Acrylic Water Based Paints Market - Forecast(2024 - 2030)

Acrylic water-based paints market size is estimated to reach US$49.67 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.

There is a growing demand for environmentally friendly acrylic paints. Manufacturers have responded by developing formulations with reduced volatile organic compound (VOC) content, making them safer for both users and the environment. Additionally, there's a push towards using more sustainable and renewable raw materials in paint production, such as plant-based binders and natural pigments. Consumers are increasingly conscious of the ecological impact of their purchasing decisions, leading to a higher demand for eco-friendly acrylic paints. As a result, manufacturers continue to innovate in this area, striving to create products that offer both high performance and environmental responsibility.

Also, increment in versatility and innovation of acrylic water-based paints is on the rise. Artists and hobbyists are continually seeking new techniques and effects, prompting manufacturers to develop paints with enhanced properties such as increased opacity, extended drying times, or unique textures. Additionally, there's a growing interest in acrylic mediums that allow for mixed media applications, enabling artists to combine acrylic paints with other materials like pastels, inks, or collage elements. Furthermore, advancements in acrylic paint technology have led to the introduction of specialty paints designed for specific purposes, such as outdoor use, fabric painting, or even glow-in-the-dark effects. This trend towards versatility and innovation reflects the dynamic nature of the artistic community and the ongoing quest for new ways to express creativity through acrylic water-based paints.

The COVID-19 has brought unusual challenges to many sectors. For instance, the paint industry situation remains complicated. As the industry has seen the growth potential in terms of pent-up demand, safe painting solutions and development of rural markets with growth in sales of non-premium products as well it has also seen gradual shrink due to operational challenges under COVID-19 safety protocols. But the concerns over hiring painters and contractors for homes were reduced due to safe-painting practices, followed by paint companies selling PPE kits, sanitizers and gloves to painters and dealers. Users also demanded for better quality paints to improve their indoor air quality i.e., anti-pollution, anti-bacteria and environmentally friendly and reduce the infection-causing bacteria and material destroying fungi as consumers were looking not only for functionality and durability but also hygiene. Thus, COVID-19 has led to increase in demands of acrylic water-based paints.

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) 

• 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. 

 

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 of 2024-2030. 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 required investment worth around 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. 

Architectural paints held the largest share in acrylic water-based market in 2023 and is expected to grow with a CAGR of 6.0% during the forecast period of 2024-2030. 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. According to the Association of Pool & Spa Professionals (APSP), there are over 10.4 million residential and 309,000 public swimming pools in the United States in 2023. 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. 

The Asia Pacific is the leading region accounted for the largest share in acrylic water-based paints market in 2023 and held nearly 36% 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 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. According to American Iron and Steel Institute, in the week ending on January 27, 2024, domestic raw steel production was 1,680,000 net tons while the capability utilization rate was 75.6 percent. Therefore, surge in demand for acrylic water-based paints in numerous metallic products is driving the market growth. 

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. The water-based acrylic paints will not shrink or crack the wooden surface thus, making it more suitable to use on wooden furniture. According to the OEC, in 2023, the U.S imported USD $9.31 Billion of domestically available wood furniture. Therefore, water-based acrylic paints are highly used in wooden furniture.

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.

Acrylic Water Based Paints Outlook

1. The Sherwin-Williams Company

2. BASF SE

3. Nippon Paint Holdings Co., Ltd.

4. MPE Partners (DecoArt)

5. Asian Paints Ltd.

6. RPM International Inc.

7. PPG Industries, Inc.

8. Akzo Nobel N.V.

9. Axalta Coating Systems Ltd.

10. Kansai Paint Co., Ltd. 

• In 2022, DecoArt introduced new product lines designed to meet the needs of DIY enthusiasts and creative individuals looking for affordable yet high-quality paints.

• In 2022, Pebeo introduced innovative acrylic paint products, emphasizing unique textures, finishes, and effects. Their new releases included specialty paints for mixed media projects, as well as acrylic markers and sprays, providing artists with versatile tools to express their creativity.

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