The global acrylate monomers market size is estimated to reach ~USD 15 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of acrylate monomers was ~USD 7 Billion. The growth of the market can be attributed to the increasing demand for acrylate monomers in the production of cosmetics, rubber, and other industrial applications owing to their low cost, high solubility and adhesion, and high durability. Moreover, the rapid growth of the art and painting sector is increasing the demand for acrylic varnishes. A total of 37 million transactions have been conducted in the art industry in 2021, with a total sales volume of 5 million in the sector for that year, which is an increase of 18% over 2020. Acrylic varnishes are an increasingly popular choice for paintings as they can provide better protection against environmental elements, such as moisture and dust. Acrylic monomers are used to make acrylic varnishes as they allow for the creation of a durable and glossy finish that can protect surfaces from damage while still maintaining its attractive appearance.
In addition to these, factors that are believed to fuel the market growth of acrylate monomers include the growing use of acrylate monomers in the production of polymers and other functional materials. There is a rising production of polymers across the world creating lucrative opportunities for acrylate monomers. The Indian polymer industry produced more than 13 million metric tons of polymers in the fiscal year 2021. It is estimated that the chemical sector in India produces more than 80 thousand products, representing a highly diversified industry. Polymers are made of monomers, and acrylates are a type of monomer used in the production of many polymers. With the rise in polymer production, there is an increasing demand for acrylate monomers, creating lucrative opportunities. Acrylate monomers are used in the production of many different types of polymer products, such as adhesives, coatings, and insulation.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~6% |
Base Year Market Size (2022) |
~ USD 7 Billion |
Forecast Year Market Size (2035) |
~ USD 15 Billion |
Regional Scope |
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Growth Drivers
Challenges
The global acrylate monomers market is segmented and analyzed for demand and supply by product type into butyl acrylate, methyl acrylate, ethyl acrylate, 2 ethyl hexyl acrylate, and others. Out of these, the methyl acrylate segment is estimated to gain the largest market share of about ~30% in the year 2035. The growth of the segment can be attributed to the methyl acrylate's versatile properties, such as its low-cost production, low water solubility, and low toxicity, make it widely used in the production of a variety of products, such as coatings, adhesives, and plastics. In addition, increasing demand for medical equipment from healthcare settings owing to the rising awareness of health and safety among the population, and an increased focus on preventive healthcare is projected to drive segment growth. Today, according to WHO estimates, there are approximately 2 million different types of medical devices on the world market, which can be classified into more than 7000 generic device groups that are available on the market. Methacrylate polymers are incredibly versatile and durable materials, making them ideal for medical equipment, as they can withstand the harsh sterilization processes that medical equipment must go through, and the polymers are also biocompatible, meaning they won't cause any adverse reactions in the body when used in contact with human tissue.
The global acrylate monomers market is segmented and analyzed for demand and supply by application into paints & coatings, adhesives & sealants, printing inks, plastics, and others. Out of these, the plastics segment is estimated to gain a significant market share of about ~25% in the year 2035. The growth of the segment can be attributed to the increasing demand for plastics in numerous consumer and industrial applications, such as packaging, automotive, construction, and consumer goods, is driving the growth of the segment. The consumption of plastic has tripled in the past 30 years as a result of the growth of emerging markets. A total of 460 million tonnes of plastic were produced globally between 2000 and 2019. Acrylate monomer plastics are also known for their low permeability to air and water vapor, making them an ideal material for products such as window panes, lenses, and protective coatings. Additionally, due to their light weight, they are frequently used in the automotive and aerospace industries. Furthermore, advancements in the production process and the introduction of biodegradable plastics are expected to further bolster the segment's growth over the forecast period.
Our in-depth analysis of the global acrylate monomers market includes the following segments:
By Product Type |
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By Application |
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By End User |
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The market share of acrylate monomers in Asia Pacific, among the market in all the other regions, is projected to be the largest with a share of about ~37% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for acrylate monomers in end-use industries such as paints and coatings, adhesives, textiles, and paper and board industries. The construction industry in India and China is booming owing to government initiatives and foreign investments. The construction industry is a major consumer of acrylate monomers, which are essential components of building materials such as sealants and paints. The Japan Ministry of Land, Infrastructure, Transport and Tourism estimates that construction investments in the year 2022 reached USD 508 billion, representing an increase of 0.6% over last year. The PMAY-U Technology Sub-Mission identified 54 global innovations in construction technology to initiate a new era in the Indian construction technology sector. Acrylate monomers are used in construction materials such as insulation and concrete repair because they are highly durable and provide excellent adhesion to a variety of surfaces. They are also resistant to water and UV radiation, making them ideal for outdoor applications. Therefore, increasing investment in the construction industry is expected to result in increased demand for acrylate monomers, stimulating the market growth.
The North America acrylate monomers market is estimated to be the second largest, registering a share of about ~25% by the end of 2035. The growth of the market can be attributed majorly to the rising demand for consumer goods such as paints and coatings, adhesives, and plastics that use acrylate monomers as raw materials. Additionally, the growing use of acrylate monomers in the manufacture of specialty polymers and copolymers for various applications, such as medical and automotive, is likely to further propel market growth in the region. In addition, the growing number of hip replacement surgeries is expected to increase demand for acrylate monomers. As of 2021, the report covered over 2.2 million hip and knee surgeries performed across all fifty states and the District of Columbia, with over 1,150 hospitals, ambulatory surgery centers (ASCs), and private practice groups participating in the study. Acrylate monomers are used in the production of biomedical devices such as hip replacements, and with the increasing number of hip replacement procedures being performed, the demand for acrylate monomers is expected to grow significantly.
Further, the acrylate monomers market in Europe, among the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed to the increasing demand for polyacrylate polymers and their derivatives. These polymers have a wide range of applications in the automotive, construction and healthcare industries, among others. Additionally, the growing demand for water-based coatings, adhesives and sealants, as well as the rising demand for paints and coatings, is aiding in the growth of the European acrylate monomers market. Furthermore, the increasing number of infrastructure projects in the region, such as bridges, roads, and tunnels, are leading to the rising demand for water-based coatings, which are derived from acrylate monomers.
With the strategic distribution collaboration between Vimal Intertrade and Nordmann in India, Evonik Industries AG will be able to respond faster and be more flexible in supporting evolving market needs.
Methyl acrylate production has been increased in the US Gulf Coast by Dow Chemical Company to improve access to raw materials and reliability. St. Charles Operations in Louisiana, USA, will produce 50-kiloton capacity of methyl acrylate to meet the growing demand in North America.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The increasing demand from the adhesives and sealants industry, the growing automotive industry, and the increasing demand for paints and coatings are some of the major factors driving the growth of the acrylate monomers market.
Ans: The market size of acrylate monomers is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: The high cost of raw materials, stringent government regulations, and the emergence of substitutes are believed to be the major factors that are hindering the growth of the acrylate monomers market.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Arkema, Inc., BASF SE, The Dow Company, Eastman Chemical Company, Mitsubishi Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end user, and by region.
Ans: The methylacrylate segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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