Acrylate Market Size, Share, and Industry Analysis By Product Type (Methyl acrylate, Ethyl acrylate, Butyl acrylate, 2-ethylhexyl acrylate, and Others), By Application (Adhesives & Sealants, Paints & Coatings, Plastics, Textiles, Paper & Paperboard, Personal Care Products, and Others), and Regional Forecast till 2032

The global acrylate market is forecast to develop at a fast tempo as of increased necessities in creation and car fields. Acrylates are found in paints, coatings, adhesives and sealants thanks to their strong and dependable properties. The U.S. Energy Information Administration reviews that the U.S. Manufactured 1.8 million heaps of acrylates in 2023. UV-curable and heat-resistant technology is opening up opportunities for coatings use in electronics and solar fields. Beyond green initiatives, a switch to low-VOC goods is helping to grow the market significantly. As countries like China and India are industrializing fast, they offer new business opportunities. Nonetheless, unpredictable raw material pricing and impact on the environment continue to be major problems.

Acrylate Market Driver

Construction and Automotive Demand Drive Acrylate Market Growth

Paints, coatings, adhesives and sealants make up the bulk of what drives the acrylate market. Acrylate-based merchandise is extensively utilized by both the development and car industries as they're sturdy and durable. In 2023, in step with the U.S. International Trade Commission, acrylate use in paints and coatings totaled 0.35 million tons. Bio-based acrylates and UV-curable formulations are assisting boom the uses of monomers in healthcare and electronics. Stricter rules for the environment are leading more acrylates to be made sustainably. The enlargement of production facilities, shown by Dow Inc. in Texas, benefits market expansion.

Acrylate Market Restraint

Raw Material Price Volatility and Regulations Restrain Acrylate Market Growth

The sharp changes in acrylic acid and methanol prices are a serious problem for those who manufacture acrylate compounds. Changing market conditions can increase expenses and reduce the profit a company gets, making the market less steady. As certain acrylate compounds can harm the environment and health, they are not widely used in sensitive areas. Europe’s regulations demand companies in the sector to abide by strict VOC emission rules, adding expense. These issues hold back the market’s growth, despite a rising need for what it offers. The industry’s environmental approach is changing due to ongoing requirements from the U.S. Environmental Protection Agency and the EU.

Acrylate Market Opportunity

Emerging Economies and Medical Applications Open New Frontiers for Acrylates

The swift industrial growth in China and India is providing significant opportunities for growth in Asia Pacific. The creation of bio-based acrylates plays a part in achieving worldwide sustainability targets and BASF will offer a new line of these materials starting in 2024. Many medical devices and substances such as those for delivering drugs and making dental materials, now include acrylates. The National Bureau of Statistics of China reports that 3 million tons of acrylate were produced last year. The increased demand is also coming from the growth in the renewable energy and electronics industries. Evonik’s distribution agreements in India allow the company to reach more customers in growing parts of the world.

Segmentation

Key Insights

The report covers the following key insights:

• Key Industry Trends
• Regulatory Landscape Across Key Regions
• Key Industry Developments
• Growth Opportunities in Emerging Markets

Analysis By Product Type

By Product Type, the Acrylate Market is divided into Methyl acrylate, Ethyl acrylate, Butyl acrylate, 2-ethylhexyl acrylate & Others. 

Adhesives and coatings make butyl acrylate a top player in the product segment. The growth is being backed by Dow Inc.’s new production in Texas. There is growing demand for ethyl acrylate due to its low-VOC qualities. Methyl acrylate finds value in particular applications. Further improvements in formula design are helping to improve the performance of these segments.

Analysis By Application

By Application, the Acrylate Market is divided into Adhesives & Sealants, Paints & Coatings, Plastics, Textiles, Paper & Paperboard, Personal Care Products & Others. 

0.35 million heaps of paints and coatings are used in the U.S. Which makes them the top section in 2023. According to the U.S. International Trade Commission, adhesives make up 12% of the marketplace. Plastics and textiles are both getting stronger, assisted by the needs of the automotive and building industries.

Regional Analysis

Based on geography, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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According to the U.S. Energy Information Administration, North America as an entire and in particular the U.S., are the biggest manufacturers in the global acrylate marketplace, accounting for 1.8 million tons of potential in 2023. The large role acrylates play in paints, coatings and adhesives for construction and automotive sectors is the main reason the region holds its lead. According to the U.S. International Trade Commission, 0.35 million tons of acrylate were used in making paints and coatings in 2023. Thanks to advancements in technology, including the Dow Inc. Texas facility expansion, market strength increases. Yet, tight restrictions on environmental pollution are encouraging manufacturers to make alternatives with less VOC. Canada contributes significantly as well, with 12 major acrylate suppliers operating in 2023 per Statistics Canada.

Thanks to tough environmental rules and concern for sustainability, acrylate demand has increased in Europe. Based on Destatis, Germany bought 0.42 million tons of coatings in 2023 which accounts for a big share. The change in rules issued by the EU for acrylate products is driving growth in bio-based alternatives. U.K. holds six main plastic production units, while INSEE reports four significant facilities in France (U.K. Government and INSEE). Italy’s construction industry, the highest acrylate-based paint consumer, is keeping demand at a high level with 0.25 million tons of paint used. Even though working to lessen VOC emissions is costly for manufacturers, Europe is leading the way with eco-friendly acrylate innovation.

Asia Pacific leads in acrylate growth and China produced approximately 3 million tons of acrylates in 2023, according to China’s National Bureau of Statistics. Due to fast industrial development in India, the use of adhesives has now reached 0.18 million tons (Ministry of Statistics and Programme Implementation). These nations especially benefit Japanese society by providing important automotive and electronics products. South Korea’s supply chain capacity increased to 750,000 tons in 2023, according to the Korean Statistical Information Service. The area has lower manufacturing costs and a boost to its manufacturing sectors, yet it struggles to satisfy international environmental policies. Ongoing support for industry from the government keeps boosting demand for acrylates across the construction, textiles and consumer goods markets.

Key Players Covered

The report includes the profiles of the following key players:

• Arkema (France)
• BASF (Germany)
• Dow (U.S.)
• Evonik Industries AG (Germany)
• Mitsubishi Chemical Group Corporation (Japan)
• LG Chem (South Korea)
• NIPPON SHOKUBAI CO., LTD (Japan)
• B Fuller Company (U.S.)
• TOAGOSEI CO.,LTD. (Japan)
• Sumitomo Chemical Co., Ltd. (Japan)

Key Industry Developments

• In May 2023, Evonik made it recognized that they will accomplice with Vimal Intertrade and Nordmann to distribute their forte methacrylates in India.
• In 2024, BASF added bio-primarily based acrylates to fulfill the marketplace want for sustainable adhesives.
• In 2023, Dow Inc. Brought capability for producing butyl acrylate at its Texas site to preserve up with demand in the location.