The global acrylic paints market is estimated to be valued at US$117.7 million in 2020 and is projected to grow at a CAGR of 4.5% during the forecast period of 2022-2032, as stated in a report by Coherent Market Insights. Acrylic paints are water-based paints that are known for their versatility and customizable options. They are widely used in various industries such as automotive, construction, and arts and crafts.
Market key trends: Shifting Consumer Preferences towards Eco-friendly Acrylic Paints
One key trend observed in the acrylic paints market is the increasing consumer preference for eco-friendly acrylic paints. With growing environmental concerns, consumers are seeking paints that are low in VOCs (volatile organic compounds) and have minimal impact on the environment. Eco-friendly acrylic paints offer the same performance and quality as conventional paints, but with reduced environmental footprint. They are made using natural and sustainable ingredients, making them a popular choice among conscious consumers. This trend is expected to drive the demand for eco-friendly acrylic paints in the coming years.
Threat of New Entrants: The acrylic paints market faces a medium level of threat from new entrants. While the barrier to entry is relatively low in terms of technical knowledge and capital requirements, there is significant competition from well-established players. Furthermore, brand recognition and customer loyalty are important factors in this market, making it challenging for new entrants to establish themselves.
Bargaining Power of Buyers: The bargaining power of buyers in the acrylic paints market is moderate. Buyers have access to a wide range of paint products and can easily switch between brands. However, strong brand loyalty, product quality, and price competitiveness play a crucial role in the buyers’ decision-making process. Therefore, buyers have some leverage, but it is not strong enough to significantly impact the market.
Bargaining Power of Suppliers: The bargaining power of suppliers in the acrylic paints market is relatively low. Acrylic paint manufacturers have numerous suppliers to choose from, making it easy to switch suppliers if necessary. Additionally, the raw materials used in acrylic paints are widely available, reducing the dependence on specific suppliers.
Threat of New Substitutes: The threat of new substitutes in the acrylic paints market is low. Acrylic paints offer unique advantages such as quick drying time, durability, and versatility, making them preferred by artists, hobbyists, and professionals. While other types of paint, such as oil paint and watercolor, exist as substitutes, acrylic paints have gained popularity due to their superior qualities and ease of use.
Competitive Rivalry: The competitive rivalry in the acrylic paints market is high. The market is dominated by a few major players, such as Berkshire Hathaway, Asian Paints India, Berger Paints India, Azkonobel, and BASF SE. These companies compete intensively by offering a wide range of paint products, innovative formulations, and attractive pricing strategies.
The global acrylic paints market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period of 2022-2032. This growth can be attributed to increasing demand from the construction and automotive industries, as well as the rising popularity of acrylic paints among art enthusiasts and professionals.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the acrylic paints market. Rapid urbanization, infrastructural development, and increasing disposable income in countries like China and India are driving the demand for acrylic paints in the region. Furthermore, the growing number of art schools, workshops, and exhibitions is also contributing to the market growth.
Key players operating in the acrylic paints market are Berkshire Hathaway, Asian Paints India, Berger Paints India, Azkonobel, and BASF SE. These key players have a strong presence in the market, offering a wide range of acrylic paint products. They heavily invest in research and development activities to introduce innovative formulations to meet customer demands and gain a competitive edge in the market.
In conclusion, the acrylic paints market is poised for significant growth in the coming years. Factors such as increasing demand from various industries and growing popularity among art enthusiasts are driving market growth. With the presence of key players and their continuous efforts to introduce innovative products, the market is expected to witness a steady rise.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it