Tech-driven advancements in acrylic paints are key factors fuelling the market growth.
The global acrylic paints market is anticipated to surge at a healthy CAGR of around 4.5% throughout the forecast period from 2022 to 2032. The growth in the global acrylic paints market is attributed to the development of high-performance acrylic paint bonding for manufacturers to emerge as winners in the market.
Furthermore, advances in technology-driven end-use applications of acrylic paints are some of the crucial factors responsible for market expansion. In addition to that, the surging expansion of infrastructure also plays a pivotal role in fueling the growth of the acrylic paints market as factors such as water resistance and superior finish boost its popularity.
Acrylic paint set out to be one of the crucial mediums for elementary use which is gained a diverse range of applications & preferences in recent times with diversified products. Acrylic paint is known to be treated as a type of medium that is suitable for kindergarten classrooms only over the past few decades.
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Although with the advancements in pigmentation, consistency, and finishes, many artists including David Hockey, Helen Frankenthaler, and Mark Rothko among others, are preferring acrylic paints as an ideal choice for acrylic art. This changing preference has been expected to bolster the prominence of acrylic paints among artists over the years.
In addition, the excellent properties of acrylic paint are broadening their adoption among artists, globally. Acrylic paints are considered low-maintenance mediums that do not require any sort of custom supplies such as conventional oil paints. Moreover, they offer the benefits of enhanced consistency and texture.
The versatile nature of acrylic paints is making them an ideal medium that allows artists to do acrylic painting on canvas. Artists are known as the key consumers of acrylic paints. Companies focused on stationery products are increasing their investments in acrylic paint, further creating lucrative prospects for manufacturers. Hence, the increasing adoption of acrylic paint as a professional medium of painting will continue to drive market growth in the coming years.
Key Takeaways
Competitive Landscape
Dominant players in the acrylic paints market are concentrating on enhancing their product portfolios for manufacturing the best acrylic paint and complementing features such as colors, finish, adhesion, consistency, and resistance to water and sunlight.
Key players are leveraging industrial automation to expand their production capacity and global footprint. Since residential infrastructure is a high-growth area in developing countries, market players are capitalizing on research efforts toward evolving consumer trends in color preference and desired finishes.
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Feb 19, 2024