Acrylate Market

Global Acrylate Market Size

The size of the global acrylate market was valued at USD 8.67 billion in 2023. The global market is estimated to grow at a CAGR of 8.5% from 2024 to 2032 and be worth USD 18.07 billion by 2032 from USD 9.41 billion in 2024.

Acrylic acid is an organic compound that has a characteristic acidic or acidic odor. A large part of this compound is employed as a filler to obtain acrylate esters. Acrylate esters have a broad spectrum of uses. Bio-based acrylates represent enormous potential for players in the acrylate industry in terms of diversifying their product portfolio and escalating their industry share. This can be mainly attributed to allergic skin diseases associated with the main acrylates. The renewable and non-toxic nature of bio-based variants should create a number of opportunities in the coming years. Businesses develop industrial processes to produce it petrochemical products. Owing to the escalation in the cost of oil worldwide, makers are utilizing bio-based techniques to produce unsaturated carboxylic acid and acrylates from renewable resources. Applications in detergents, adult incontinence, and personal care products have contributed to the escalated call for acrylic acid.

MARKET DRIVERS

The growing demand for acrylate in adhesive and paint applications and coatings is propelling the global market growth. The major fashion seen in the acrylate industry is the rising customer preference for acrylic-based emulsions over oil-based goods. This change is primarily attributed to the benefits of these products, which include short drying time, colorfastness, wear, water resistance, and environmental friendliness. Furthermore, water-based paints are durable, stable under extreme conditions and free of volatile organic compounds (VOCs), which encourages their application in interior and exterior wall coverings.

Factors driving expansion are the rising call for superabsorbent polymers, the widespread use of acrylic-based goods in growing nations like the Asia Pacific and rising businesses like adhesives and sealants. Strict government regulations are imposed on the use of this organic compound due to growing environmental concerns in areas such as North America, Europe, etc. to protect the environment and avoid occupational exposure. A large amount of butyl acrylate is employed in the automotive businesses, which will drive the expansion of the industry. Another factor driving industry expansion is the limitations of VOC emissions in the country.

MARKET RESTRAINTS

Due to possible limitations, its expansion is limited. Strict government guidelines on acrylate removal are also acting as a limiting factor for the global market expansion.

MARKET OPPORTUNITIES

Producers focus on research and development to find the organic roots needed for production to increase their industry share and size. Also, the commercialization of bio-based compounds and the saturated call for PMMA resins in various businesses would open the doors for investors to invest, creating many opportunities for expansion soon. Many new applications have emerged because of the commercialization of manufacturing techniques for bio-based products. The sector has enormous potential in the future, as it would create a range of applications, especially in businesses such as surfactants, surface coatings, adhesives and sealants, plastic additives and comonomers, etc. Therefore, understanding the sector would provide insight into the entire segment, and thus help stakeholders make strategic decisions.

MARKET CHALLENGES

Strict regulations relating to the production of acrylate will be a major challenge to the acrylate market growth over the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

By Form Insights

The 2 - Ethyl hexyl acrylate segment is growing at the fastest CAGR and is estimated to account for a substantial share of the global market over the forecast period owing to its major features and chemical structure.

By Application Insights

The paints and coatings segment dominated the market in 2023 and is expected to continue its domination over the forecast period in the global market. Paints and coatings are predicted to be the largest and fastest application of acrylate during the foreseen period. High potential in the construction sector due to changes in lifestyles, infrastructure development, and escalated disposable income, as well as escalated renovation and renovation activities, have supported the paints & coatings industry. Escalated auto sales also provided expansion potential for acrylate in automotive paints and coatings.

By End-User Insights

The packaging segment is likely to account for a considerable share of the worldwide market over the forecast period. The packaging uses acrylates in paper coatings, consumer goods coatings and as dispersants in inks employed in textile printing and printing on packaged products, among others. The expansion of e-commerce has fuelled the expansion of the packaging industry, which in turn led to the expansion of the acrylate market.

REGIONAL ANALYSIS

The Asia-Pacific region is the largest and fastest-growing regional segment in the global market due to the growing population and disposable income leading to strong expansion in the packaging industry. In addition, escalated industrialization, urbanization, and the rise of residential construction have resulted in the expansion of acrylate in the paint and coatings segment. Globally, APAC was the largest acrylate industry in 2020 and is predicted to continue the trend during the foreseen period. This can be mainly attributed to the presence of established actors, the escalated call for water-based paints and coatings, and the increase in infrastructure development activities, which has led to the call for acrylates. Considering the future industry scenario, China is predicted to dominate the region's industry, generating $ 6,805.0 million worth of revenue in 2025. The country's high-volume downstream manufacturing capabilities and level rise in Life and per capita income would stimulate the call for acrylic formulations, which act as building blocks for thousands of intermediate polymers employed in surface coatings, textiles, adhesives, and plastics.

Latin America and the Middle East and Africa are the regions that will be the fastest growing at a notable annual rate over the same period, offering many expansion prospects. The factors driving expansion in the region are the widespread adoption of renewable roots for production and growing businesses, such as coatings, sealants, adhesives, etc. Furthermore, Latin America and the Middle East, and Africa have lucrative opportunities to produce crude compounds due to the presence of the world's largest petrochemical sites. These factors have the effect of stimulating calls in Latin America, the Middle East, and Africa.

KEY MARKET PARTICIPANTS

Companies playing a major role in the global acrylate market include BASF SE (Germany), Arkema (France), The Dow Chemical Company (US), Evonik Industries (Germany), NIPPON SHOKUBAI CO. LTD. (Japan), SIBUR (Russia), LG Chem (South Korea), SASOL Limited (South Africa), Formosa Petrochemical Corporation (Taiwan) and Mitsubishi Chemical Corporation (Japan).

RECENT HAPPENINGS IN THE MARKET

• BASF newly introduced 2-propyl heptyl acrylate, the latest raw material. This milestone shows the firm's continued expansion of its portfolio.
• Sartomer Europe introduces the latest acrylate solutions that allow higher performance for 3D printed systems, specialty coatings, and inks. 

MARKET SEGMENTATION

This research report on the global acrylate market is segmented and sub-segmented into the following categories.

By Form

• Butyl acrylate
• Ethyl acrylate
• 2 – ethyl hexyl acrylate
• Methyl Acrylate

By Application

• Paints and coatings
• Plastics
• Adhesives
• Fabrics
• Others

By End-Use 

• Packaging
• Consumer goods
• Building and Construction
• Textiles
• Automotive
• Others

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa