The market for acrylate monomers is expected to grow at a CAGR of over 5% during the forecast period. Major factors driving the market studied are the growing demand for high formulation paints and polyethylene. However, concerns regarding the toxicity of acrylate monomers are expected to restrain the market.
- Butyl acrylate type dominated the market and it is expected to witness growth during the forecast period owing to the increasing demand in developing countries.
- Increasing investment in construction activities in Asia-pacific is likely to increase the demand for high-performance formulations in paints, which, in turn, is expected to drive the market growth.
- Increasing demand for polyethylene in China is likely to drive the demand for acrylate monomers
- Asia-Pacific dominated the market across the globe with the largest consumption from countries, such as China and India.
Key Market Trends
Plastics to Dominate the Market
- The plastics made from acrylate monomers are tough and highly transparent, with excellent resistance to ultraviolet radiation and weathering.
- They are generally used as a substitute to glass, to reduce weight, increase life, increase flexibility, reduce cost, and impart attractiveness.
- The monomers, such as methyl methacrylate, are made to react in the presence of a catalyst, producing acrylic plastic polymers. These plastics are generally available in three forms: flat sheets, elongated shapes (rods and tubes), and molding powder.
- The plastics can be colored, molded, cut, drilled, and formed. These properties make it ideal for many applications, including airplane windshields, skylights, automobile taillights, and outdoor signs.
- The major sectors for the application of these plastics are architecture and construction (window and door profiles, canopies, panels, facade design), lighting (LED lights), automotive and transportation (car windows, motorcycle windshields, interior and exterior panels, fenders), electronics, and healthcare.
- Major developing nations, such as China, India, ASEAN countries, and countries in South America, are experiencing growth in construction activities and automotive production at a faster rate, owing to increasing disposable income, higher living standards, and urbanization, leading to increasing demand for acrylic products.
- The market for these plastics is expected to grow in some ASEAN countries, such as Indonesia and Singapore, due to their emergence as tourist destinations, leading to the rise in demand for acrylate plastics, over the forecast period.
China Country to Dominate the Asia-Pacific Region
- Asia-Pacific accounted for the major market share and is expected to continue dominating the market during the forecast period.
- The key factors driving the Asia-Pacific market are positive trends for paints and coatings in India and China owing to the increasing investment in construction industry.
- High demand for polypropylene in China is also likely to drive the acrylic monomers market in the Asia-Pacific region.
- China is one of the fastest growing economies, globally, and almost all the end-user industries are growing, owing to the increasing population, living standards, and per capita income.
- This growth in investments has lead to the increase in construction activities, as well as with electronics, plastics, and paints, in turn leading to an expected increase in the demand for acrylate monomers, over the forecast period.
- Over the next 30 years China’s working-age population will shrink by approximately 180 million. The International Labor Organization (ILO) forecasts that China’s projected labor shortfall in 2030 will be equivalent to 24% of its current working-age population.
- As a result of these factors, the acrylate monomers market is expected to experience moderate growth in the initial years of forecast period.
The acrylic monomers market is moderately fragmented with the market share being divided among several companies. Some of the key players include BASF SE, Nippon Shokubai Co. Ltd, Mitsubishi Chemical Corporation, and Evonik Industries AG, among others.
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