The global acrylates market was valued at $10,949.9 million in 2018, and it is projected to reach $12,593.8 million by 2024, progressing at a CAGR of 4.9% during the forecast period (2019–2024). Among all acrylates, butyl acrylate held the largest share in 2018.
Increasing preference for acrylic emulsions over oil-based products is a major market trend
Advantages of acrylic emulsions such as short drying time, color fastness, and resistance to fading and wear have led to the growing preference for acrylic emulsions over oil-based formulations. Furthermore, the shift in the acrylates market is driven by government regulations and health concerns, such as neurological and cellular damage, associated with oil-based emulsions.
Growing demand for paints & coatings in the construction industry is driving the market
The global construction sector is witnessing growth, owing to the increasing population and urbanization rate, which are leading to a surge in infrastructure investments for the construction of high-rise buildings and renovation and refurbishment activities. This is raising the demand for acrylate-based paints & coatings, owing to their high durability, stability at extreme temperatures, and zero concentration of volatile organic compounds (VOC), thereby driving the acrylates market.
Segmentation Analysis of Acrylates Market
Butyl acrylate is the fastest in the acrylates market with a CAGR of 5.4% in 2019-24, as the compound acts as a major ingredient for the production of all-acrylic, vinyl acrylic, and styrene acrylic copolymers.
In 2018, paints & coatings constituted the largest application area in the acrylates market. This Was mainly because of the high demand for acrylic formulations in architectural paints & coatings, which are applied to the interior and exterior walls of residential, commercial, and industrial buildings.
Geographical Segmentation of Acrylates Market
In terms of value, APAC is forecast to hold over 70.0% share in the global acrylates market by 2024. This is mainly attributed to the rising demand for acrylic products from the construction and automotive industries, due to the rising population, swift urbanization, and increasing disposable income in China, India, South Korea, and Japan.
China was the largest acrylates market in 2018, owing to the high demand for acrylates in architectural coatings, automotive original equipment manufacturer (OEM) coatings, and special-purpose construction coatings. The country has high-volume integrated manufacturing capabilities, due to low-cost raw material and labor. This, coupled with the high downstream demand, leads to the heavy usage of acrylates in the country.
Browse report overview with detailed TOC on "Acrylates Market Research Report: By Type (Butyl Acrylate, 2-Ethylhexyl Acrylate, Ethyl Acrylate, Methyl Acrylate), Application (Paints & Coatings, Adhesives & Sealants, Textile Chemicals, Acrylic Fibers, Leather Chemicals) – Industry Size, Share, Trends and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/acrylates-market
Competitive Landscape of Acrylates Market
The acrylates market is moderately consolidated in nature, and BASF SE, Dow Inc., Arkema Group, Formosa Plastics Corporation, and SunVic Chemical Holdings Limited are some of the major players engaged in the production of acrylates.
Some other important players operating in the acrylates market are Jiangsu Sanmu Group, China National Petroleum Corporation, Shenyang Chemical Co. Ltd., and China Petroleum & Chemical Corporation.
Acrylates Market Segmentation
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Region