Asia Pacific to Dominate Global Butyl Acrylate Market During Forecast Period
Growth in automotive and construction industries and rising
demand from developing economies is expected to drive the growth of global
butyl acrylate market during forecast period
According to
TechSci Research report, “Global Butyl
Acrylate Market By Product Type, By Purity, By Application, By End User
Industry, By Region, Competition, Forecast & Opportunities, 2024”, the global butyl acrylate market is expected to grow at a steady
CAGR during the forecast period. The butyl acrylate market is projected to witness
growth on account of introduction of innovative and renewable methods of
production, rising demand in the petrochemical
end use industry. In addition, rapidly increasing research and development
activities of the key market players, in order to use the product based on
butyl acrylate in various innovative applications, is projected to bolster the
growth of global butyl acrylate market in the coming years. However, stringent
government regulations over the production and disposal of the compound owing
to its non-bio-degradable nature is expected to hamper the global butyl
acrylate industry growth over the forecast period.
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The global
butyl acrylate market is segmented based on product type, purity, application,
end user industry, region and company. Based on application, the market is fragmented
into adhesives & sealants, textile, plastics, paints & coatings and
others. Until 2018, the paints & coatings segment dominated the butyl
acrylate market and is further anticipated to maintain its dominance over the
forecast period as well. This dominance can be attributable to its large-scale applications
in construction and automotive industries coupled with emerging replacement of
existing coatings with water-based paints & coatings. Additionally, properties,
such as durability, high hardness, and enhanced weather ability, is making the
material a preferred choice for automotive coating applications.
BASF SE, ARKEMA S.A., Mitsubishi
Chemical Corporation, Nippon Shokubai Co., Ltd., DuPont de Nemours, Inc., LG
Chem Ltd., SunVic Chemical Holdings Corporation, Toagosei Co., Ltd, Wanhua
Chemical Group Co., Ltd, Formosa Plastics Corporation and others are some of the
leading players operating in global butyl acrylate market.
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“Asia-Pacific region
is projected to hold a prominent share in the market over the coming years
which can be attributed to surge in growth of automotive and construction
industries which in turn is leading to increased usage of butyl acrylate for
the manufacturing of water-based coatings, which are likely to replace
solvent-based coatings. Moreover, the industrial textile & apparel segment
in China is expanding at a brisk rate which is a key driver of the butyl
acrylate market in Asia-Pacific through 2024.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Butyl Acrylate Market By Product Type,
By Purity, By Application, By End User Industry, By Region, Competition,
Forecast & Opportunities, 2024” has evaluated
the future growth potential of global butyl 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 to take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global butyl acrylate market.
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