Acrylic paint is a water-based paint that consists of pigment suspensions in an acrylic polymer emulsion. Acrylic paints are fast-drying, offer permanent flexibility & durability, have anti-fading properties and are water-soluble before drying. They are ideal for use in home décor projects, crafts, canvas painting, graffiti, and other commercial & industrial applications. The global acrylic paints market has witnessed significant growth over the past few years owing to the rising popularity of painting as a hobby. With the COVID-19 pandemic restricting social activities, more people took up painting as a stress-buster activity at home.
The global Acrylic Paints Market is estimated to be valued at US$ 290.26 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the acrylic paints market is the increasing demand for eco-friendly and low VOC paints. Consumers are becoming more aware of the harmful effects of Volatile Organic Compounds (VOCs) which are emitted as gases from certain solids or liquids including many paints, cleaning solvents, varnishes, and pesticide products. Various regulations are encouraging paint manufacturers to shift focus towards developing water-based, zero or low VOC acrylic paints. Rising environmental consciousness is a key factor fueling the demand for eco-friendly acrylic paints made from renewable resources.
Threat of new entrants: Low capital requirements however established distribution channels and customer loyalty towards existing brands create barriers for new players.
Bargaining power of buyers: High due to availability of substitutes however switching costs for established artists are low.
Bargaining power of suppliers: Moderate as key raw materials like pigments can be sourced from multiple suppliers globally.
Threat of new substitutes: Low as acrylics have gained popularity over other materials due to advantages like fast drying, water soluble and adherent nature.
Competitive rivalry: Intense as the market is dominated by global brands however product differentiation and focus on new products and markets offsets price wars.
The Global Acrylic Paints Market Size is expected to witness high growth over the forecast period. North America holds the largest share in the global acrylic paints market led by the United States. Growing DIY activities and focus on home improvement projects in the region drive the demand.
Europe is also a major market for acrylic paints led by Germany, U.K, France and Italy. Presence of major automobile manufacturers coupled with increasing use in commercial applications support market growth in the region. Asia Pacific region is anticipated to grow at a strong pace with China, Japan and India emerging as high growth countries. Rapid urbanization, improving economic conditions and expansion of construction activities in the region boost the acrylic paints demand.
Key players operating in the acrylic paints market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V., RPM International Inc. The Sherwin-Williams Company is one of the leading paint manufacturers globally. PPG Industries is primarily focused on developing sustainable water-based products. BASF SE strives to offer innovative solutions for applications in automotive refinish, industrial coatings among others.