Acrylate Market by Chemistry, Application (Paints & Coatings, Plastics, Adhesives & Sealants, Fabrics), End-use Industry (Building & Construction, Packaging, Consumer Goods, Automotive, Textiles, Biomedical), & Region - Global Forecast to 2028
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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Report Metric |
Details |
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Years considered for the study |
2019-2028 |
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Base Year |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Volume (KT); Value (USD Million) |
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Segments |
Chemistry, Application, End-use Industries, and Region |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
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) |
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.
Frequently Asked Questions (FAQ):
What are the factors influencing the growth of the acrylate market?
The growth of this market can be attributed to increasing infrastructure and construction activities and rising demand from emerging economies.
Which are the key end-use industries driving the acrylate market?
End-use industries such as building & construction, packaging, consumer goods, automotive, textile, cosmetic & personal care and bio-medical are driving the demand for acrylate market.
Who are the major manufacturers?
Major manufacturers include 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), among others.
What is the biggest restraint for acrylate market?
The biggest restraint can be environmental & health hazards.
How is COVID-19 affecting the overall acrylate market?
The acrylate market saw a disruption in the supply chain for the supply of raw materials.
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The study involved four major activities in estimating the market size of the acrylate market. Exhaustive secondary research was done to collect information on the market, the peer market, and the grandparent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, gold standard and silver standard websites, and databases. Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The acrylate market comprises several stakeholders in the value chain, which include raw material suppliers, manufacturers, and end users. Various primary sources from the supply and demand sides of the acrylate market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the acrylate industry. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, raw material, application type, end-use industries, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of acrylate and outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence. Other designations include consultants and sales, marketing, and procurement managers.
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the acrylate market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Acrylates are the salts, esters, and conjugate bases of acrylic acid. The major types of acrylate monomers include butyl acrylate, ethyl acrylate, methyl acrylate, and 2-ethyl hexyl acrylate. These are moderately soluble in water and are completely soluble in alcohols, ethers, and other organic solvents. Acrylates are used in paints & coatings, adhesives, fabrics, and other applications as they improve the resistance of polymers to light, heat, aging, acids, and bases; they also impart properties such as durability and hardness.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, and forecast the size of the acrylate market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on chemistry, application, end-use industry, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis:
- Further breakdown of a region with respect to a particular country or additional application
Company Information:
- Detailed analysis and profiles of additional market players
Tariff & Regulations:
- Regulations and Impact on PTFE market
Generating Response ...
Growth opportunities and latent adjacency in Acrylate Market