04.24.19
The US has been North America’s prime investment pocket over the years, where the demand for non-commercial acrylic paint is expected to remain sound over the course of coming years. The approximately US$ 230 million market for non-commercial acrylic paint is foreseen to grow by 4.3 percent Y-o-Y, in 2019. Future Market Insights (FMI) delivers key insights on the US non-commercial acrylic paints market, in its latest report.
The Southern US is cited as a prominent consumer market in the US landscape of non-commercial acrylic paint owing to a rich end-user base, with an above-average growth rate projected for the near future.
While heavy-body acrylics continue to gain the strongest traction that has been attributed to their strong colors, better coverage, and fast-drying times, the report indicates that their adoption will be more prominent in canvas- and paper-based applications. The non-commercial acrylic paint application on canvas accounts for more than one-third of the total paint consumption, whereas on paper and wood accounts for a combined share of more than 40 percent.
The report opines that the key applications of non-commercial acrylic paint across the US include canvas, paper, and wood, with artifacts designed by professional artists and students. With the advent of DIY crafts and hobby activities, other substrates such as metal and ceramics are also likely to present a range of lucrative opportunities for the usage of non-commercial acrylic paints. The growth and emergence of non-commercial acrylic paints in the US are prominently attributed to the growth of DIY-based artifacts and finished products, and considerable investments by academic institutions in skill development programmes, imbibing non-commercial acrylic paints to a significant degree.
Apart from academic and commercial artifacts, non-commercial acrylic paints are particularly gaining popularity in home interior design, and additional design in terracotta and pottery items, thus creating additional scope of value addition for designers.
FMI has bifurcated the US market for non-commercial acrylic paint into two commonly available grades – viz. artist grade (high concentration of acrylic resin for slow drying sales channels) and student grade (low concentration of acrylic resin for fast drying sales channels). The varying degree of fast or slow drying rate immensely helps professional artists when designing a paint for a long-duration process, or relatively short duration of finishing the paintwork applied.
Currently, more than 3/5th of the total consumption of non-commercial acrylic paint in the US is accounted for by artist-grade paint. However, the dramatically increasing number of students developing an interest in painting and related career options will translate into relatively higher opportunities for student-grade non-commercial acrylic paint in the US, as suggested by FMI’s analysis.
The market share of offline sales channels in the US non-commercial acrylic paint market is likely to remain clearly dominant over that of online sales channels. However, the report also points to a growing revenue share of online stores, which is expected to outpace in terms of rate of growth, over the coming years.
