Acrylic Esters Market

Acrylic Ester Market Size (2023-2028)

The acrylic esters market was worth US$ 9.14 billion in 2022, and it is estimated to reach a valuation of US$ 11.28 billion by the end of 2028, expanding at a CAGR of 7.2% during 2023 and 2028. Majorly, acrylic esters relate numerous desirable qualities to polymeric materials including heat & aging resistance, color stability & clarity, low-temperature flexibility, and good weather ability. Acrylic esters comprise various characteristics like glass transition temperature, which helps the polymer change its state from a brittle system to a soft state. Acrylic Esters are derived from acrylic acid, which is used as building blocks for n number of polymer formulations. Acrylic Esters are being utilized as a raw material in paint, acrylic rubbers & fibers, adhesives, and many more. Depending on alpha-unsaturated and beta-unsaturated carboxyl structures, these are reactive, flammable, and volatile liquids. Numerous industries are using acrylic ester due to its non-toxic nature. Acrylic Esters are also well known for their oil resistance and high thermal stability.

Acrylic Esters Market Trends:

The market is augmented to witness huge growth due to the growing demand for bio-based acrylic acid since numerous acrylic manufacturers tend to deviate from crude oil feedstocks that were actually hitting unsustainable levels.

Acrylic Esters Market Drivers:

Escalating demand for bio-based acrylic acid and also increasing the need for acrylic ester in surface coatings are the major factors that drive the growth of the Acrylic Market. In recent years many industries have adopted several technologies, mainly, biotransformation technology in order to produce acrylates and acrylic acids from renewable resources. Moreover, manufacturers of acrylic acid are deviating from crude oil feedstocks despite oil prices globally hitting unsustainable levels. Recent research by various firms declared that present global polymer and biobased chemical production is witnessed to be approximately 90 million tonnes. Due to these factors, there would be an escalating demand for bio-based acrylic acid in the next coming years. On the other hand, acrylic surface coatings are widely utilized in paints, coatings, OEM products, and special purpose coatings and were jotted for their magnificent color retention and inertness when uncovered from environmental conditions. Furthermore, acrylic ester provides durability and brightness in color, heat & aging power and good weather ability driving the increasing need for acrylic ester in surface coatings including varnishes, drying oil, and paints.

Acrylic Esters Market Restraints:

One of the restraints of the acrylic ester market is that acrylic acids are highly irritating to the skin and respiratory system and also corrosive. There would be a massive injury if it is disposed of in the eyes, and high exposure may lead to pulmonary edema. These are the major restraints that would hamper the market growth during the forecast period.

Opportunities in the Acrylic Esters Market:

Acrylic esters tend to have remarkable growth in the next coming years since these were made used for the purpose of construction, textiles, paints, and many more. The increasing demand for butyl acrylate in paint firms would propel the market growth and act as an opportunity during the forecast period.

Challenges in the Acrylic Esters Market:

Increasing prices of the raw materials due to disruptions in the supply chain and the nature of acrylic ester were the major challenges that hinder the acrylic ester market growth during the forecast period.

ACRYLIC ESTER MARKET REPORT COVERAGE:

Acrylic Ester Market Segmentation:

By Type

• Methyl Acrylate 
• Ethyl Acrylate 
• 2-Ethyl Hexyl Acrylate 
• Butyl Acrylate 
• Others

Among these segments, methyl acrylate is estimated to be mostly used in the market it is because of its acrid odor and colorless nature. It is mostly in pharmaceuticals that act as a reagent for the synthesis of various intermediates. Thus, the growing demand for methyl acrylate would drive the acrylic ester market growth during the forecast period.

By Application:

•  Adhesives & Sealants 

• Surface Coatings 

• Textiles 

• Plastic Additives  

• Others

Besides the other segments, adhesives & sealants act as a major dominant role in the acrylic market since these are absolutely necessary for transportation, construction, and consumer goods. Acrylic ester is broadly used in adhesives and sealants due to its enhanced flexibility that propels the demand of the market. 

Acrylic Ester Regional Analysis:

 The Acrylic Ester Report includes the segmentation of Regions:

•  North America 

•  Europe 

•  Asia Pacific 

•  Latin America 

•  Middle East & Africa 

The Asia Pacific tends to dominate the market, with almost 35% market share in the acrylic ester market. It is owing to the huge demand in various firms for surface coating materials that drives the market growth in the Asia Pacific region. Additionally, Asia Pacific is also estimated to be the fastest-growing region owing to the increasing demand for acrylic ester, huge industrialization, and development of infrastructure, mainly in India and China. At the same time, North America and Europe are estimated to have 4.6% & 4% CAGR, respectively. Despite this, Middle East & Africa tend to have a significant CAGR respectively during the forecast period.

Impact of COVID-19 on the Acrylic Esters Market:

Covid-19 (novel Corona Virus Disease), which outbreak in early 2020, has turned into a global pandemic crisis with 15 million population getting infected and has already created the loss of over 600 thousand deaths at the global level.

It is owing to the increased emphasis on preventing the spread of covid-19 and considering the transmission measures to prevent the movement and interactions between humans and also to prevent the spread of the disease. Unfortunately, this adversely impacted a wide range of industries and created a shutdown of businesses due to less or zero returns or investments. These industries are likely to take a longer time than expected to cover. The acrylic esters also witnessed a decline in early April. One of the factors that hamper the market growth is the reduction in raw materials and labor shortages.

Recent Developments in the Acrylic Esters Market:

On February 12, 2021, BASF SE announced that it would increase the prices for all Styrene Acrylic and Acrylic dispersions due to their escalating raw material costs, availability of esters, and also rising costs for manufacturing.

Acrylic Esters Market Key Players:

The companies covered in the report include:

1. BASF SE

2. Nippon Shokubai Co. Ltd.

3. Evonik Industries

4. LG Chem Ltd.

5. Hexion Inc.

6. Mitsubishi Chemical Holdings Corporation

7. CJSC Sibur Holding

8. The DOW Chemical Company

9. Arkema SA