Global Acrylate Monomers Market, 2020 – 2027 (USD Million)
Acrylate monomers are derived from acrylic acid, which is derived from petrochemicals. Acrylate monomers are toxic and harmful if directly exposed to them. Recent technological advancements have enabled successful formulations of bio-based or plant-based acrylic monomers and polymers. These monomers have various potential commercial applications, similar to those of conventional acrylate monomers. They are anticipated to become alternative to the existing petrochemical-based acrylate monomers.
Strong growth of construction and automotive industry
Automotive and construction are the largest outlets for the global Acrylate Monomers industry. Construction and automotive held over 30% share of the total Acrylate Monomers and its derivative consumption. Acrylate Monomers are preferred in construction and automotive industry owing its ability to offers desired properties to the polymers used in aforementioned industries. Acrylate Monomers exhibit the ability to lend strength, hardness and heat resistance properties to the polymeric products to be used in construction and automotive industry.
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Fluctuating price of raw materials
Acrylic acid, which is petroleum derived product is a major precursor for Acrylate Monomers. As prices of acrylic acid are linked with that of crude oil, which tends to fluctuate frequently depending upon global economic dynamics. This in turn affect the supply as well as production cost of Acrylate Monomers. Ever changing raw materials cost is major challenge for the manufacturers of Acrylate Monomers and also takes its toll on margins of Acrylate Monomers producers.
Paints & Coating and Adhesives & Sealants to Dominate the application market for Acrylate Monomers
Paints & coatings and adhesives & sealants are major application markets for the global Acrylate Monomers industry. Paints & coatings and adhesives & sealants are widely used across construction and automotive sector. Paints & coatings and adhesives & sealants collectively held over 45% share of the total Acrylate Monomers consumption in 2020.
Asia Pacific to Lead the demand for Acrylate Monomers
Asia Pacific has emerged as the single largest regional market for the Acrylate Monomers over the past few years backed by the strong economic activities in China, India, South Korea, Japan and other Southeast Asian economies such as Thailand, Indonesia, Vietnam, Malaysia, etc. Growth of economies led to the rapid growth of construction sector and automotive manufacturing industry in the region. At present, Asia Pacific is largest construction and automotive market. This in turn driving the demand for paints & coating, adhesives & sealants and other products for which Acrylate Monomers acts a precursor. Asia Pacific had contribution of over 40% towards the total revenue generation of Acrylate Monomers in the year 2020.
Key companies involved in the global Acrylate Monomers include but not limited to the Arkema, BASF, Chi Mei Corporation, Eastman Chemical Company, Esstech, Estron Chemical, Evonik Industries, Formosa Plastics Corporation., Fushun Anxin Chemical, Gantrade Corporation, Gelest, Hitachi Chemical Co, Kailash Company, Kuraray, LG Chem, Mitsubishi Chemical, Miwon Specialty Chemical, New Japan Chemical Co., Ltd, Nippon Shokubai, Rohm and haas, Saudi Acrylic Monomer Company Limited, Sumitomo Chemical, Ted Pella and The DOW Chemical Company. Global Acrylate Monomers market is highly fragmented with large number of manufacturers spread across the world. Market share consolidation is the major growth strategy perused by the key players along with expansion across region.
Market Segmentation
Global Acrylate Monomers Market by Type, 2015 – 2027
Global Acrylate Monomers Market by Application, 2015 – 2027
Global Acrylate Monomers Market by End-user, 2015 – 2027
Global Acrylate Monomers Market by Company, 2015 – 2027
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