Acrylate Market - Global Industry Size, Share, Trends Opportunity, and Forecast, 2028F

Global Acrylate Market has valued at USD10.12 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.14% through 2028. Acrylate is a versatile compound composed of acrylate monomer, which typically consists of esters containing vinyl groups. These esters are formed through the reaction of acrylic acid with an alcohol. Some examples of acrylates include ethyl acrylate, butyl acrylate, ethyl hexyl acrylate, and methyl acrylate. Butyl acrylate, in particular, is utilized to enhance performance characteristics such as color stability, heat resistance, and low-temperature flexibility in various polymers. Its significance lies in its contribution to the manufacturing processes of paints, plastics, floor polishes, adhesives, and different types of coatings.

The Acrylate Market is projected to witness substantial growth due to the increasing demand for acrylate in the spray coating industry and the packaging industry. Moreover, the need for infrastructural modifications and rising disposable incomes are expected to bolster the market in the coming years. Additionally, the growth in the automotive industry and the higher demand for water-based emulsion products are anticipated to fuel market expansion during the forecasted period. Furthermore, the emerging commercialization of bio-based acrylic acid presents an opportunity for the market. However, it is important to note that there are certain restraints and challenges faced, including health and environmental hazards associated with acrylate, which might hinder the market's growth prospects.

A key trend observed in the Acrylate Market is the growing consumer preference for acrylic-based (water-based) emulsions over oil-based products. This shift is primarily driven by the advantages offered by water-based products, including shorter drying times, color fastness, resistance to wear and water, and their environmental friendliness. Additionally, water-based paints are known for their durability, stability in extreme conditions, and their lack of volatile organic compounds (VOCs). These qualities make them highly desirable for interior and exterior wall coatings.

Furthermore, bio-based acrylates hold immense potential for players in the Acrylate Market as they provide an opportunity to diversify their product portfolio and increase market share. This is mainly due to the allergic skin diseases associated with major acrylates such as butyl acrylate, 2-ethylhexyl acrylate, methyl acrylate, and ethyl acrylate. The renewability and non-toxic profile of bio-based variants are expected to create numerous opportunities in the coming years.

Key Market Drivers

Growing Demand of Acrylate in Automotive Industry

Acrylates play a crucial role in the automotive industry, finding extensive use in the production of coatings and adhesives. These versatile compounds offer a wide range of benefits, such as exceptional adhesion, flexibility, and weather resistance, making them highly suitable for various automotive applications.

For instance, automotive coatings made from acrylates not only provide a high-quality finish but also offer durability and corrosion resistance, ensuring the longevity of vehicles. These coatings are utilized both in the interior and exterior applications, encompassing body panels, bumpers, and trim. Furthermore, acrylates find application in the production of adhesive and sealant products, which are vital for vehicle assembly and maintenance.

The growing demand for acrylates in the automotive industry can be attributed to several key trends. The industry's shift towards lighter and more fuel-efficient vehicles has led to an increased reliance on adhesives and sealants made from acrylates. By replacing traditional mechanical fasteners, these materials contribute to reducing vehicle weight, thereby enhancing fuel efficiency.

Additionally, the automotive industry's heightened focus on aesthetics and longevity has fueled the demand for high-quality and durable coatings. Acrylate-based coatings meet these requirements, driving their adoption and further boosting market growth.

Looking ahead, the future of the acrylate market appears promising, particularly due to the anticipated growth in the automotive sector. Technological advancements and evolving consumer preferences are expected to drive the demand for acrylates even further. For instance, the rising popularity of electric vehicles (EVs) presents new opportunities for the acrylate market, as these vehicles require specialized coatings and adhesives.

Furthermore, ongoing research and development activities in the field are likely to result in the creation of more advanced and eco-friendly acrylates. This continuous innovation will not only address environmental concerns but also propel market growth, catering to the changing demands of the automotive industry.

In conclusion, the growing demand for acrylates in the automotive industry serves as a key driver for the global acrylate market. As the automotive sector continues to evolve, driven by advancements in vehicle technology and changing consumer preferences, the acrylate market is poised for further expansion and development.

Growing Demand of Acrylate in Construction Industry

Acrylates, a versatile family of polymers, have gained widespread use in the construction industry due to their exceptional properties. These polymers offer excellent adhesion, flexibility, and resistance to weathering, making them invaluable in various construction applications.

