A thermoplastic or thermosetting plastic substance derivative of acrylic acid, methacrylic acid or other related compounds is known as an Acrylic resin, which is widely used in paints & coatings, construction, industrial & commercial, Adhesives. The factors driving the market could be attributed to the diverse properties acrylic resin possesses like water and weather resistance, durability, transparency, adherability. Swift urbanization and industrialization especially in emerging economies globally have prompted governments to amplify construction spending. This trend is expected to drive acrylic resin demand in construction and architectural applications. In fiscal year 2019, Asian paints, recorded sales of USD 70 Billion owing to such unique perceived benefits acrylic resins are used in a variety of things such as cellular phones, aircraft windshields, watch crystals, optical lenses, PC screens. In addition to that, Automotive industry’s reliance upon acrylic resin to provide smooth & glossy finish to the vehicles will also boost the market growth. In a report by ‘The International Energy Agency’, approximately 90 million vehicles were sold worldwide in 2018. However, the market faces restraints due to the rising concerns about the health hazards related to the procurement of raw materials and their unstable prices, along with environmental regulations, remarkably in the advanced western countries.
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The regional analysis of global Fitness Equipment market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share due to their requirement for acrylics in applications like paints and coatings, constructions. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rapidly increasing swift urbanization and industrialization would create lucrative growth prospects for the Fitness Equipment market across Asia-Pacific region.
Major market player included in this report are: Beyond Meat
The DOW Chemical Co.
Air Products and Chemicals Inc.
Formosa Plastics Corporation
Nippon Shokubai Co., Ltd.
Mitsubishi Chemical Holdings Corporation
Momentive Specialty Chemicals Inc.
Hitachi Chemical Co., Ltd.
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