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Solid-grade Thermoplastic Acrylic (Beads) Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Solid-grade Thermoplastic Acrylic (Beads) Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • February 2022
  • 155 pages
  • ID: 6231676
  • Format: PDF
  • Mordor Intelligence LLP


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The Global Solid-grade Thermoplastic Acrylic (Beads) Resin Market was estimated at USD ~1,267.69 million in 2021 and is expected to grow with a CAGR of over 5%, in terms of revenue, during the forecast period (2022-2027).

The market is negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, various construction activities were on a temporary halt during the pandemic, such that to curb the new COVID-19 cases. Moreover, the pandemic has also negatively impacted production in the automotive industry, due to a temporary halt in manufacturing facilities and supply-chain breakdown. Such factors had declined the consumption of solid-grade thermoplastic acrylic (beads) resins-based paints and coatings used in the construction and automotive industry, thereby, had decreased the demand for the studied market. However, in the current scenario, in various countries across the globe, the construction and automotive industry are picking up the pace, which is likely to enhance the demand for the studied market, through the years to come.

Key Highlights
Over the medium term, expansion of the paint and coatings industry? and benefits of the solid-grade thermoplastic acrylic (beads) resins are expected to drive the market’s growth.
On the flipside, stringent government regulations related to the raw materials and impact of COVID-19 on the market is likely to hinder the growth of the studied market.
Expansion of the electric vehicle industry is likley to act as opportunity for the studied market.
Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.

Key Market Trends

Paints and Coatings to Dominate the Market

Solid-grade thermoplastic acrylic (beads) resins are significantly used in the formulation of paints and costings. Furthermore, in the paints and coatings segment, these resins are majorly used in industrial coatings applications.
Industrial coatings such as general, PVDF, and metallic coatings are manufactured using solid grade thermoplastic acrylic resins are increasingly used to protect the industrial equipment and machinery from corrosion and other environmental damages.
These coatings offer abrasion resistance, high heat stability, increased hardness, resistance to wear, low friction, resistance to chemicals, and other benefits. Thus, coating over industrial manufacturing and automation equipment boosts efficiency in the operations and extends the tool life. In addition, it also reduces the cycle times, reduces scrap, and equipment downtime and maintenance.
The solid grade thermoplastic acrylic resins are also used in wood coatings, electronic coatings, and others.
The expansion of the industrial sector across the globe is likely to boost the demand for industrial coatings to offer protection and improve the performance and efficiency of industrial processes.
Asia-Pacific region’s continuing economic strength and corresponding increasing need for infrastructure, machinery, manufacturing units, and others are likely to propel the demand for industrial coatings in the region. In addition, expansion of production units and increasing investments in the region is likely to offer newer opportunities in the end-user industries such as iron and steel, chemical, oil and gas, manufacturing, construction, and others.
China has long been the default choice for manufacturing due to the availability of cheap raw materials, labor, and a ready market. However, growth in Chinese industrial output fell to its slowest rate in 2019, amid a damaging trade war with the United States and a further slowdown in economic activity due to COVID-19.
A growing number of global companies are now moving production to other countries in Asia-Pacific, such as Taiwan, India, Malaysia, Philippines, Thailand, Singapore, and Indonesia. These countries have gained a reputation for manufacturing, with Foreign Direct Investment (FDI) in various sectors. In addition, the government policies in the countries attract foreign players and facilitate the setup of plants.
Europe is home to many large paint industries, with the four largest mainland economies including Germany, France, Italy, and Spain. The presence of a number of well-established players in the region is projected to result in the expansion of the industrial coatings segment over the forecast period. The food, beverage, and tobacco segment accounted for a 17% share of the total sold production in 2020. Expansion of the industrial sector is anticipated to benefit the demand for paints and coatings in the industrial sector to increase the shelf life and enhance the performance of the industrial equipment and other machinery.
The Middle East and African region are anticipated to witness strong demand for industrial coatings due to the region’s increasing structural reforms. In addition, the announcement of Vision 2030 coupled with the associated National Transformation Plan (NTP) increased investments in various sectors, including healthcare and education in Saudi Arabia, are likely to propel the demand for industrial coatings over the forecast period.
New, technology-driven coating materials can make public works safer, more resilient, sustainable, and respond better to extreme weather, rising sea levels, and other 21st century challenges like chemical damage. By protecting the surfaces to which they are applied, coatings will be a significant contributor to any effort to improve the durability and performance efficiency of the industrial machinery, equipment, and infrastructure.
Therefore, owing to the factors mentioned above, the industrial coatings are likely to affect the demand for the market studied.