One prominent area where acrylates find extensive application is in the production of coatings, sealants, and adhesives. Acrylate-based coatings play a crucial role in protecting structures while enhancing their aesthetic appeal. These coatings exhibit superior durability and are highly resistant to UV radiation, making them ideal for exterior applications.

Similarly, acrylate-based adhesives and sealants are commonly employed in construction practices. These adhesives and sealants exhibit exceptional bonding strength and flexibility, making them suitable for a wide range of applications including window sealing, flooring, and panel bonding.

The construction industry is witnessing notable trends, with a growing emphasis on sustainable and energy-efficient building practices. This shift has positively impacted the demand for acrylates. For instance, the use of acrylate-based cool roof coatings is on the rise. These coatings reflect more sunlight and absorb less heat, leading to reduced energy costs, improved indoor comfort, and mitigation of the urban heat island effect.

Furthermore, the increasing adoption of off-site construction techniques has fueled the demand for acrylate adhesives and sealants. These products provide strong and durable bonds, capable of withstanding the rigors of transportation and assembly.

The future growth of the acrylate market is closely tied to the trajectory of the construction industry. With forecasts indicating robust growth in construction activities globally, the demand for acrylates is expected to rise correspondingly.

Moreover, ongoing advancements in technology and research into new applications of acrylates are likely to create further growth opportunities for the acrylate market.

In conclusion, the growing demand for acrylates in the construction industry serves as a key driver for the global acrylate market. As construction practices continue to evolve, the role of acrylates is set to expand, driving further growth in the market. The versatility, durability, and unique properties of acrylates make them indispensable in modern construction practices.

Key Market Challenges

Volatility in Prices of Raw Materials

Acrylic acid and alcohol, derived from petroleum, serve as the primary raw materials in the production of acrylates. The cost of these materials is intricately tied to the fluctuations in crude oil prices, making it crucial for acrylate manufacturers to closely monitor the energy market. Consequently, any significant shift in crude oil prices can have a profound impact on the overall cost of producing acrylates.

The volatile nature of crude oil prices poses a formidable challenge to the acrylate market. When crude oil prices surge, the cost of acrylate production escalates, exerting pressure on manufacturers' profit margins. Conversely, a drop in crude oil prices can lead to an oversupply of raw materials, driving down prices and ultimately affecting the revenue streams of acrylate producers.

Moreover, the ever-changing costs of raw materials not only affect the present, but also introduce uncertainty into future projections, hindering companies' ability to accurately forecast expenses. This, in turn, disrupts budgeting and strategic planning processes, making it arduous for businesses to maintain steady growth and profitability amidst market volatility.

As a result, the acrylate market remains in a constant state of flux, demanding the resilience and adaptability of businesses operating within it. By keeping a vigilant eye on crude oil prices and developing strategies to effectively manage material costs, acrylate manufacturers can navigate the intricacies of the market and position themselves for sustained success.

Key Market Trends

Increasing Adoption of UV-Curable Acrylate

UV-curable acrylates are a type of reactive resin that hardens or cures when exposed to ultraviolet (UV) light. They offer numerous advantages over traditional acrylates, including faster curing times, lower energy consumption, and the absence of solvents, making them more environmentally friendly.

UV-curable acrylates find extensive use in various applications due to their unique properties. They are widely used in coatings, adhesives, and inks, among other areas.

In the coatings industry, UV-curable acrylates provide high-performance finishes for products ranging from wood furniture to automotive parts. Their fast-curing times allow for increased production speed, while their excellent durability ensures long-lasting protection and aesthetic appeal. Additionally, the versatility of UV-curable acrylates allows for the development of coatings with specific properties, such as scratch resistance or UV protection, tailored to the needs of different industries.

Similarly, in the adhesives sector, UV-curable acrylates offer superior bonding strength and fast curing, which is particularly beneficial in industries such as electronics where rapid assembly is crucial. The ability of UV-curable acrylates to bond different substrates, including plastics, metals, and glass, makes them a reliable choice for various bonding applications.

Moreover, UV-curable acrylates are becoming increasingly popular in the printing industry, especially for digital and packaging printing. They provide high-quality, vibrant prints that are resistant to smudging and scratching. The fast-curing nature of UV-curable acrylates enables efficient printing processes, allowing for higher productivity and shorter turnaround times. Additionally, the ability to cure on demand makes them suitable for on-demand printing applications, where immediate curing is necessary to meet tight deadlines.

