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Acrylic Water Based Paints Market - Forecast(2023 - 2028)
Acrylic Water Based Paints Market Overview
Acrylic water-based paints market size is estimated to reach US$42.3 billion by 2027 after growing at a CAGR of 5.5% during 2022-2027. Acrylic paint is a fast-drying paint made up of pigment suspended in acrylic polymer emulsion and silicone oils, metal soaps, stabilizers or defoamers. Most of the acrylic paints are water based and become water-resistant on drying. Depending on the quantity of the water added into the acrylic paints, the finished acrylic painting can resemble a water-colour, a gouache, or an oil painting or any unique characteristics of its own. Water-based acrylic paints were sold as latex house paints, as latex is the technical term for suspension of polymer micro-particles in water. After the discovery of these paints, soon the water-based acrylic paints were sold as house paints. In households, polyurethane is used over water-based acrylic paints to restore its brightness and finish with a glossy view.
COVID-19 Impact
The COVID-19 has brought unusual challenges to many sectors. For instance, the paint industry situation remains complicated. As the industry has seen the growth potential in terms of pent-up demand, safe painting solutions and development of rural markets with growth in sales of non-premium products as well it has also seen gradual shrink due to operational challenges under COVID-19 safety protocols. But the concerns over hiring painters and contractors for homes were reduced due to safe-painting practices, followed by paint companies selling PPE kits, sanitizers and gloves to painters and dealers. Users also demanded for better quality paints to improve their indoor air quality i.e., anti-pollution, anti-bacteria and environmentally friendly and reduce the infection-causing bacteria and material destroying fungi as consumers were looking not only for functionality and durability but also hygiene. According to Engineering Consulting Services, the US economy diminished by 4.8% in the first quarter of 2020 due to COVID in construction industry and China shrank by 6.8%. Thus, COVID-19 has led to increase in demands of acrylic water based paints.
Report Coverage
The reports “Acrylic Water Based Paints Market Report – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the acrylic water based paints market industry.
Key Takeaways
Figure: Asia Pacific Acrylic Water Based Paints Market Revenue, 2021-2027 (US$ Billion)
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Acrylic Water Based Paints Market Segment Analysis – By Substrate Material
Canvas held the largest share in acrylic water based market in 2021 and is expected to grow with a CAGR of 6.2% during the forecast period. Acrylic paints are one of the most accessible art mediums for providing numerous opportunities for both beginners and advanced painters. Water-based acrylic paints are one of the most popular kinds of paint used for painting on canvas with good reasons. It is easy to work with, requires minimal supplies and dries quickly. A canvas provides an ideal surface for water-based acrylic paints applied with a brush or palette knife. Canvas is used majorly by architects for wall paintings and selling. It is used in many houses and buildings for display. According to India Brand Equity Foundation, India will require investment worth US$777.73 billion across infrastructure by 2022 for sustainable development in the country. Thus, the more the construction activities increase, the more will be the use of canvases. Water-based acrylic paints are a low-odour and faster drying option than oils and being water-based, it creates masterpieces without the need for specialised equipment. The flexibility of water-based acrylic paints is used to create very fine details, photorealistic paintings and also to add small touches like gleam on an eye, delicate pollen on flower or gentle ripples in a body of water. Thus, water-based acrylic paints are mainly used in canvas paintings.
Acrylic Water Based Paints Market Segment Analysis – By Application
Architectural paints held the largest share in acrylic water based market in 2021 and is expected to grow with a CAGR of 6.0% during the forecast period. Architectural paints include applications such as door, ceilings, windows, floors, walls, roofs, and others. The quality of water-based acrylic paints has greatly improved over the past years and is now considered for very durable coating on a surface, both internally and externally. From swimming pools to barns, floors to cladding, roofing to railings, the water-based acrylic paints are used for nearly every application requirement. According to the Association of Pool & Spa Professionals (APSP), there are 10.4 million residential and 309,000 public swimming pools in the United States in 2020. In flooring, water-based acrylic paints are used for areas which are more difficult to ventilate and where there may be regular food preparation like canteen floors, or kitchen floors. It is also used for occasional vehicle use zones that leave a satin matt finish due to its quick drying properties. It is also used in wall paints for interior and exterior wall surfaces due to its low odour, easy application and quick drying properties. Water-based acrylic paints are also used in trims and window sills as it is less likely to get yellow and do not smell strong. Thus, the increased production of different architectural structures will increase the use of acrylic water-based paints.
