Acrylic Resins Market Trends

Growth Drivers

• Rising Use in Medical Sector - Acrylic resins are used in the manufacturing of dental fields for dental liners and denture bases. Also, for the production of test kits, syringes, blood filters, cuvettes, and connecting tubes. All these applications are estimated to boost market growth during the forecast period. The global imported trade value of syringes with or without needles was worth USD 7,723,804 in 2021.
• Growing Industrial Manufacturing Sector – Given its widespread usage in the manufacture of several industrial goods, including machinery and equipment, acrylic resin demand is predicted to increase along with the industrial manufacturing sector. The manufacturing sector contributed about USD 2269.2 to the U.S Gross Domestic Product comprising 10.8% of the total GDP.
• Increasing Disposable Income and Living Standards – The consumption of acrylic resins used in the manufacture of such items is driven by customers' increased propensity to invest in home renovation projects and durable consumer goods as their disposable income and living standards rise. The consumer price index (CPI) of all urban consumers raised 0.1% in Aug 2022, a rise of 8.3% in the last 12 months.
• Rising Need for New Hospitals and Healthcare Facilities – Since acrylic resins are used to make medical devices and equipment like dental fillings and prostheses, the need for new hospitals and healthcare facilities is anticipated to increase. The government of Iraq invested over USD 750 million in healthcare infrastructure with new hospitals as per the estimations.
• Increasing Demand in Construction Industry – The rising construction industry is attributed to the growing demand for paints & coatings. The need for acrylic resins used as adhesives, sealants, and plastic goods, is anticipated to increase as the construction industry expands and there is a greater demand for new homes. About USD 300 billion was spent on new public construction in 2018 as per the estimations.

Challenges

• Presence of Pollutants - The manufacture of acrylic resins, which are synthetic polymers, discharges pollutants into the environment, potentially harming both human health and the ecosystem. Pollutant levels may also have an impact on the overall market for acrylic resins if customers choose more ecologically friendly alternatives as they become more aware of the negative effects that synthetic materials have on the environment.
• Increasing Number of Regulations
• High Cost of Labor