Asia-Pacific Region to Dominate the Market

Asia-Pacific dominated the studied market during. The consumption levels of solid-grade thermoplastic acrylic (beads) resin market in Asia-Pacific countries, such as China, India, and Japan, are expected to rise at a significant rate, owing to the increasing demand from the transportation, architectural, and other building & construction industry.
The Chinese automotive manufacturing industry is the largest globally, with a production share of just over 28% in 2019. The industry witnessed a slowdown in 2018, and production and sales declined. A similar trend continued in 2019, and the production declined to 25.7 million vehicles, a drop of about 7.5% year-on-year. According to the China Association of Automobile Manufacturers (CAAM), automotive production will decline by about 2% in 2020. The country produced 25,225,242 units in 2020, which declined from 25,750, 650 units in 2019. The uncertainties in the automobile industry are expected to impact the market studied.
The automotive production in 2021 increased by 8% compared to 2020. From Q1 to Q3 of 2021, the production has been 1,82,42,588, and it is expected to grow further in the forecast period, which is expected to boost the acrylic resin market in the region.
The Chinese government plans to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. The government is promoting electric, hybrid, and fuel cell electric vehicles, which is expected to drive the market studied during the forecast period.
The rising household income levels, combined with the population migrating from rural to urban areas, are expected to continue to drive the demand for the residential construction sector in the country. The increased focus on affordable housing by both the public and private sectors is driving the growth in the residential construction sector.?
Non-residential infrastructure is expected to grow considerably. The aging population in the country is creating a demand for the construction of healthcare facilities and new hospitals. The structural changes in the Chinese economy over the past few years, with the service sector taking a larger share in the total GDP, gave rise to huge commercial and office spaces.?
The country has the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive market outlook for PVDF and metallic coatings, thus impacting the market studied.
According to the National Bureau of Statistics of China, the construction output value in the country increased from CNY 9.6 trillion in 2010 to CNY 26.39 trillion in 2020.
Furthermore, in India, the automotive industry produced a total of 4,524,366 vehicles (including passenger and commercial vehicles) in 2019 compared to 5,174,645 vehicles in 2018, registering a negative growth of about 12%. The sales of new vehicles declined by about 13.26% during 2019 compared to 2018. The declining demand and inventory piling up with the automotive producer led to a further decline in the domestic automotive production.
According to the OICA, 2020, the total industrial production was about 3,394,446 vehicles, including passenger, commercial, three-wheeler, two-wheeler, and quadricycles, which declined by about 25% compared to 4,524,366 vehicles produced over the same period last year. The automotive industry is already facing a critical situation, and it is hard hit by the corona virus’s spread. However, the government’s reforms, such as “Aatma Nirbhar Bharat” and “Make in India” programs, are likely to boost the automotive industry.
In 2021, 32,89,683 was the production in India, for first three quarters of 2021, which is a huge increase of 53% from 2020. The increasing automotive sector is expected to augment the industrial coatings market in the forecast period, in turn, driving the market studied.
The construction industry is the second-largest industry in India, with a GDP contribution of about 9%, and it showed promising growth in 2019. However, due to the outbreak of COVID-19, the construction sector witnessed a significant decline, in terms of growth and outputs, owing to the lockdown by the government for a brief period.?
The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, during which it is likely to witness the construction of 60 million new homes. The rate of availability of affordable housing is expected to rise by around 70% in 2024. The Government of India’s ‘Housing for All by 2022’ is also a major game-changer for the industry. This initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This provides a significant boost to residential construction.?
Additionally, the Union Cabinet approved a USD 3.58 billion alternative investment fund (AIF) to revive around 1,600 stalled housing projects across the top cities in India. All such factors are expected to boost the consumption of coatings products in the building construction sector.?
Thus, the above factors are expected to propel the demand of solid grade thermoplastic resins (beads) in India in the coming years.

Competitive Landscape

The global solid grade thermoplastic acrylic (beads) resin market is a consolidated market with top players occupying a significant amount of share. Some of the key players in the studied market include Dow, Mitsubishi Chemical Corporation, Covestro AG (DSM Coating Resins), Trinseo, and LX MMA, among others.

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