Acrylate Market - Forecast (2021-2026)

Acrylate Market size is expected to be valued at US$10.6 billion by the end of the year 2026 and the acrylate industry is set to grow at a CAGR of 6.7% during the forecast period from 2021-2026. The increasing adoption of acrylic emulsions in paints and coatings owing to the enhanced properties of acrylic emulsion such as short drying time, wear and water resistance, environmental friendliness, resistance to algae and fungi, abrasion resistance, wash-ability and others is one of the major factors driving the demand for Acrylate Market. Furthermore, the growing personal care industry is also contributing to the growth of the Acrylate Market as acrylates copolymer is widely used in personal care and cosmetic products as polymer films which provides water resistance to these products. These are few of the major factors driving the demand for Acrylate Market.

COVID-19 impact

Amid the Covid-19 pandemic, the Acrylate Market faced a lot of challenges in terms of production, operation, distribution, supply chain management and marketing of their products. The operation of Acrylate Market was hugely affected owing to the various legal restrictions laid down by many countries across the globe. The covid-19 restrictions led to the abrupt halting of inter-country and inter-state trade, imports and exports which further impacted the acrylate industry. The Acrylate Market is however estimated to improve in terms of production and sales by the end of the year 2021.

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Report Coverage

The report: “Acrylate Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Acrylate Industry.

By Chemical: Butyl Acrylate, Ethyl Acrylate, Methyl Acrylate, Ethyl Hexyl Acrylate and Others.
By Application: Packaging, Adhesives and Sealants, Plastics (Polyethylene Terephthalate (PETE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene or Styrofoam (PS) and Others), Consumer Goods, Synthetic Resins, Inks, Rubber, Paper and Pulp and Others.
By End-Use Industry: Paints and Coatings, Building and Construction (Residential construction, commercial construction and industrial construction), Electrical and Electronics, Textile Industry, Automotive Industry and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

Asia-Pacific market held the largest share in the Acrylate Market owing to the increasing population coupled with the growing demand for personal care products in countries like China, India, Japan and South Korea.
The growing demand for products such as acrylate emulsions and acrylate copolymer for use in products such as paint coatings and personal care industry is highly driving the growth of the Acrylate Market.
The increase in the use of styrene acrylic resin in application of adhesives and sealants in various key-use industries such as building construction, paint coatings and other industries is driving the demand for Acrylate Market.
Amid the Covid-19 pandemic, the Acrylate Market faced a lot of challenges owing to the various legal restrictions imposed across the globe. The Acrylate Market is however estimated to improve by the end of the year 2021.

Acrylate Market Segment Analysis – By Chemical

Butyl Acrylate held the largest share of 38% in the Acrylate Market in the year 2020. Butyl acrylate is extensively used in various applications such as cleaning agents, antioxidants, surfactants, aqueous resins, elastomers and others. This is majorly driving the butyl acrylate segment in the Acrylate Market. Butyl acrylate is widely used as a solvent in the production of lacquers and paints. For instance, according to British Coatings Federation, the total sales value of paints and coatings during 2019 was valued at US$3.58 billion (EURO 3.2 billion) and at a quantity of 703 million litres. Similarly, according to American Coatings Association, the value of special purpose coatings increased from US$5.2 billion in 2018 to US$5.4 billion increasing from 157 million gallons to 162 million gallons. Therefore this is majorly driving the butyl acrylate segment in the Acrylate Market.

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Acrylate Market Segment Analysis – By Application

Packaging segment held the largest share of 34% in the Acrylate Market in the year 2020. Since adhesives and sealants are widely used in the packaging industry, the growth in packaging industry is also driving the growth of Acrylate Market. Acrylates are used in the production of adhesives and sealants. Acrylic emulsion adhesives are rich in solids, good adhesion cohesion and high water resistance, which makes it a sought after adhesives in the packaging industry. For instance, according to American Forest and Paper Association, the packaging paper and specialty packaging shipments increased by 4% during April 2021. This is further increasing the demand for acrylates as it is highly used for sealing and bonding packages in the packing industry.

