In the price sensitive global acrylate monomers market, savvy players are partnering with OEM manufacturers, designers, and merchandisers to develop cost effective acrylic products with inexpensive formulations. Mergers and acquisitions and expansion in new geographies is another notable growth trend emerging in this market.
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The recovery of the construction sector all over the world is positively influencing the acrylate monomers market. This is because of the extensive use of acrylate monomers in paints and coatings that are integral to construction undertakings. In particular, water-based coatings display a sizeable demand for acrylate monomers as these monomers enhance the physical properties of the formulation. According to statistics of Paint Quality Institute, water-based paints or coatings account for almost 80% of household paints, in developed regions.
Proving to challenge the growth of this market are regulations pertaining to the use of acrylate monomers due to their toxicity and hazards associated with the direct exposure to these substances.
According to estimates by Transparency Market Research, the global acrylate monomers market will attain a valuation of US$11,112.3 mn by 2025 end from US$6,987.9 mn in 2016 at a CAGR of 5.4% between 2017 and 2025.
Extensive Applications in Paints and Coatings Make Butyl Monomers Significant
The report studies the global acrylate monomers market on the basis of product, application, and geography. The segments of this market depending upon product are butyl acrylate, ethyl acrylate, methyl acrylate monomer, 2 ethyl hexyl acrylate monomer, and others. Of them, butyl acrylate monomers and 2-ethyl hexyl acrylate monomers are commonly used in paints and coatings. Methyl acrylate monomers are generally used for special chemical applications.
The acrylate monomers market, by application has been categorized into paints and coatings, adhesives and sealants, plastics, printing inks, and other applications.
Asia Pacific to Remain Attractive in Future
The worldwide market for acrylate monomers has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa based on geography. In 2016, Asia Pacific led the global acrylate monomers market in terms of market share and growth potential; the region contributed more than 40% revenue to the overall market in the same year. Going forward too, Asia Pacific is likely to remain an attractive market for acrylate monomers.
The growth in the region is driven by the robust growth of a number of end-use industries such as construction, automotive, and textile. Powered by the rapid economic development and the emergence of a large middle-class population in China and India, the acrylate monomers market in Asia Pacific is witnessing swift growth.
The growth of North America acrylate monomers market is largely driven by the increasing demand for water-based coatings in the paint & coatings sector. In Europe, the acrylate monomers market is witnessing a shift for consumption of methyl acrylate monomers. On the other hand, some unpredictable events in the European chemical industry over the recent past have led to decreased demand for butyl acrylate monomers.
The Middle East and Africa is expected to emerge as a significant market for acrylate monomers on the back of a solid oil and gas industry. Latin America is expected to emerge as attractive market for acrylate monomers as key players in the worldwide market are expected to move towards this region.
Key players operating in the global acrylate monomers market profiled in this report are BASF SE, Arkema S.A., Hitachi Chemical Co. Ltd, Evonik Industries AG, Kuraray Co. Ltd., The Dow Chemical Company, Mitsubishi Chemical Holding, New Japan Chemical Co Ltd., and LG Chem.