The acrylic paints market has witnessed significant growth over the past few years owing to the various advantages acrylic paints offer over other paint types such as oil paints. Acrylic paints dry quickly, are water soluble, offer excellent coverage and opacity, and are easy to clean up. Acrylic paints are extensively used in various applications including decorating, arts and crafts, fine art painting, graphic design, advertising, commercial applications and more. The market has gained immense traction with the rising popularity of water-based paints that produce less or no VOCs as compared to solvent-based paints.
The Global Acrylic Paints Market is estimated to be valued at US$ 334.38 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the acrylic paints market are The Kraft Heinz Company, Fonterra Co-operative Group Limited, Groupe Lactalis S.A., Grande Cheese Company, Arla Foods Inc., BelGioioso Cheese Inc., Granarolo S.p.A, Saputo Cheese USA Inc., Sargento Foods Inc., and Organic Valley. Key players such as The Kraft Heinz Company offer a wide range of acrylic paints including Liquitex Basics Acrylic Paints, Liquitex Professional Heavy Body Acrylic Paints and many more.
The Acrylic Paints Market Demand is witnessing significant growth in demand mainly driven by the increasing popularity of arts and crafts activities. Acrylic paints offer several advantages over traditional oil paints such as fast drying, water solubility and easy cleanup which is driving their demand especially among beginner and amateur artists. Furthermore, increasing adoption of acrylic paints in industrial applications such as construction signage, vehicle graphics and commercial printing owing to their durability and UV resistance is also boosting market revenues.
Geographically, the acrylic paints market is dominated by Asia Pacific and North America. Key players are focusing on these regions for capacity expansion and new plant establishment to leverage the high growth potential. moreover, initiatives by governments and independent organizations to promote arts and establish art centers are helping drive the demand for acrylic art supplies including paints.
Market Key Trends
Acrylic Paints Market Companies are gradually gaining popularity over solvent-borne variants mainly due to stringent environmental regulations regarding VOC emissions. Water-borne acrylic paints produce 60-80% lesser VOCs and are safer for both users and the environment. Major players are focusing on developing newer water-borne acrylic formulations with improved performance capabilities to strengthen their product portfolio. The rising efficacy of water-borne acrylic paints is expected to remain a key trend in the global market over the coming years.
Porter’s Analysis
Threat of new entrants: New players will face high manufacturing set up and distribution costs. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material sources. Threat of new substitutes: Substitutes like oil paints and fabric paint pose moderate threat. Competitive rivalry: Intense competition exists among established players.
Geographically, North America currently holds the largest share of the acrylic paints market in terms of value owing to the increasing demand for paints from architectural and automobile applications. The Asia Pacific region is anticipated to be the fastest growing market during the forecast period due to increasing construction activities and rising disposable income in emerging economies such as China and India.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)