Impact of COVID-19 on Acrylic Emulsions Market : Implications on Business
A copious number of regional as well as locally prominent players account for the intense competition in the global acrylic emulsions market, notes Transparency Market Research (TMR). However, the market is largely organized one with a handful of global players, leading to low bargaining power resting with buyers and suppliers. This is attributed to the threat of forward integration along with no noticeable gap in raw material demand and supply.
Companies exhibiting a prominent presence in the market include The Dow Chemical Company, The Lubrizol Corporation, DIC Corporation, Celanese Corporation, Ashland Inc., Synthomer Plc., H.B. Fuller, Clariant, BASF SE, and Arkema S.A. A growing number of leading players are focusing on product launches and entering into mergers and acquisitions, in a move to maintain a stronghold in the market, finds TMR. Several top players are keen on expanding their presence to new geographic areas in order to consolidate their shares.
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According to TMR, the global acrylic emulsions market was worth US$5,915.9 million in 2017 and is anticipated to touch a valuation of US$8,792.6 million by 2022 end. The market is projected to rise at a healthy CAGR of 8.2% from 2017 to 2022.
The major product types are acrylics and vinyl acetate polymer. Of all the key segments, acrylics leads the pack and accounted for the dominant share in 2017. The product segment is expected to hold its sway throughout the forecast period by registering the leading year-on-year absolute growth. Expanding at a CAGR of 8.3% during the assessment period, the acrylics segment will be worth US$5,533.0 million by the end of 2022. The vastly rising uptake of acrylic in various consumer and industrial end-use products is driving the growth of the segment.
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Geographically, Asia Pacific except Japan (APEJ), is projected to present substantial attractive opportunities over the forecast period. The region accounted for the leading share in 2017 and is likely to retain its dominance in the coming years as well. The APEJ market is estimated to gain 81 basis point in its share during 2017–2022.
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Extensive Use in Formulating Paints & Coatings for Residential & Commercial Sector Boosts Market
The global acrylic emulsions market is driven primarily by the widespread use in making in adhesives and sealants, construction additives, paper coatings, and paints and coatings. The wide use is attributed to several attractive properties these emulsions exhibit. The ability to enhance the processing ability, boost performance, and improve the appearance of various end products are some of the compelling functions accounting for the ideal use of acrylic emulsions.
The vast strides experienced by the construction sector in several developing economies is aiding in the rapid expansion of the market. A substantial rise in residential and commercial building activities in a number of emerging and developed nations is fueling the uptake of coatings, which in turn will spur the demand for acrylic emulsions. The growing use of acrylic emulsions in graphic arts and premium quality decorative paints used in residential buildings is a notable factor accentuating the global market. The swift pace of industrialization, coupled with the vast rise in disposable incomes, in developing regions will contribute to the burgeoning demand for acrylic emulsions in such applications. The rising popularity of water-based paints is a crucial factor accentuating the market over the forecast period.
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