by The global acrylic paints market is estimated to be valued at USD 4 billion in 2018 and is expected to exhibit a CAGR of 3% over the forecast period 2019-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acrylic paints are water-based paints that dry quickly and are known for their vibrant colors and versatility. They are widely used by artists, hobbyists, and DIY enthusiasts for a variety of applications, including paintings, crafts, home décor, and art projects. Acrylic paints offer several advantages, such as easy blending, color mixing, and the ability to create various textures and effects. The increasing popularity of acrylic paints among artists and the growing preference for DIY art projects are driving the demand for acrylic paints in the market.
Market Dynamics:
The market dynamics of the global acrylic paints market are influenced by two primary drivers:
1. Increasing Demand from Artists:
Acrylic paints have gained significant popularity among professional artists and art enthusiasts due to their fast-drying nature and ability to create vibrant colors. The ease of use, versatility, and wide range of acrylic paint products available in the market have attracted artists to choose acrylic paints over other traditional paint mediums. Additionally, acrylic paints offer various techniques and effects that can be achieved, such as glazing, impasto, and pouring, which further contribute to their growing demand in the art industry.
2. Growing Preference for DIY Art Projects:
The rise of do-it-yourself (DIY) culture and the increasing popularity of home décor and crafts have accelerated the demand for acrylic paints. With the availability of online tutorials, art classes, and social media platforms, more individuals are engaging in DIY art projects. Acrylic paints are widely used in DIY projects due to their ease of use, affordable price range, and accessibility. The ability to personalize and create unique art pieces using acrylic paints has further fueled their demand among DIY enthusiasts.
Segment Analysis:
The global acrylic paints market can be segmented based on product type and application. Based on product type, the market can be further categorized into artist-grade and student-grade acrylic paints. Artist-grade acrylic paints dominate the market segment due to their higher pigment concentration and professional quality. They are widely used by professional artists who prioritize color intensity and longevity. On the other hand, student-grade acrylic paints are more affordable and are preferred by beginners and hobbyists. They offer a good balance between quality and price.
PEST Analysis:
Political:
The political stability of a country plays a crucial role in the growth of the acrylic paints market. Regulations regarding environmental impact and safety standards for chemicals used in paint production can affect the manufacturing and distribution processes.
Economic:
The economic conditions of a region can influence the demand and affordability of acrylic paints. Strong economies with high disposable incomes tend to have a higher demand for art supplies, including acrylic paints.
Social:
The increasing popularity of art as a form of self-expression and the rising interest in DIY projects drive the demand for acrylic paints. Social media platforms and online communities have also played a significant role in promoting art and increasing its accessibility.
Technological:
Advancements in manufacturing processes and the formulation of acrylic paints have led to the development of new products with improved properties. Innovations in pigments, binders, and additives have resulted in better color intensity, durability, and finish of acrylic paints.
Key Takeaways:
1. The global acrylic paints market is expected to witness high growth, exhibiting a CAGR of 3% over the forecast period, due to increasing demand from artists and the growing preference for DIY art projects.
2. The Asia Pacific region is expected to be the fastest-growing and dominating region in the acrylic paints market, driven by rapid urbanization, increasing disposable incomes, and a growing art industry in emerging economies such as China and India.
3. Key players operating in the global acrylic paints market include PPG Industries, AkzoNobel N.V, BASF, The Dow Chemical, Asian Paints, Sherwin-Williams, National Coatings, Truco, Inc, Gellner Industrial, LLC, Neogard (Hempel), NIPPON PAINTS, and Walter Wurdack, Inc. These players focus on expanding their product portfolios, investing in research and development activities, and strategic collaborations to gain a competitive edge in the market.
