Acrylic Water Based Paints Market- By Component, By Substrate Material, By Application, By End-Use Industry, By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030

Acrylic Water Based Paints Market Overview

Acrylic water-based paints market size is estimated to reach US$ 50.5 billion by 2030 after growing at a CAGR of 5.5% during 2024-2030. Acrylic paint is a fast-drying paint made up of pigment suspended in acrylic polymer emulsion and silicone oils, metal soaps, stabilizers or defoamers. Most of the acrylic paints are water based and become water-resistant on drying. Depending on the quantity of the water added into the acrylic paints, the finished acrylic painting can resemble a water-colour, a gouache, or an oil painting or any unique characteristics of its own. Water-based acrylic paints were sold as latex house paints, as latex is the technical term for suspension of polymer micro-particles in water. After the discovery of these paints, soon the water-based acrylic paints were sold as house paints. In households, polyurethane is used over water-based acrylic paints to restore its brightness and finish with a glossy view.

The demand for eco-friendly and sustainable paint solutions continued to surge in 2023. Water-based acrylic paints, known for their low VOC (Volatile Organic Compound) content and environmentally friendly nature, experienced increased adoption. With stricter regulations and growing consumer awareness regarding the environmental impact of traditional paints, the market witnessed a notable shift towards these water-based alternatives. Industries such as construction, automotive, and packaging showed a growing inclination towards specialized water-based acrylic paints. These formulations catered to specific needs like UV resistance, high durability, and enhanced adhesion. This niche demand for specialty water-based acrylic paints for industrial applications led to a surge in research and development activities. 

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Report Coverage

The reports “Acrylic Water Based Paints Market Report – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the acrylic water based paints market industry.
By Component – Pigment, Binder and Others.
By Substrate Material – Metal, Paper, Wood, Canvas, Fabric, Glass and Others.
By Application – Skirting Board, Metal Appliances, Outdoor Furniture, Architectural Paints (Doors, Walls, Ceilings, Roofs, Windows and Others), Bridges and Others.
By End-Use Industry – Building and Construction (Residential, Commercial and Industrial), Electrical and Electronics, Textile, Footwear, Furniture and Others.
By Geography – North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East and Africa) 

Key Takeaways

• Water-based acrylic paints are mostly used on metal surfaces to prevent corrosion for long time and are used due to its quick drying properties. Hence it is widely used in the automotive and electronics industries.
• Asia-Pacific dominates the acrylic water-based paints with major companies like Nippon Paints, Asian Paints and Kansai Paints, thus increasing the production of the region.
• Water-based acrylic paints are mainly used for basic household architectures like windows, doors, roofing, walls and others due to its satin matt finish and quick dry properties. 

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Acrylic Water Based Paints Market Segment Analysis – By Substrate Material

Canvas held the largest share in acrylic water based market in 2023 and is expected to grow with a CAGR of 6.2% during the forecast period. Acrylic paints are one of the most accessible art mediums for providing numerous opportunities for both beginners and advanced painters. Water-based acrylic paints are one of the most popular kinds of paint used for painting on canvas with good reasons. It is easy to work with, requires minimal supplies and dries quickly. A canvas provides an ideal surface for water-based acrylic paints applied with a brush or palette knife. Canvas is used majorly by architects for wall paintings and selling. It is used in many houses and buildings for display. According to India Brand Equity Foundation, India will require investment worth US$777.73 billion across infrastructure by 2022 for sustainable development in the country. Thus, the more the construction activities increase, the more will be the use of canvases. Water-based acrylic paints are a low-odour and faster drying option than oils and being water-based, it creates masterpieces without the need for specialised equipment. The flexibility of water-based acrylic paints is used to create very fine details, photorealistic paintings and also to add small touches like gleam on an eye, delicate pollen on flower or gentle ripples in a body of water. Thus, water-based acrylic paints are mainly used in canvas paintings. 

