast properties are expanding application scope of acrylic paints in industries like automotive, packaging and commercial signage. Market drivers The major market driver for acrylic paints is increasing do-it-yourself (DIY) trend and home décor activities. Busy lifestyles are prompting people to take up arts, crafts and small decorative projects as hobbies and stress relievers. Wide availability of acrylics in economical packs along with user-friendly qualities make them suitable for hobby and craft usages. Growing interest in DIY movements is thus significantly boosting the sales of acrylic paints globally. Current Challenges in Acrylic Paints Market The acrylic paints market is facing various challenges such as rising raw material prices and environmental regulations. Acrylic resins, pigments, and other chemicals used in manufacturing acrylic paints have witnessed a significant price rise in the last few years. This has increased the overall cost of acrylic paints. Moreover, stringent environmental norms regarding VOC emissions during paint production have compelled manufacturers to invest heavily in upgrading their plants and choosing eco-friendly raw materials. This additional expenditure poses a major challenge for small and medium players. Similarly, increasing preference for eco-friendly and sustainable paints among consumers is prompting companies to invest in green chemistry technologies for developing bio-based and zero/low VOC acrylic paints. However, the high costs associated with R&D and production of such innovative products make it difficult for many players to cope up. SWOT Analysis Strength: Easy availability of raw materials. Wide range of acrylic paint types. Weakness: Highly volatile raw material prices. Strong competition from substitutes. Opportunity: Growing DIY and decorative paints market. Increasing demand for anti-microbial and self-cleaning paints. Threats: Stringent environmental regulations. Rising customer expectation towards sustainability. Geographical regions where market in terms of value is concentrated: North America currently dominates the acrylic paints market and is expected to retain its top position during the forecast period. The US and Canada are the major consumers in this region owing to the high paint consumption in construction, automotive, packaging, and other sectors. Factors such as increasing renovation and remodeling activities, strong GDP growth, and positive outlook towards exports are fueling the demand for acrylic paints in North America. The fastest growing region for Acrylic Paints Market: Asia Pacific region is projected to witness the highest growth in the global acrylic paints market during 2024-2031. Rapid urbanization, growing population, rising disposable incomes, and increasing construction spending are some of the key factors driving the acrylic paints demand in Asia Pacific. Furthermore, countries like China, India, Japan, and South Korea are anticipated to boost the regional market owing to swift infrastructure development, improving standards of living, and expanding manufacturing industries. Get more insights, On Acrylic Paints Market
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
February 2024
Categories
All
|