Acrylate Market to Grow with a CAGR of 5.14% through 2028
Growing demand
of acrylate in packaging industry is expected to drive the Global Acrylate
Market growth in the forecast period, 2024-2028
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.
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.
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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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