Acrylic Water Based Paints Market Segment Analysis – By Application

Architectural paints held the largest share in acrylic water based market in 2023 and is expected to grow with a CAGR of 6% during the forecast period. Architectural paints include applications such as door, ceilings, windows, floors, walls, roofs, and others. The quality of water-based acrylic paints has greatly improved over the past years and is now considered for very durable coating on a surface, both internally and externally. From swimming pools to barns, floors to cladding, roofing to railings, the water-based acrylic paints are used for nearly every application requirement. In flooring, water-based acrylic paints are used for areas which are more difficult to ventilate and where there may be regular food preparation like canteen floors, or kitchen floors. It is also used for occasional vehicle use zones that leave a satin matt finish due to its quick drying properties. It is also used in wall paints for interior and exterior wall surfaces due to its low odour, easy application and quick drying properties. Water-based acrylic paints are also used in trims and window sills as it is less likely to get yellow and do not smell strong. Thus, the increased production of different architectural structures will increase the use of acrylic water-based paints. 

Acrylic Water Based Paints Market Segment Analysis – By Geography

The Asia Pacific is the leading region accounted for the largest share in acrylic water based paints market in 2023 and held nearly 37% of market share. Due to the easy product availability in Asia-Pacific, the production has increased at steady rates. While manufacturing and selling these acrylics water-based paints, chemical registrations are required while importing or even for local production prior to its commercial use. Thus, these registrations are easy to follow and can be done in a small amount of time in Asia-Pacific. Water-based acrylic paints are used in construction, textiles, electronics, footwear, furniture and many more. With countries like China, India and Japan, the production of paints is increasing at a steady pace and will be increasing day-by-day. Hence, the use of water-based acrylic paints will increase in the Asia-Pacific region at a steady pace. 

Acrylic Water Based Paints Market Drivers

Increase in demand for metallic products

Acrylic water based paints are used on metals for majorly two issues to deal with adhesion and rust control. The water-based acrylic paints work best on ferrous metals like steel and provide long-lasting rust-proof support for indoor and outdoor use suitable for coating with acrylic paints. Also, there are many kinds of metals to choose from. Water-based acrylic paints are usually single-component directly applied to metal finishing or topcoats where high gloss and colour retention are desired. It also offers excellent corrosion resistance over zinc primers. These kinds of paints are easy to use, singly-packaged and are used mainly for their quick drying capabilities. It is used as colour coding for handrails, piping, floors, parking lots and striping on warehouse. Other uses also include refineries, transformers, steel tanks and many more. Therefore, surge in demand for acrylic water based paints in numerous metallic products is driving the market growth. 

Increased used on wood furniture

Water-based acrylic paints are main types of paints used on furniture. These paints work well on slightly porous surfaces like wood, stone and wicker and hold up through light to moderate use. Water-based acrylic paints normally require a primer coating of oil-based primer. Water-based acrylic paints usually feel dry while touching in a few hours but can take up to 30 days to dry completely. The robustness, ease of use, and distinct style of water based acrylic paints make them suitable for wood surfaces as well. Therefore, water-based acrylic paints are highly used in wooden furniture.

Acrylic Water Based Paints Market Challenges

Contains toxins within pigments

Water-based acrylic paints can contain toxins within their pigments, like some oil paints. As water-based acrylic paints dry quickly, they cannot be easily blended to create a wet-in-wet technique that is popular among oil-paints. For this reason a finished water-based acrylic painting can look harsh compared to a finished oil painting. Therefore, additional toxins can be found in acrylics that use ‘retarder’ to slow down the drying time. This retarder also contains some toxins within them which can be injurious to the painter’s health. Thus, it is hazardous to one’s health while using water-based acrylic paints with additives.

Developments

• Technological advancements in paint formulations aimed at enhancing durability, color vibrancy, and versatility of water-based acrylic paints played a pivotal role in stimulating market growth. Additionally, the burgeoning construction and renovation activities across residential, commercial, and industrial sectors globally contributed significantly to the increased demand for these paints.
• In February 2024, BASF Coatings signed a partnership agreement with INEOS Automotive. It is a three-year agreement that will launch a global body and paint program. This move will elevate the organization’s market status, availing a better marketplace for the business.
• In April 2024, AkzoNobel invests €8 million in Dutch research labs. This has been aimed at enhancing the innovation capacity of its plants. The organization seeks to expand its innovation, lifting its product standards. Consequently, the business will gain a sustainable competitive advantage.

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