Global Acrylate Market Insights Forecasts to 2032
- The Acrylate Market was valued at USD 10.10 Billion in 2022.
- The Market Size is Growing at a CAGR of 7.3% from 2022 to 2032
- The Worldwide Acrylate Market Size is expected to reach USD 15.60 Billion by 2032
- North America is expected To Grow the fastest during the forecast period
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The Global Acrylate Market Size is expected to reach USD 15.60 Billion by 2032, at a CAGR of 7.3% during the forecast period 2022 to 2032.
Due to their adaptability and attractive qualities, acrylate compounds are extensively employed in a variety of sectors. They are capable of being polymerized to create polymers that have special properties including transparency, flexibility, and resistance to chemicals and the elements. Polyacrylates and polymethacrylates are a few of typical examples of acrylate polymers. Although acrylates have numerous beneficial uses, it's important to remember that some people may experience skin sensitivity or allergic responses to certain acrylate compounds, thus care should be used when handling them.
Impact of COVID-19 On the Global Acrylate Market
With the onset of COVID 19 pandemic, the global acrylate market has witnessed lots of challenges in terms of manufacturing, operation, supply chain, distribution, management as well as marketing of its products. The acrylate market market is mainly affected due to several legal restrictions that are being imposed by various nations across the world. Not only this but also restriction imposed after the pandemic outbreak has resulted into abrupt halting of the inter country as well as inter state trade, import and exports which have affected the acrylate market. However, the market is anticipated to witness improvement in terms of production as well as sales at the end of 2021.
Global Acrylate Market Report Coverage
|Market Size in 2022:||USD 10.10 Billion|
|Forecast Period 2022-2032 CAGR:||7.3%|
|2032 Value Projection:||USD 15.60 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Chemical, By Application, By End Use, by Region.|
|Companies Covered:||SIBUR, BASF SE, LG Chem., Mitsubishi Chemical Corporation, Sasol Limited, Evonik Industries, Formosa Plastics Corporation, The DOW Chemical Company, Nippon Shokubai Co., Ltd., Arkema Group.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Market Drivers
The industrialization as well as urbanization in the leading countries like India and China have surged the demand for acrylates over the previous few years. The construction and building market need highly efficient materials for decorative and protection purposes. The quality as well as performance of acrylate related systems like coatings, paint, adhesives and sealants for building and construction activities should be highly cost friendly and consistent. Thus, the demand for acrylate related systems is increasing in the construction and building market. Apart from this, the rise in the population in the developing nations especially in Asia Pacific as well as the requirement for improved infrastructural and residential construction are going to drive the usage of acrylates. For instance, as per the United Nations, the population of world is going to reach around 8.5 billion by the year 2030 and 9.7 billion by the year 2050 which is then mandate the need for commercial hubs, housing, and transportation infrastructure.
Key Market Challenges
Acrylate cause health as well as environmental hazards. This is because the use of acrylic monomers and acrylic acids in the form of raw materials to produce copolymers and polymers are known to be extremely dangerous which can cause chronic intoxication. Even during low concentrations, acrylic monomers like methyl acrylates have been found in producing systematic as well as embryotoxic effects. Not only this but also acrylates have moderate to low acute toxicity in algae, fish, and daphnia and can lead to skin allergies in humans. Moreover, acrylates can lead to air pollution by releasing volatile organic compounds in the environment which is dangerous for health and can also lead to ozone layer depletion. All these factors associated with acrylates will act as the restraining factor for the market growth.
Butyl Acrylate segment is dominating the market over the forecast period
On the basis of chemical, the global acrylate market is segmented into butyl acrylate, ethyl acrylate, methyl acrylate, ethyl hexyl acrylate, and others. Among these, the butyl acrylate segment is dominating the market by holding the largest market share over the forecast period. This element is widely used in various applications like antioxidants, cleaning agents, aqueous resins, surfactants, and elastomers. This helps in propelling the overall growth of the market. Butyl acrylate is also used in the form of a solvent while producing paints and lacquers. For instance, the British Coatings Federation estimates that the overall sales volume of paints and coatings in 2019 was 703 million litres, valued at US$3.58 billion (EURO 3.2 billion). Similarly, the American Coatings Association reports that the value of special purpose coatings climbed from 157 million gallons to 162 million gallons from US$5.2 billion in 2018 to US$5.4 billion in 2019.
The packaging segment holds a significant share in the market over the forecast period
On the basis of application, the global acrylate market is segmented into packaging, adhesives and sealants, plastics, consumer goods, synthetic resins, inks, rubber, paper and pulp, and others. Among these, the packaging segment holds a significant share in the market over the forecast period. The growth is attributed to the increasing use of adhesives and sealants. Acrylates are widely used to produce adhesives and sealants. Acrylic emulsion adhesives are extremely rich in solids, high water resistance, and good adhesion and cohesion. For instance, as per the America Forest and Paper Association, the packaging paper and specialty packaging shipment rose by 4% over April 2021.
End Use Insights
Building and construction industry holds the highest market share over the forecast period
On the basis of end use, the global acrylate market is segmented into paints and coatings, building and construction, infrastructure, electrical and electronics, textile industry, automotive industry, others. Among these, the building and construction industry holds the highest market share over the forecast period. Thus, the rise in the construction activities across the world is driving growth of the segment over the forecast period. For instance, as per the World Bank, the cost of spending in the global construction sector is anticipated to reach US$11.9 trillion in 2020, an increase of 4.2% over the cost of the previous year. The increasing activities in the building and construction segment along with the wide range of applications of acrylates in the building sectors is propelling the market growth.
Asia Pacific is dominating the market with the largest market share over the forecast period
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Asia Pacific holds the highest market share over the forecast period. The demand for acrylates in the Asia Pacific area is being driven by the rise in the use of acrylates in adhesives and sealants, paints and coatings, and other related goods. Furthermore, the demand for personal care goods including skin care and hair care products in the Asia-Pacific area is being driven by the region's increased knowledge and concern about physical looks and body maintenance.
Recent Market Developments
- In November 2022, Arkema S.A. introduced a range of bio attributed acrylic monomers by using the mass balance approach.
- In May 2022, Evonik has made an announcement about its strategy partnership with Vimal Intertrade and Nordmann.
List of Key Companies
- BASF SE
- LG Chem.
- Mitsubishi Chemical Corporation
- Sasol Limited
- Evonik Industries
- Formosa Plastics Corporation
- The DOW Chemical Company
- Nippon Shokubai Co., Ltd.
- Arkema Group
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Stabilizers Market based on the below-mentioned segments:
Acrylate Market, Chemical Analysis
- Butyl Acrylate
- Ethyl Acrylate
- Methyl Acrylate
- Ethyl Acrylate
Acrylate Market, Application Analysis
- Adhesives and Sealants
- Consumer Goods
- Synthetic Resins
- Paper and Pulp
Acrylate Market, End Use Analysis
- Paints and Coatings
- Building and Construction
- Electrical and Electronics
- Textile Industry
- Automotive Industry
Acrylate Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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