According to TechSci Research report, “Acrylate Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Acrylate Market stood at USD 10.12 billion in 2022 and is anticipated to grow with a CAGR of 5.14% in the forecast period, 2023-2028. The initiatives taken by government based on Acrylate has led to favorable market conditions for the Global Acrylate Market. Several factors contribute to the growth of various Acrylate products.
In the United States, the Occupational Safety and Health Administration (OSHA) has established comprehensive guidelines for the safe handling and use of acrylates, including specific types like ethyl acrylate and methyl acrylate. These regulations aim to protect workers in industries that utilize these chemicals, ensuring their well-being and indirectly influencing the acrylate market by enforcing stringent safety standards that companies must adhere to. OSHA’s guidelines cover various aspects such as storage, labeling, personal protective equipment, and emergency response procedures, providing a thorough framework for the safe utilization of acrylates.
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Similarly, the Canadian government has taken a proactive approach in gathering extensive information on substances like acrylates and methacrylates, including detailed assessments of their commercial status within Canada. This initiative supports robust risk assessment and ensures informed decision-making regarding the production, usage, and regulation of these chemicals. By carefully monitoring their use and impact, the Canadian government can effectively mitigate any potential risks associated with acrylates, safeguarding both the environment and public health.
Government-supported programs like the “Regional Initiative of Excellence” in Poland have played a crucial role in funding research projects that investigate the effects of acrylates, including their potential role in causing allergic contact dermatitis. These initiatives not only contribute to our understanding of the properties and effects of acrylates but also facilitate the development of improved safety guidelines and usage practices. By promoting research in this field, such programs drive innovation and enable the implementation of more effective preventive measures, ensuring the well-being of workers and the general public alike.
Acrylates exhibit remarkable versatility and numerous advantages, rendering them highly suitable for packaging applications. They showcase exceptional adhesion, superior weatherability, and impressive optical properties. Crucially, they can be rapidly cured under ultraviolet (UV) or electron beam (EB) irradiation, lending to their remarkable efficiency on high-speed production lines. UV-curable acrylates find extensive usage in overprint varnishes (OPVs) for packaging. These OPVs not only safeguard printed materials but also enhance the visual allure of packaging while providing resistance against chemicals and scratches. The demand for acrylates is further propelled by the drive for innovation in packaging design. In a saturated marketplace, brands constantly seek novel and innovative packaging solutions to set themselves apart. Acrylates, with their exceptional clarity and gloss, enhance the aesthetic appeal of packaging, making products more enticing to discerning consumers.
The Global Acrylate Market is segmented into chemistry, end user, regional distribution, and company. Based on its chemistry, the butyl acrylate segment held the largest share in the market. Various factors contribute to the wide usage of Ethyl Hexyl Acrylate in different applications such as cleaning agents, antioxidants, surfactants, aqueous resins, and elastomers. Its superior properties and unique chemical structure make it a highly desirable option. With its ability to offer excellent performance and versatility, Ethyl Hexyl Acrylate is expected to witness significant growth, exhibiting the fastest compound annual growth rate (CAGR) among its counterparts.
Based on region, Asia Pacific segment is expected to grow during the forecast period. The rapid growth in this region can be attributed to various factors, including the increasing industrialization, expanding population, and rising disposable incomes. As a result, the Asia-Pacific (APAC) region is projected to achieve a faster Compound Annual Growth Rate (CAGR) compared to other regions. This growth is further fueled by the thriving automotive industry and ongoing industrial development in the APAC region.
Major companies operating in Global Acrylate Market are:
- Arkema SA
- BASF SE
- Evonik Industries AG
- LG Chem Ltd.
- SIBUR International GmbH
- The DOW Chemical Company
- Sasol Limited
- Mitsubishi Chemical Corporation
- Formosa Plastics Corporation
- Nippon Shokubai Co., Ltd
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“Growing application of acrylate in various end user industries are key drivers of the Acrylate Market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of acrylate with every passing year are anticipated to register an impressive growth to Global Acrylate Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Acrylate Market – Global Segmented By Chemistry (Butyl Acrylate, Ethyl Hexyl Acrylate, Methyl Acrylate, Ethyl Acrylate), By End User (Packaging, Consumer Goods, Building & Construction, Textile, Automotive, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Acrylate Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Acrylate Market.
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