Innovative Approaches to Meet Sustainability Requirements will Significantly Drive Research and Development Initiatives
Acrylics are a group of highly versatile materials that find extensive application as raw materials in end-products such as in coatings, adhesives, sealants, elastomers, superabsorbent polymers (SAPs), polymethyl methacrylate (PMMA), textiles, additives, inks, water treatment chemicals, construction chemicals, detergents, cosmetics, and paper products. Multiple end industries have adopted these products, including transportation, consumer goods, industrial, medical, and paper and packaging. The growth of various end-use industries will drive the market for acrylic monomers and resins from 2023 to 2029.
Acrylic acid, acrylonitrile, ethyl acrylate, butyl acrylate, methyl methacrylate, acrylamide, and 2-ethylhexyl acrylate are the seven major acrylic monomer types that fall within the scope of this study on the global acrylics market. For each end-use application, regional volume consumption and regional revenue estimates are discussed, along with revenue and volume estimates by monomer type. The report also examines the market share of the top acrylic monomer and resin manufacturers at the global level.
Acrylic monomer and raw material suppliers as well as acrylic resin suppliers are witnessing increasing end-consumer demand for products that will help meet their sustainability requirements, such as bio-based monomers, raw materials, and resins that aid in the development of sustainable processes and end products.
Acrylic resin producers will need to make strategic acquisitions either to quickly develop an innovative product portfolio or to enter new geographies and gain competitive advantage. China, India, Southeast Asia, and Latin America represent the markets set to witness high growth in the next 7 years due to their large, fast-growing end-use industries that support acrylic resin and product consumption growth.
It will be essential for global acrylic resin producers to vertically integrate to gain a dominate foothold in acquiring their acrylic monomer and other raw materials, in terms of sustaining consistent long-term supply, raw material quality, and competitive raw material prices. Mergers and acquisitions thus represent the inorganic strategy stakeholders across the value chain should adopt to quickly achieve vertical integration, apart from organic strategies. The increasing consumption of acrylic resins by end-use industries and the development of bio-based and high-performance products will contribute to market growth in 5 to 7 years.