Acrylate Market Segment Analysis – By End-Use Industry

Building and construction industry held the largest share of 37% in the Acrylate Market in the year 2020. The use of various products such as adhesives sealants, is driving the demand for acrylate in the building and construction industry. Therefore, the increase in the construction activities across the globe is majorly contributing to the increase in demand for Acrylate Market. For instance, according to the World Bank, the cost of expenditure in the construction industry across the world was estimated to reach US$11.9 trillion in the year 2020, which is an increase of 4.2% as compared to the previous year expenditure. The increase in the activities in the building and construction sector coupled with the diverse application of acrylates in the building sector is driving the demand for acrylates market from the building and construction sector.

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Acrylate Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 42% in the Acrylate Market in the year 2020. The increase in application of acrylates in adhesives and sealants, painting and coatings and other related products is driving the demand for Acrylate Market in the Asia Pacific region. Furthermore, the growing awareness and consciousness about physical appearances and body grooming is driving the demand for personal care products such as skin care and hair care products in the Asia-Pacific region. According to Cosmetics Europe, the personal care association in Europe, the cosmetics market of the major countries like China, India, South Korea and Japan of Asia Pacific region amounted to US$123.34 billion in the year 2019.

Acrylate Market Drivers

Increasing demand from the packaging industry

The increase in demand for acrylate comes from the increase in the use of adhesives and sealants in the packaging industry. Acrylate copolymers are widely used in the packaging industry owing to it's properties such as chemical purity, stability, hydrophobicity, low temperature performance, excellent weathering, high resistance to water, heat sunlight and other properties. According to the data from World Packaging Organisation (WPO), a global organization and regulatory body of the packaging industry, the annual turnover of the global packaging industry crossed the value of US$500 billion during the year 2019, which served as an important factor driving the demand for adhesives and sealants which in turn increased the growth of Acrylate Market. This is driving the growth and demand for Acrylate Market from the packaging sector across the globe.

Growing demand for personal care industry

The growing demand for personal care industry across the globe is one of the important factors driving the growth of the Acrylate Market as acrylates copolymer is widely used in the cosmetics industry. According to data from Cosmetics Europe, the personal care association in Europe, the revenue of the cosmetics personal care industry has been increasing in many countries across the globe. The revenue of cosmetics personal care industry across the globe in various countries increased during the year 2019 as compared to the revenue of cosmetics personal industry in the year 2018: United States-increase of 15.32% from US$71.79 billion (2018) to US$82.79 billion (2019); India-increase of 10.04% from US$12.25 (2018) to US$13.48 billion (2019); South Korea- increase of 3.11% from US$11.22 billion (2018) to US$11.57 billion (2019) and in Japan-increase of 8379% from US$33.66 billion (2018) to US$36.62 billion (2019). This is widely increasing the demand for cosmetics and personal care products across the world, which is further driving the demand for Acrylate Market as it is used as acrylate copolymer in the personal care industry.

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Acrylate Market Challenges

Impact of acrylates on Health

The use of acrylates has various impacts on the health of human beings. This is one of the biggest challenges faced by the Acrylate Market. According to The International Agency of Research on Cancer and U.S. Environmental Protection Agency (EPA) acrylates is hazardous to human beings. These organization has classifies acrylates as a possible human carcinogen. There has been reported cases of exposure to acrylates have said to cause skin, eye and throat reactions and in some cases serious health consequences such as cancer, development issues, neurological damage, cellular damage, reproductive toxicity and organ system toxicity. These health related issues pose as a major challenge to the Acrylate Market.

Acrylate Market Industry Outlook

Facility expansion, production expansion, collaborations, partnerships, investments, acquisitions and mergers are some of the key strategies adopted by players in the

Acrylate Market. Major players in the Acrylate Market are:

Nippon Shokubai CO. LTD.
Mitsubishi Chemical Corporation
SIBUR
BASF SE
Evonik Industries
Arkema
The Dow Chemical Company
LG Chem
SASOL Limited
Formosa Petrochemical Corporation
Wanhua Chemical Group Co., Ltd.
Air Liquide among others.

Acquisitions/Technology Launches

On 09 March 2021, BASF doubled its acrylic dispersions capacity in Pasir Gudang, Malaysia. These new product line includes state-of-the-art Acronal EDGE, Acronal PLUS, Joncryl and the next generation Acronal ECO dispersions. This new additional capacity was manily established for serving the ASEAN, Australia and New Zealand markets.