The market for acrylic paint is expected to grow from USD 138.8 million in 2024 to USD 209.4 million by 2034. The market for acrylic paint will grow at a slow 4.2% compound annual growth rate (CAGR).
The infrastructural developments support the acrylic paint market growth. The main reason behind this is that the new construction requires extensive paints for decorating the interior. The rising urbanization spurs the industrial coating segment. As a result, it drives the acrylic paint market for painting commercial and non-commercial projects.
The growing artistic expression and emphasis on its importance are leveraging the demand for acrylic paints. Due to this, the acrylic paint market is pushed. The growing technology creates room for innovation for the top acrylic paint brands, leveraging their growth. Hence, this will drive the acrylic paint market.
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Key Takeaways from the Market Study
- The growing building and construction industry is fueling the demand for acrylic paints. The segment will hold 47.4% of the acrylic paint market in 2024.
- Heavy body acrylics are widely used due to their better drying-off period. As a result, the segment is gaining popularity and will secure 54.2% of the market space in 2024.
- The Indian acrylic paint market growth will occur the highest during the forecasted period, forecasting a CAGR of 6.2%.
- Compared to the historical figures, the market growth will encompass a better path. It will progress at a CAGR of 4.2%, better compared to 2.3%, the historical development.
“For meeting environmental standards, strict regulatory policies are formed by governments, which is a key market challenge,” says an FMI analyst.
Competitive Landscape of the Acrylic Paint Market
With the substantial negotiating power of leading acrylic paint manufacturers, the competitive landscape of the market is fiercely cluttered. Due to this, the scope of growth for the new entrants reduces drastically. However, product launches, innovation, and strategic alliances might uplift their market presence.
On the other hand, top acrylic paint brands must use different tactics, including strategic partnerships, collaborations, mergers, and acquisitions. Some of the key market developments that occurred in the market are:-
- In December 2023, AkzoNobel Powder Coatings signed a partnership with coatingAI. This partnership aimed to expand sustainability frontiers. The integration of AI to reduce carbon footprints aims to achieve sustainable output standards, helping the organization to enhance its production.
- In April 2024, BASF SE launched a new generation of clearcoats and undercoats aimed to target the Asian Pacific refinish market. This product launch will assist the organization to gain a better market position in the global market.
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Top Key Players in the Acrylic Paint Market
- Azkonobe
- Asian Paints India
- BASF SE
- Berger Paints India
- Berkshire Hathaway
- PPG Industries
- The Dow Chemical
- Sherwin-Williams
- National Coatings
- Gellner Industrial
More Valuable Insights Available
Future Market Insights offers an unbiased global acrylic paint market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The market is segmented by Product Type (Heavy Body Acrylics, Fluid Acrylics, Open Acrylics, and Others), Application (Walls, Fabrics, Metal, Ceramics, and Others), Industry Vertical (Building & Construction, Industrial, Textile, Automotive, and Others), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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