Acrylic Water Based Paints Market Segment Analysis – By Geography
The Asia Pacific is the leading region accounted for the largest share in acrylic water based paints market in 2021 and held nearly 36% of market share. Due to the easy product availability in Asia-Pacific, the production has increased at steady rates. While manufacturing and selling these acrylics water-based paints, chemical registrations are required while importing or even for local production prior to its commercial use. Thus, these registrations are easy to follow and can be done in a small amount of time in Asia-Pacific. Water-based acrylic paints are used in construction, textiles, electronics, footwear, furniture and many more. According to Asia Online, the production levels at Asian furniture factories have picked up to about 80% in July 2020 from 50% the month before, matching the regeneration of the global supply chain. With countries like China, India and Japan, the production of paints is increasing at a steady pace and will be increasing day-by-day. Hence, the use of water-based acrylic paints will increase in the Asia-Pacific region at a steady pace.
Acrylic Water Based Paints Market Drivers
Increase in demand for metallic products
Acrylic water based paints are used on metals for majorly two issues to deal with adhesion and rust control. The water-based acrylic paints work best on ferrous metals like steel and provide long-lasting rust-proof support for indoor and outdoor use suitable for coating with acrylic paints. Also, there are many kinds of metals to choose from. Water-based acrylic paints are usually single-component directly applied to metal finishing or topcoats where high gloss and colour retention are desired. It also offers excellent corrosion resistance over zinc primers. These kinds of paints are easy to use, singly-packaged and are used mainly for their quick drying capabilities. It is used as colour coding for handrails, piping, floors, parking lots and striping on warehouse. Other uses also include refineries, transformers, steel tanks and many more. According to American Iron and Steel Institute, the domestic raw steel production was 1,789,000 net tons while the capability utilization rate was 82.0% and the production was 1,834,000 net tons in the May 2021 week ending. Therefore, surge in demand for acrylic water based paints in numerous metallic products is driving the market growth.
Increased used on wood furniture
Water-based acrylic paints are main types of paints used on furniture. These paints work well on slightly porous surfaces like wood, stone and wicker and hold up through light to moderate use. Water-based acrylic paints normally require a primer coating of oil-based primer. Water-based acrylic paints usually feel dry while touching in a few hours but can take up to 30 days to dry completely. The robustness, ease of use, and distinct style of water based acrylic paints make them suitable for wood surfaces as well. The water-based acrylic paints will not shrink or crack the wooden surface thus, making it more suitable to use on wooden furniture. According to the United States Department of Agriculture, in 2019, the U.S imported 78% of domestically available wood household furniture (WHF). Therefore, water-based acrylic paints are highly used in wooden furniture.
Acrylic Water Based Paints Market Challenges
Contains toxins within pigments
Water-based acrylic paints can contain toxins within their pigments, like some oil paints. As water-based acrylic paints dry quickly, they cannot be easily blended to create a wet-in-wet technique that is popular among oil-paints. For this reason a finished water-based acrylic painting can look harsh compared to a finished oil painting. Therefore, additional toxins can be found in acrylics that use ‘retarder’ to slow down the drying time. This retarder also contains some toxins within them which can be injurious to the painter’s health. Thus, it is hazardous to one’s health while using water-based acrylic paints with additives.
Acrylic Water Based Paints Outlook
Acrylic water based paints market top 10 companies include:
- The Sherwin-Williams Company
- BASF SE
- Nippon Paint Holdings Co., Ltd.
- Masco Corporation
- Asian Paints Ltd.
- RPM International Inc.
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Axalta Coating Systems Ltd.
- Kansai Paint Co., Ltd.
Recent Developments
- In August 2019, PPG Industries launched PPG AQUACRON 270 Series waterborne acrylic sanding fast-drying primer which offers excellent sanding properties for interior wood and plastic products.