August 09, 2018
WELLESLEY, Mass., Aug 09, 2018–Growth from developing nations in the Asia-Pacific region and increasing demand for environmentally-friendly coatings are helping to boost growth of the global acrylic coatings market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 4.9% through 2023, when it is forecast to reach more than $65 billion, according to the report Acrylic Coatings: Technologies, End Users and Global Markets.
Major players in the market include Dow Chemical, Axalta Coating Systems, BASF, PPG Industries, The Sherwin-Williams Company, Arkema, RPM International, Kansai Paints, Jotun, Nippon Paint Holdings and Asian Paints
“The global market for acrylic coatings is expected to grow due to high demand from a broad range of end-use industries across the globe,” the report notes. “Rising urbanization and infrastructure developments in developing nations are major factors driving the growth of the acrylic coatings market. Also, stringent regulations regarding reduction of VOCs (volatile organic compounds) would impact the demand for acrylic coatings.”
Fluctuating Raw Materials Prices May Hamper Growth
Fluctuating raw materials prices could hamper growth in the market, the report adds. The coatings industry is raw-material intensive, with raw materials accounting for nearly two-thirds of total coatings manufacture cost. Titanium dioxide is an important pigment used by the industry, zinc is employed in the production of coatings and crude oil derivatives are a major component of most coatings. The price of titanium dioxide in particular has risen since 2010, and major companies such as AkzoNobel have had to raise prices of their coatings due to ongoing increases in the rise of raw materials.
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Acrylic Coatings: Technologies, End Users and Global Markets( CHM105A )
Publish Date: Jul 2018
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