The acrylate market is projected to reach USD 9.88 Billion by 2022, at a CAGR of 6.3% from 2017 to 2022
The acrylate market is expected to be driven owing to the high demand for acrylate in applications such as plastics, adhesives, and paints & coatings.
On the basis of chemistry, the acrylate market has been segmented into butyl acrylate, ethyl acrylate, methyl acrylate, and 2 ethyl hexyl acrylate. 2 ethyl hexyl acrylate is the fastest-growing type due to its superior properties and chemical structure. Butyl acrylate has the largest demand among all acrylate types, and is majorly used in textiles, papers, paints, inks, and adhesives. It can be used in cleaning agents, antioxidants, surfactants, aqueous resins, and elastomers, among others.
On the basis of application, the acrylate market has been segmented into paints & coatings, plastics, adhesives, fabrics, and other applications. Paints & coatings is expected to be the largest and fastest-growing application of acrylate during the forecast period. High potential in the construction sector due to changing lifestyles, infrastructural developments, and increasing disposable incomes, and increase in renovation & refurbishment activities has supported the paints & coatings market. Increase in sales of automotive have also provided growth potential for acrylate in automotive paints & coatings.
On the basis of end-use industry, the acrylate market has been classified into packaging, consumer goods, textiles, building & construction, automotive, and others. The packaging end-use industry is the largest and fastest-growing segment. Packaging uses acrylates in paper coating, consumer goods coatings, and as dispersants in inks used in printing textiles and printing on packaged goods, among others. Growing e-commerce has propelled growth in the packaging end-use industry, in turn resulting in the growth of the acrylate market.
Based on region, the acrylate market has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The Asia Pacific acrylate market is the largest and fastest- growing market, due to the growing populations and disposable incomes which are leading to the high growth of the packaging end-use industry. In addition, growing industrialization, urbanization, and booming residential construction have resulted in the growth of acrylate in the paints & coatings segment.
The key restraining factor in the acrylate market is the environmental and health hazards. Moreover, companies such as, BASF SE (Germany), Arkema (France), The Dow Chemical Company (US), Evonik Industries (Germany), NIPPON SHOKUBAI CO. LTD. (Japan), SIBUR (Russia), LG Chem (South Korea), SASOL Limited (South Africa), Formosa Petrochemical Corporation (Taiwan), and Mitsubishi Chemical Corporation (Japan) are expected to undertake initiatives to manufacture bio based acrylates that are compliant with environmental regulations.