Acrylate Monomers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Increasing investment in construction activities in Asia-pacific is likely to increase the demand for high-performance formulations in paints, which, in turn, is expected to drive the market growth. Also, the increasing demand for polyethylene and the increasing demand for methyl acrylate for the water treatment process is expected to drive the market forward.
• However, concerns regarding the toxicity of acrylate monomers are expected to restrain the market.
• Production of plant oil-based acrylic monomers is likely to act as an opportunity for the market of acrylate monomers to grow during the forecast period.
• Asia-Pacific dominated the global market with the largest consumption from countries such as China and India.

Acrylate Monomers Market Trends

Plastics to Dominate the Market

• Acrylate monomer plastics are robust and transparent, resistant to UV light and weathering. They are commonly used as a glass substitute to reduce weight, extend life, increase flexibility, reduce cost, and add attractiveness to the final goods.
• These plastics created using acrylate monomers can be colored, molded, cut, drilled, and formed. These properties exhibited by the material can make it an ideal component in many applications like airplane windshields, skylights, automobile taillights, outdoor signs, and many more.
• The major sectors for the application of these plastics are architecture and construction (window and door profiles, canopies, panels, facade design), lighting (LED lights), automotive and transportation (car windows, motorcycle windshields, interior and exterior panels, fenders), electronics, and healthcare.
• According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the global production of motor vehicles saw a 3% growth. The production in 2020, which was 77.71 million units, increased to 80.14 million units in 2021. Thus, the increasing demand for automobile units after the COVID era will likely increase the plastics market and, eventually, acrylate monomers.
• The Philippine Statistics Authority also mentioned in its annual report for 2022 that motor vehicles and motorcycle maintenance played a significant part in the country's GDP growth of 7.6% over the previous year. The segment was the main contributor, accounting for around 8.7% of overall expansion.
• According to the United Census Bureau, the total US spending in the construction sector during December 2022 was USD 1,809.8 billion. The construction sector saw an increase of about 7.7% in December compared to December 2021 on a year-on-year basis, in which the total spending was USD 1,681.0 billion. It, in turn, would have raised the need for plastic materials, paints, and coatings, assisting in expanding the acrylate monomers market.
• Major developing nations, such as China, India, ASEAN countries, and South America, are experiencing growth in construction activities and automotive production at a faster rate, owing to increasing disposable income, higher living standards, and urbanization, leading to increasing demand for acrylic products.
• In turn, all the above factors are projected to significantly impact the market during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific accounted for the major market share of acrylate monomers and is expected to continue dominating the market during the forecast period.
• The key factors driving the Asia-Pacific market are positive trends for paints and coatings in India and China, owing to the increasing investment in the construction industry. High demand for polypropylene in China is also likely to drive the acrylic monomers market in the Asia-Pacific region.
• According to the China Association of Automobile Manufacturers (CAAM), China's automotive output increased by roughly 2.1% in 2022 compared to the previous year. In 2022, around 26.86 million automobiles were sold, compared to 26.27 million vehicles sold in 2021.
• According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) of Japan, the total investment in the construction sector in the year 2022 was estimated to be about JPY 66,990 billion (USD 508.16 billion), which is an increase of around 0.6% as compared to the previous year.
• India also intends to achieve its aim of becoming the world's third-largest construction market by 2025. For this to happen, the country made numerous plans and investments. Around 54 global breakthrough construction technologies have been identified under a Technology Sub-Mission of PMAY-U to usher in a new age in the Indian construction technology industry, which will significantly improve the country's market growth.
• This investment growth led to an increase in construction activities and electronics, plastics, and paints, leading to an expected increase in the demand for acrylate monomers over the forecast period.
• As a result of these factors, the acrylate monomers market is expected to experience moderate growth in the initial years of the forecast period.

Acrylate Monomers Market Competitor Analysis

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