Acrylate Market

The acrylate market is projected to reach USD 14.7 billion by 2028, at a CAGR of 6.4% from USD 10.8 billion in 2023. The market is growing, and the trend is expected to continue in the long term due to high demand from building & construction, packaging, consumer goods, automotive, textiles, biomedical, cosmetics, and personal care industries.

ATTRACTIVE OPPORTUNITIES IN THE ACRYLATE MARKET

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Acrylate Market Dynamics

Driver: Increased infrastructural and construction activities

Rapid industrialization and urbanization in key countries, such as China and India, have spurred the demand for acrylates in the past few years. The building & construction industry requires high-performance materials for protection and decorative purposes. The quality and performance of acrylate-based systems such as paint, coatings, adhesives & sealants for building and construction purposes must be extremely consistent and cost-effective. As a result, the demand for acrylate-based systems is increasing in the building & construction industry. The increasing population in emerging regions, especially in APAC, and the need for improved infrastructure and residential construction are expected to drive the consumption of acrylates. The global population was estimated to be around 7.9 billion in 2021, with APAC having approximately 60% of the total population. Close to 80% of the global population resides in developing countries where there is an increasing demand for residential housing and urban infrastructure. According to the United Nations, the world population is expected to reach 8.5 billion by 2030 and 9.7 billion by 2050, which will further necessitate requirements for housing, commercial hubs, and transportation infrastructure.
The quality of construction is expected to progress in emerging economies such as Brazil, China, and South Asian Countries owing to improved regulations and standards, accreditations, consumer awareness, and renewed investments. Thus, the consumption of acrylates is expected to increase.

Restraint: Environmental and health hazards

Acrylates pose health and environmental hazards. The use of acrylic acids and acrylic monomers as raw materials for the production of polymers and copolymers is highly dangerous and can cause chronic intoxication. Even at low concentrations, acrylic monomers such as methyl acrylates have been found to produce systemic and embryotoxic effects. Acrylates also have moderate to low acute toxicity in fish, algae, and daphnia, and can cause skin allergies in humans.
Furthermore, acrylates can contribute to air pollution by releasing volatile organic compounds (VOCs) into the atmosphere, which can be hazardous to human health and destroy the ozone layer. If acrylates are not disposed of properly, they can contaminate soil and water sources, posing a threat to local ecosystems and wildlife. Therefore, the environmental and health hazards associated with acrylates will continue to restrain the growth of the market.

Opportunity: Emerging commercialization of bio-based acrylic acid

Acrylic acid, a petroleum-based product, is used as a raw material to produce acrylates. Environmental and health concerns related to petroleum-based products have led to the need for the production of bio-based chemicals. Bio-based acrylic acid is manufactured by the oxydehydration process of glycerol. Bio-acrylic acid has unique properties that make it suitable for new applications, including coatings, adhesives, plastics, and textiles.
Several companies, such as The Dow Chemical Company (U.S.), OPX Biotechnologies Inc. (U.S.), Myriant Corporation (U.S.), Cargill Inc. (U.S.), and Metabolix Inc. (U.S.), are researching bio-based acrylic acid. Arkema (France) has a pilot project to convert bio-based glycerol to acrylic acid. These efforts to produce bio-based materials will provide bio-based acrylic acid and benefit the acrylate market in complying with various environmental regulations.

Challenge: Volatility in raw material prices

The price and availability of raw materials affect the prices of end products. The global acrylate market uses acrylic acid and alcohol as raw materials, and their prices fluctuate with crude oil prices since they are petroleum-based. The rise or fall in crude oil prices impacts the price of raw materials required for acrylates. Oil prices have been highly volatile in recent times, with the ongoing war between Russia and Ukraine potentially affecting crude oil prices. Many European countries have imposed sanctions on Russia due to the escalation of war, disrupting global oil supplies and potentially driving up prices. These fluctuations in crude oil prices have affected the prices of raw materials for acrylates, forcing manufacturers to enhance the efficiency and productivity of their operations to sustain growth while reducing their profit margins.

ACRYLATE MARKET ECOSYSTEM DIAGRAM

"Butyl Acrylate was the largest form for acrylate market in 2022, in terms of value."

In the coatings industry, butyl acrylate is used as a raw material to produce a range of coatings, including architectural coatings, industrial coatings, and wood coatings. These coatings are used in various applications, such as in the automotive, aerospace, and construction industries. Similarly, butyl acrylate is used to produce pressure-sensitive adhesives, which are widely used in packaging, labeling, and medical applications. It is also used in the production of heat-sealable coatings for food packaging and in the construction industry to manufacture sealants and caulks.

"Consumer goods was the second fastest end-use industry for acrylate market in 2022, in terms of value."

Acrylates used in the production of coatings are generally used in domestic appliances for protection and a better appearance. Acrylate coatings are mainly used in printing and packaging of consumer goods. Acrylate adhesives use UV, electronic beam, light-emitting diode, peroxide, and amine cure technologies in consumer goods. Pressure-sensitive adhesives that use acrylic technology are used in consumer goods such as glass bottles and metal cans.

"Asia Pacific was the largest market for acrylate in 2022, in terms of value."

Based on region, the Asia Pacific is a key market to produce acrylates and is projected to grow at a CAGR of 7.3% in terms of value during the forecast period. The availability of low-cost raw materials and labor, coupled with growing awareness among people, makes the region an attractive investment destination for acrylate manufacturers. The rising population, urbanization, and industrialization are some of the factors that will drive the acrylate market in this region.

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Key Acrylate Market Players

The key players in this market are Arkema S.A. (France), BASF SE (Germany), Dow Inc. (US), Nippon Shokubai Co., Ltd. (Japan), Evonik (Germany), LG Chem (South Korea), Mitsubishi Chemical Group Corporation (Japan), Sasol (South Africa), Sibur (Russia), Wanhua Chemical Group Co. Ltd. (China). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of acrylate have opted for new product launches to sustain their market position.

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Scope of the Report

This report categorizes the global acrylate market based on chemistry, application, end-use industry, and region.

Based on chemistry, the acrylate market has been segmented as follows:

• Butyl Acrylate
• Ethyl Acrylate
• 2-Ethyl Hexyl Acrylate
• Methyl Acrylate
• Other Chemistries

Based on application, the acrylate market has been segmented as follows:

• Paints, Coatings, & Printing Inks
• Plastics
• Adhesives & Sealants
• Fabrics
• Other Applications

Based on end-use industry, the acrylate market has been segmented as follows:

• Building & Construction
• Packaging
• Consumer Goods
• Automotive
• Textiles
• Bio-medical
• Cosmetic & Personal Care
• Other End-use Industries

Based on region, the acrylate market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• In November 2022, Arkema S.A. launched a range of bio-attributed acrylic monomers using the mass balance approach. It is an important step on the sustainable development roadmap of the company and its coating solutions segment.
• In May 2022, Evonik announced a strategic distribution partnership with Vimal Intertrade and Nordmann to serve the emerging Indian and surrounding markets.
• In May 2020, Nippon Shokubai and Riken have successfully developed an efficient polymerization system and high-performance polymers for hardly polymerizable monomers, derived from biomass resources.

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