Acrylate Market by Chemistry (Butyl Acrylate, Ethyl Acrylate, Methyl Acrylate), Application (Paints & Coatings, Adhesives, Fabrics), End-use Industry (Packaging, Consumer Goods, Building & Construction, Automotive), Region - Global Forecast to 2022
Seattle, WA -- (SBWIRE) -- 08/17/2017 -- The acrylate market was valued at USD 6.86 Billion in 2016 and is projected to reach USD 9.88 Billion by 2022, at a CAGR of 6.3% from 2017 to 2022. Growing demand for acrylate in paints & coatings, adhesives and preference for water-based emulsions in these applications is driving the acrylate market.
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Among types, butyl acrylate leads the acrylate market
In 2016, butyl acrylate had the largest demand in the acrylate market owing to its application in the production of acrylic polymers, Polyethylene (PE), textiles, papers, paints, inks, and adhesives. The major demand for butyl acrylate is from coatings, adhesives, textiles and other applications such as polish, printing, and dyeing, among others.
Among types, the paints & coatings segment is projected to grow at the highest CAGR during the forecast period
Paints & coatings is the largest and fastest growing application of acrylate. Changing lifestyles, infrastructural developments and increasing disposable incomes have led to an increase in renovation & refurbishment activities and construction projects, which have propelled growth in this application. Moreover, the boom in the automotive industry, and growing industrialization in emerging countries have also propelled growth in the paints & coatings market.
Among end-use industries, the packaging segment expected to lead the acrylate market during the forecast period
Packaging is the largest end-use industry for acrylate, and uses paper, fabrics, leather, metals, and plastics. Acrylate is used in these packaging materials for various applications such as in coatings on paper and metals, inks used in printing on plastic, paper or metal use acrylate in dispersants. Acrylate is also used in leather finishes, production of binders for textile inks, and in textile finishes and coatings.
The Asia Pacific acrylate market is projected to grow at the highest CAGR during the forecast period
The Asia Pacific is the largest and fastest-growing market for acrylate. The growth of acrylate in this region is owing to the growth of end-use industries such as textiles, building & construction, packaging, consumer goods. Acrylate is witnessing high growth in the paints & coatings application due to increasing residential projects and refurbishment of homes and reconstruction activities, which are driving the acrylate market in the Asia Pacific.
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The key players operating in the acrylate market are 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).
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