Acrylic paints are water-soluble paints made of pigment suspensions in acrylic polymer emulsions. They find applications in various decorative and art-related activities. Acrylic paints have several advantages over oil-based paints such as faster drying time, water cleanup, longevity, hardness, and brilliance of the color. The growing interest of individuals in do-it-yourself activities and home décor projects has boosted the demand for acrylic paints in recent years.
The global acrylic paints market is estimated to be valued at US$ 290.26 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity The growing popularity of decorative and do-it-yourself activities among individuals presents a major market opportunity for acrylic paint manufacturers. Acrylic paints are widely used in home décor applications such as painting walls, furniture, and wooden surfaces due to their advantages over traditional oil-based paints. The rising interest of people in creative hobbies like painting, sketching, and arts and crafts has increased the demand for artist-grade acrylic paints. Moreover, wide availability of instructional videos and guides on DIY projects on social media platforms has further boosted the popularity of self-driven renovation and decorating activities at home, thus driving the sales of acrylic paints. Acrylic paint manufacturers can focus on leveraging the trend to attract more customers and gain an edge over competitors. Porter's Analysis Threat of new entrants: Low, as the acrylic paints market is dominated by large established players. Significant capital is required to build manufacturing facilities and distribution networks. Bargaining power of buyers: High, as acrylic paints have many substitutes. Buyers can switch to alternatives like oils, enamels easily based on price. Bargaining power of suppliers: Low, as raw materials for acrylic paints such as pigments, binders and fillers are commodity chemicals supplied by numerous global and regional players. Threat of new substitutes: Moderate, as alternative painting mediums like oils and enamels provide competition. However, acrylics offer advantages in terms of drying time and cleanup. Competitive rivalry: High, as the market is dominated by global giants competing on price and product innovation. SWOT Analysis Strengths: Acrylic paints dry quickly, are water soluble and washable. They offer vibrant colors and versatility for professional and DIY users. Weaknesses: Lower durability and lightfastness compared to oils. Requires specialized application techniques. Opportunities: Growing DIY and home decor market in developing nations offers new customers. Development of low VOC and environment-friendly formulations expands scope. Threats: Economic slowdowns lower discretionary spending on painting supplies. Strong competition from substitute materials affects pricing and market share. Key Takeaways The Global Acrylic Paints Market Size is expected to witness high growth over the forecast period supported by rising residential and commercial construction activities globally. The Asia Pacific region dominates the market currently attributed to large population, rising income levels and increasing consumer spending on home decor in countries like China and India. Regional analysis shows the Asia Pacific acrylic paints market is forecast to maintain its lead, expanding at a CAGR of over 5% till 2030 on the back of strong economic growth. China and India account for over half of regional demand. Europe and North America are also major consumers though growth is expected to remain moderate at around 4%. Key players operating in the acrylic paints market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V., and RPM International Inc. Innovation in product lines, expansion into emerging markets and strategic acquisitions will be crucial for major companies to sustain their position in the intensely competitive global market. Get More Insights Here https://www.newswirestats.com/acrylic-paints-market-size-share-growth-outlook-2023/
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