Low levels of volatile organic compounds (VOCs) in acrylic surface coatings have led to the increased adoption of such coatings. This can be ascribed to the growing awareness about harmful effects of VOCs like cancer and respiratory illnesses. Moreover, the amplifying environmental concerns, has encouraged manufacturers and customers to shift toward acrylic products. On account of these reasons, governments of various countries have amended norms to lower VOC emission levels. Thus, they are implementing stringent regulations to coerce the manufacturers to develop eco-friendly coatings.
The widening application base of acrylic surface coatings has led to numerous mergers and acquisitions among key market players like The Valspar Corporation, Axalta Coating Systems, BASF SE, NIPSEA Group, The Dow Chemicals Company, The Sherwin-Williams Company, Brillux GmbH & Co. KG, Asian Paints, Benjamin Moore & Co., and PPG Industries Inc. For example, BASF SE confirmed the acquisition of Guangdong Yinfan Chemistry Co. Ltd. (Yinfan) in China, in April 2016. With this acquisition, the former aims to extend its footprint by obtaining access to the automotive refinishing coating plants of China.
The coatings offered by these companies are mostly applied on surfaces like plastic, concrete, and metals. The manufacturing sector across the world is shifting toward acrylic coatings from oil-based coatings, to cover the substrates, as acrylic emulsions provide advantages like color fastness, shorter drying time, and higher gloss and color retention than the oil-based products. Moreover, this shift can be ascribed to the neurological and cellular damage caused by the oil-based emulsions. Owing to such benefits, the market players are also developing special-purpose automotive original equipment manufacturers (OEMs) coatings and construction coatings.
According to P&S Intelligence, Asia-Pacific (APAC) will lead the acrylic surface coating market in the coming years, while displaying the fastest growth. This can be attributed to the vast consumer base, stringent norms for utilization of environment-friendly coatings, and huge investments in the infrastructure sector. Besides, the growing automotive industry and rising purchasing power of people in the region will propel the adoption of acrylic surface coatings in the future. For instance, China is one of the leading automobile manufacturing hubs, which uses a large quantity of coatings to enhance the aesthetic appeal of vehicles produced in the country.
Browse Full Report Acrylic Surface Coating Market Business Strategies, and Current Trends