The growing adoption of UV-curable acrylates is having a positive impact on the global acrylate market. It is driving innovation and encouraging manufacturers to invest in research and development to create more advanced and efficient UV-curable acrylates. This continuous improvement leads to the development of new formulations with enhanced properties, such as improved flexibility, increased chemical resistance, and extended shelf life.

Furthermore, the environmental benefits of UV-curable acrylates align with the global trend towards sustainability and green chemistry, making them an appealing choice for many industries. The absence of solvents in UV-curable acrylates eliminates volatile organic compound (VOC) emissions, contributing to a healthier work environment and reducing the impact on air quality. Additionally, the energy efficiency of UV-curable acrylates helps in reducing carbon footprint and overall energy consumption.

In conclusion, UV-curable acrylates offer a wide range of advantages and find applications in various industries. Their unique properties, including fast curing times, excellent durability, and environmental benefits, make them a valuable choice for coatings, adhesives, and printing. The continuous innovation and focus on sustainability in the development of UV-curable acrylates contribute to their growing popularity and positive impact on the global acrylate market.

Segmental Insights

Chemistry Insights

Based on the category of chemistry, the butyl acrylate segment emerged as the dominant player in the global market for Acrylate in 2022. Butyl acrylate, a versatile compound, finds extensive use across various applications such as cleaning agents, antioxidants, surfactants, aqueous resins, elastomers, and more. This widespread utilization has propelled the growth of the butyl acrylate segment in the Acrylate Market.

Notably, butyl acrylate serves as a crucial solvent in the manufacturing of lacquers and paints. For instance, according to the British Coatings Federation, the sales value of paints and coatings in 2019 totaled US$3.58 billion (EURO 3.2 billion), with a staggering quantity of 703 million liters. Similarly, the American Coatings Association reports a noteworthy increase in the value of special purpose coatings, rising from US$5.2 billion in 2018 to US$5.4 billion in 2019. This growth is accompanied by an increase in volume, with the production of special purpose coatings surging from 157 million gallons to 162 million gallons. Consequently, the demand for butyl acrylate remains strong, driving the growth of the Acrylate Market.

End User Insights

The Packaging segment is projected to experience rapid growth during the forecast period. Due to the widespread use of adhesives and sealants in the packaging industry, the Acrylate Market is experiencing significant growth. Acrylates play a crucial role in the production of these adhesive and sealant products. Specifically, acrylic emulsion adhesives are known for their high solids content, excellent adhesion and cohesion properties, and superior water resistance, making them highly sought after in the packaging industry.

To provide further context, recent data from the American Forest and Paper Association reveals a notable increase of 4% in packaging paper and specialty packaging shipments during April 2021. This upward trend in the packaging industry directly contributes to the rising demand for acrylates, as they are extensively utilized for sealing and bonding packages in the packing industry.

The continuous growth in the packaging sector and the ever-increasing demand for reliable adhesives and sealants further propel the Acrylate Market, making it a key player in the industry.

Regional Insights

Asia Pacific emerged as the dominant player in the Global Acrylate Market in 2022, holding the largest market share in terms of both value and volume. The increase in the application of acrylates in adhesives, sealants, painting, coatings, and other related products has significantly contributed to the growing demand for the Acrylate Market in the Asia Pacific region. This surge in demand can be attributed to the versatility and effectiveness of acrylates in various industries. Additionally, the Asia-Pacific region has witnessed a rise in awareness and consciousness about physical appearances and body grooming, leading to an increased demand for personal care products such as skin care and hair care products.

According to Cosmetics Europe, the personal care association in Europe, the cosmetics market in major countries like China, India, South Korea, and Japan in the Asia-Pacific region amounted to a staggering US$123.34 billion in the year 2019. This impressive figure highlights the immense potential and market opportunities available in the region for companies operating in the acrylate and personal care industries.

Report Scope:

In this report, the Global Acrylate Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Acrylate Market, By Chemistry:

• Butyl Acrylate
• Ethyl Hexyl Acrylate
• Methyl Acrylate
• Ethyl Acrylate

Acrylate Market, By End User:

• Packaging
• Consumer Goods
• Building & Construction
• Textile
• Automotive
• Others

Acrylate Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait
• Turkey
• Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Acrylate Market.

Available Customizations:

Global Acrylate Market report with the given market data, the publisher offers customizations according to a company's specific needs.


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