Acrylate Market will be Worth Nearly $ 19.96 Billion By 2032

adminDecember 19, 2023

The acrylate market size is poised to grow by $ 19.96 billion by 2032 from $ 11.82 billion in 2023 exhibiting a CAGR of 6% during the forecast period 2023 to 2032.

Acrylate Market Size 2023 To 2032

Key Takeaways

The North America region contributed more than 38% of revenue share in 2022.
Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
By product type, the methyl acrylate segment has held the largest market share of 32% in 2022.
By product type, the butyl acrylate segment is anticipated to grow at a remarkable CAGR of 7.5% between 2023 and 2032.
By grade, the standard grade segment generated over 34% of revenue share in 2022.
By grade, the chemical grade segment is expected to expand at the fastest CAGR over the projected period.
By application, the adhesives & sealants segment generated over 25% of revenue share in 2022.
By application, the personal care products segment is expected to expand at the fastest CAGR over the projected period.
By end use, the construction imaging segment generated over 35% of revenue share in 2022.
By end use, the paints & coatings segment is expected to expand at the fastest CAGR over the projected period.

The Acrylate Market is a dynamic sector within the chemical industry, characterized by the production and utilization of various acrylate compounds. Acrylates, known for their versatility and adhesive properties, play a pivotal role in multiple applications, spanning from adhesives and sealants to coatings and textiles. This market is marked by constant innovation and adaptation to meet the evolving demands of diverse industries.

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Driver:

A key driver propelling the growth of the Acrylate Market is the increasing demand for eco-friendly and sustainable products across various industries. As environmental consciousness continues to rise, there is a growing preference for acrylate compounds that offer reduced environmental impact without compromising performance. This shift is steering research and development efforts towards the creation of bio-based and environmentally friendly acrylate formulations, positioning the market at the forefront of green solutions.

Dynamics:

The dynamics of the Acrylate Market are influenced by factors such as technological advancements, regulatory landscape changes, and shifting consumer preferences. Continuous research and development efforts are focused on enhancing the performance characteristics of acrylates, opening up new avenues for application in emerging industries. Additionally, the market is responsive to global economic trends, with demand patterns fluctuating based on industrial growth and consumer behavior. As sustainability becomes a focal point, collaborations and partnerships between key players are shaping the competitive landscape, fostering a climate of innovation and responsible practices within the Acrylate Market.

Acrylate Market Scope

Report Coverage	Details
Growth Rate from 2023 to 2032	CAGR of 6%
Market Size in 2023	USD 11.82 Billion
Market Size by 2032	USD 19.96 Billion
Largest Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	By Product Type, By Grade, By Application, and By End Use
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

By Product Type:

Methyl acrylate
Ethyl acrylate
Butyl acrylate
2-ethylhexyl acrylate
Others

The Acrylate Market is diverse, encompassing various product types to cater to different industry needs. Commonly, it includes methyl acrylate, ethyl acrylate, butyl acrylate, and others. Methyl acrylate is known for its use in adhesives and sealants, while ethyl acrylate finds applications in coatings and paints. Butyl acrylate, a widely used variant, serves as a key component in the production of adhesives, textiles, and construction materials.

By Grade:

Standard grade
Technical grade
Chemical grade
Pharmaceutical grade

The market further classifies acrylates based on grades, distinguishing between standard and specialty grades. Standard grades often meet general industry requirements, while specialty grades are tailored to specific applications, offering enhanced performance characteristics. This segmentation allows manufacturers and end-users to choose acrylates that precisely match their intended purposes, promoting efficiency and cost-effectiveness.

By Application:

Adhesives & sealants
Paints & coatings
Textiles
Plastics
Paper & paperboard
Personal care products
Others

Acrylates play a pivotal role in various applications, reflecting their versatility. In the context of adhesives and sealants, they contribute to robust bonding solutions. In coatings and paints, acrylates provide durability and resistance to environmental factors. Additionally, they are crucial in the production of textiles, where their adhesive properties enhance fabric strength and longevity. The market caters to a spectrum of applications, ensuring a broad range of industries benefit from the unique properties of acrylates.

By End Use:

Construction
Automotive
Packaging
Textile
Paints & coatings
Adhesives & sealants
Personal care
Others

End-use segmentation highlights the widespread adoption of acrylates across industries. Construction, automotive, textiles, and packaging are among the key sectors leveraging the advantages of acrylate-based products. In the construction industry, acrylates contribute to durable and weather-resistant materials. Automotive applications benefit from their adhesive and coating properties, enhancing vehicle aesthetics and performance. Textile manufacturing relies on acrylates for improved fabric quality, while the packaging sector benefits from their protective and adhesive characteristics, ensuring product integrity during storage and transportation.

Recent Developments

In November 2022, Arkema S.A. took a significant stride in sustainable development by introducing a range of bio-attributed acrylic monomers using the mass balance approach. This move aligns with the company’s commitment to environmentally friendly practices, particularly in its coating solutions segment.
In May 2022, Evonik established a strategic distribution partnership with Vimal Intertrade and Nordmann to cater to the emerging Indian and surrounding markets. This collaboration enhances Evonik’s market presence and distribution network, positioning the company to better serve the evolving needs of these growing markets.