by The global acrylate market size was valued at USD 11.82 billion in 2023 and is projected to grow around USD 19.96 billion by 2032, at a CAGR of 6% from 2023 to 2032.
Key Takeaways
- The North America region contributed more than 38% of revenue share in 2022.
- Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
- By product type, the methyl acrylate segment has held the largest market share of 32% in 2022.
- By product type, the butyl acrylate segment is anticipated to grow at a remarkable CAGR of 7.5% between 2023 and 2032.
- By grade, the standard grade segment generated over 34% of revenue share in 2022.
- By grade, the chemical grade segment is expected to expand at the fastest CAGR over the projected period.
- By application, the adhesives & sealants segment generated over 25% of revenue share in 2022.
- By application, the personal care products segment is expected to expand at the fastest CAGR over the projected period.
- By end use, the construction imaging segment generated over 35% of revenue share in 2022.
- By end use, the paints & coatings segment is expected to expand at the fastest CAGR over the projected period.
Acrylate Market Growth Factors:
The Acrylate Market has witnessed substantial growth in recent years, driven by several key factors. One significant factor contributing to its expansion is the increasing demand from various end-use industries such as adhesives, sealants, coatings, and textiles. The versatility of acrylate compounds in these applications has fueled their adoption, leading to a positive impact on market growth. Additionally, advancements in manufacturing processes and the development of innovative products have further stimulated the demand for acrylates.
Acrylate Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 6% |
| Market Size in 2023 | USD 11.82 Billion |
| Market Size by 2032 | USD 19.96 Billion |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product Type, By Grade, By Application, and By End Use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics:
The dynamics of the Acrylate Market are characterized by a combination of supply-side and demand-side factors. On the supply side, manufacturers are focused on research and development efforts to enhance product performance and meet evolving industry standards. The market is also influenced by factors such as raw material prices, regulatory policies, and technological advancements in production processes. On the demand side, the market dynamics are shaped by the evolving needs of end-users, changing consumer preferences, and the overall economic climate.
Regional Snapshot:
The Acrylate Market exhibits a diverse regional landscape with key players strategically expanding their presence across different geographies. North America, Europe, Asia-Pacific, and Latin America are prominent regions contributing to the market’s growth. Asia-Pacific, in particular, stands out as a major consumer and producer of acrylates, driven by the rapid industrialization and infrastructure development in countries like China and India. North America and Europe are characterized by a mature market with a focus on technological innovations and sustainable practices.
Opportunities
The Acrylate Market presents a dynamic landscape with significant opportunities and challenges. On the positive side, the demand for acrylate compounds continues to soar across various industries. One major opportunity lies in the versatility of acrylates, which are widely used in the production of adhesives, coatings, and sealants. The increasing trend towards eco-friendly products also opens up avenues for bio-based acrylates, aligning with the growing sustainability concerns.
Challenges
However, this market is not without its challenges. One notable obstacle is the volatility of raw material prices, particularly that of acrylic acid, a key component in acrylate production. Fluctuating prices can pose a risk to profit margins and require strategic risk management. Moreover, stringent regulations regarding the environmental impact of acrylate manufacturing and usage present a challenge. Adhering to and navigating through evolving regulatory frameworks is crucial for sustained success in the acrylate market.
Innovation stands as both an opportunity and a challenge. Research and development efforts to enhance the performance and eco-friendliness of acrylate products can give companies a competitive edge. However, staying at the forefront of innovation requires significant investments and the ability to adapt swiftly to emerging technologies.
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Recent Developments
- In November 2022, Arkema S.A. took a significant stride in sustainable development by introducing a range of bio-attributed acrylic monomers using the mass balance approach. This move aligns with the company’s commitment to environmentally friendly practices, particularly in its coating solutions segment.
- In May 2022, Evonik established a strategic distribution partnership with Vimal Intertrade and Nordmann to cater to the emerging Indian and surrounding markets. This collaboration enhances Evonik’s market presence and distribution network, positioning the company to better serve the evolving needs of these growing markets.
Acrylate Market Players
- BASF SE
- The Dow Chemical Company
- Arkema S.A.
- Evonik Industries AG
- Mitsubishi Chemical Corporation
- Nippon Shokubai Co., Ltd.
- Sartomer (a part of Arkema)
- H.B. Fuller Company
- Toagosei Co., Ltd.
- Sumitomo Chemical Co., Ltd.
- LG Chem
- DIC Corporation
- Hitachi Chemical Co., Ltd.
- Formosa Plastics Corporation
- Kuraray Co., Ltd.
Segments Covered in the Report
By Product Type
- Methyl acrylate
- Ethyl acrylate
- Butyl acrylate
- 2-ethylhexyl acrylate
- Others
By Grade
- Standard grade
- Technical grade
- Chemical grade
- Pharmaceutical grade
By Application
- Adhesives & sealants
- Paints & coatings
- Textiles
- Plastics
- Paper & paperboard
- Personal care products
- Others
By End Use
- Construction
- Automotive
- Packaging
- Textile
- Paints & coatings
- Adhesives & sealants
- Personal care
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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