Competitive Overview:
PPG Industries (U.S.), Arkema SA (France), SIKA AG (Switzerland), Dunn-Edwards Corporation (U.S.), The Valspar Corporation (U.S.), RPM International Inc. (U.S.), Axalta Coating Systems (U.S.), HEMPEL A/S (Denmark), Wacker Chemie AG (Germany), and B.M. REAL INTERNATIONAL (Romania) are some of the prominent players at the forefront of competition in the global acrylic surface coatings market and are profiled in MRFR Analysis.
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Acrylic surface coatings Market Overview:
The global protective coating market is projected to expand at a healthy CAGR of 10% to attain the value of USD 25 till 2023. The major factors favoring growth of the market are the growing demand for the product due to rising consumer sentiments in favor of protecting their devices and equipment from damage caused by thermal, corrosive and impact action.
The acrylic coating accounts for approximately 25% share of the global paints and coatings market with its share continuously rising over the last decade, which is likely to propel growth of the market during the study period.
Scope of the applications in the global protective market is continuously increasing with the flourishing end use industries such as automotive, aerospace, and construction. Growing need of the protective coatings in numerous industrial uses such as coating on tools, equipment, and end decorative is projected to be the major demand driver in the market.
However the market exhibit some bottlenecks which are needed to be considered, including the stringent regulatory measure put into effect by mature western economies, regarding VOC emissions and the rising costs of raw materials.
Segments:
Global Acrylic Surface Coating Market has been segmented on the basis of the substrate, technology, end use industry, and region.
On the basis of the substrate, the market is divided into concrete, metal, plastics, wood, and others. Among these segments, the concrete is holding the largest share of the market on account of rapid urbanization, swiftly growing construction sector, increasing government investment in the infrastructure development projects. Moreover, the product confers excellent resistive properties to concrete on the application.
Based on technology the market is categorized into waterborne, solvent borne, powder, and radiation curable. The waterborne segment is growing at a robust growth rate during the review period. This growth trend is primarily attributed to the increasing demand for the product from applications such as automotive, marine, and industrial machinery, tools and equipment. Apart from this, the major factor favoring the growth of this segment is growing environmental concerns regarding solvent and powder bore technology.
Based on the end use industry, the global acrylic surface coating market is classified as building construction, automotive, aerospace defense, marine, furniture making, and others. Building construction segment is the largest consumer of acrylic surface coatings, which is majorly attributed to the steady and continuous rise in the construction activities in commercial, household, and physical infrastructural sectors. The product is predominantly used to coat a concrete and furniture substrate in the construction industry to improve adhesion and abrasion resistance.
Acrylic surface coatings Market Competitive Landscapes:
Acrylic Surface Coatings is a highly mature market, which is majorly driven by the rapid growth in the building construction industry, along with the growing transportation sector on the backdrop of rising global trade. The market accommodate significant number of major players, yet the market share is dominated by the leading five companies namely, Axalta Coating Systems, PPG Industries, RPM International Inc., and The Valspar Corporation are the substantial manufacturers in this market. Most of these companies are primarily adopting the business tactics such as capacity expansion, product launch, and launch of new facility to further strengthen their market position and earn sizeable revenue.
Industry/ Innovation/ Related News:
October 16, 2017: The U.S. based global manufacturer and supplier of innovative coatings materials Axalta Coating Systems, has increased the scope of its industrial coatings product called Tufcote in line with the Tufcote Hydro 2.1 HG and Tufcote Hydro LV HG waterborne acrylic products. These new waterborne coatings product market is formulated to serve the vast demand for industrial products and can also be used on metal, wood, and plastic surfaces, which is likely to widen the application scope of the product to gain sizeable revenue in coming years.
October 17, 2017:The Coil and Extrusion Coatings division of Sherwin-Williams, the U.S. based company which engages in development and sell of building materials, has launched a product called Valspar Acrylicoat. This new product is a coating and resin system, which confers a smooth, glass-like finish and hard surface on the extruded aluminum architectural products. Acrylicoat is primarily manufactures to serve high-traffic residential and industrial areas, and it is ideal for the door frames, column covers, windows, metal panels and other aluminum extrusions in both exterior and interior environments.
July 21, 2017:RPM International Inc. has announced that it has acquired Key Resin Company, a manufacturer of polymer flooring and coating systems. The Key Resin Company will operate as one of RPM’s Euclid Group of companies. Headquartered in Batavia, Ohio. The company has annual net sales of approximately $25 million. It sells directly to contractors and facility owners, enabling Key Resin to provide highly insightful and responsive customer service and technical support.
June, 2017:One of the India’s leading paints and coatings manufacturer, Berger Paints Ltd. has recently acquired the specialty coatings manufacturer Saboo Coatings Pvt. Ltd. According to the terms of an agreement the deal was closed at USD 12.24 USD. The acquisition of Saboo Coatings, which engages in manufacturing specialty liquid coatings to serve agricultural and construction equipment, automobiles, electronics, handicrafts and home furnishing, is expected boost the consumer and in turn revenue for the Berger Paints.
Regions:
Global Acrylic Surface Coating Market is geographically spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and Middle East Africa. The Asia Pacific is leading the market, among others, owing to the increasing demand for building construction, automotive, and wind energy sector in this region. India, South Korea, China, and Japan are the major markets in this region due to the growing demand from emerging end use industries such as marine, automotive, and building construction.
North America is the second most considerable region in the global acrylic surface coating market. The U.S. is the major contributor to this region due to the presence of leading end use industries such as defense, marine, aerospace defense. Europe is another substantial region in the market. The major markets in this region are Germany, the U.K, France, and Italy, where there is a growing demand for acrylic surface coatings by the automobile industry. Latin America is witnessing a rise in industrialization along with the pacifying political and economic scenario in Brazil and Colombia.
During the forecast period, the region anticipated holding a significant share of the global acrylic surface coating market. The Middle East Africa is holding relatively lesser shares in the global acrylic surface coating market. It is anticipated to witness growth in coming years on account of hitherto untapped growth opportunities in the construction sector.
