Stemming from the popularity of water-based acrylic binders in house paints and artisanal professionals, the global acrylic paint market will continue to make material progress over the decade ahead. Known for their durability, flexibility, and affordability, acrylic color have established themselves as a sizeable market over the years. As a result, acrylic colors market is set to witness a CAGR of 6.1%- 6.9% during 2021-2031.
Technology-based advances in end-application of acrylic colors are key factors for market growth. An increasing number of compatible media are expanding the application area of acrylic paints. Further, the acrylic colors can be used on paper, canvas, walls and many other surfaces, which is expected to drive market growth in the coming years.
Moreover, infrastructure development is a major factor in the growth of the acrylic colors market. Factors such as water resistance, superior finish and consistent drying time are leading to their adoption in construction projects. Consumer demand for high-performance exterior paints, sun-reflecting, water-resistant, and outstanding finish quality is making acrylic colors preferred choice for exterior surfaces.
However, in the wake of COVID-19, it has faced unprecedented challenges. The pandemic has affected the supply chain, putting pressure on the workforce and availability of key inputs. With regard to retail sales in the country, manufacturers are leaning more towards online channels as social distancing has significantly changed the shopping habits of the consumer. As a result, most companies in the market have started accepting online orders for customers to help them fight the spread of COVID-19 safely.
Acrylic colors has been considered the only suitable medium for kindergarten classrooms for the past few decades. However, with the advancement of pigment, finishes and stability, many artists - David Hockey, Helen Frankenthaler, Mark Rothko - are choosing acrylic colors as their ideal alternative.
This changing importance has increased the popularity of acrylic colors among artists over the years. In addition, the amazing properties of acrylic colors are expanding their range among artists around the world.
In addition, acrylic colors are a low maintenance medium that does not require adaptive materials such as traditional oil paints. They provide the benefits of increased stability and texture. The versatile nature of acrylic paints makes them an ideal medium, which allows artists to paint on a wide variety of canvases. The main consumers of acrylic colors are artists.
Therefore, companies focused on stationery products are increasing their investments in acrylic colors, creating lucrative opportunities for manufacturers. Therefore, the adoption of acrylic paint as a professional painting medium will continue to drive the market in the coming year.
North America has been the most remunerative region for market players, owing to surging adoption of acrylic colors in construction activities. With the growing real estate projects in U.S and Canada, companies are selecting acrylic colors to differentiate themselves in the competitive real estate market. As a result, construction contractors will continue to buy more acrylic colors products in the region.
Moreover, leading companies in the region have undertaken R&D activities and programs aimed at developing aesthetics for the expansion and development of these products. In addition, commercial viability and the final use of the product are the main focus of these researchers. Advancement in design boosting user applicability is expected to drive the market revenue.
The demand for acrylic colors in the European market is estimated to grow significantly in the upcoming years. Increasing foreign direct investments (FDI) and the proliferation of technology in countries such as Germany, U.K., and France is creating remunerative opportunities for manufacturers. Supportive government investments and tax policies further the growth of infrastructure development, which in turn is resulting in demand for acrylic colors in the European region.
Key players in the acrylic colors market are
Manufacturers are focusing on enhancing their product portfolios and complementing features such as colours, finish, adhesion, consistency, resistance to water and sunlight. Major players are leveraging industrial automation to expand their production capacity and global footprint.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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