The Acrylate Market is expected to grow at a CAGR of 6.4% to reach USD 14.7 billion by 2028 from USD 10.8 billion in 2023. The acrylate market growth is driven by various factors, including the significant demand from end-use industries such as building & construction, packaging, consumer goods, automotive, textiles, biomedical, cosmetics & personal care, and other industries. The key global players in the acrylate market, such as Arkema S.A. (France), BASF SE (Germany), Dow Inc. (US), Nippon Shokubai Co., Ltd. (Japan), Evonik (Germany), LG Chem (South Korea), Mitsubishi Chemical Group Corporation (Japan), Sasol (South Africa), Sibur (Russia), and Wanhua Chemical Group Co. Ltd. (China), have a strong foothold in their respective regions and are exploring geographic diversification options to expand their businesses. They are focusing on increasing their market shares through new product launches and expansions.
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Acrylate Companies
BASF SE
BASF is a leading chemical company. The company operates under 6 business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. It offers acrylate through the functional chemicals business segment. The company’s research is divided into three global divisions: Process Research & Chemical Engineering, Advanced Materials & Systems Research and Bioscience Research. It supplies products and services to 90,000 customers. The company holds one of the top three market positions in around 80% of the business areas in which it is active. The company operates 6 Verbund sites and 232 additional production sites across Europe, Asia Pacific, North America, South America, Central America, Middle East & Africa.
Arkema S.A.
Arkema S.A. is one of the leading companies providing specialty materials. The company has expertise in material science and designs materials to address the ever-growing demand for innovative and sustainable materials. The company operates through four business segments, namely adhesive solutions, advanced materials, coating solutions, and intermediates, and provides acrylate under the coating solution segment. Arkema S.A. serves various industries, including agriculture and food, automotive, transportation and aerospace, building and construction, electronics and electricals, chemicals and plastics, pulp and paper, and oil and gas.
The company has a strong global presence, operating through 44 plants and 5 R&D centers in North America, 60 plants and 7 R&D centers in Europe, and 44 plants and 4 R&D centers in Asia Pacific and the rest of the world. In 2022, the company filed 205 patents, 92% of which were related to sustainable development.
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2-Ethyl hexyl acrylate segment is projected to grow at fastest CAGR, in terms of volume, during the forecast period
2-ethylhexyl acrylate (2-EHA) is a clear, colorless liquid with a specific odor. Its density is less than water and so it is not soluble in water. 2-EHA is soluble in organic solvents and can be easily polymerized with monomer molecules to form polymer chains.
Paints, coatings & printing inks is projected to be the fastest growing application type in the acrylate market, in terms of value.
Paints & coatings are widely used in buildings, automobiles, industrial goods, paper, and consumer goods to decorate, protect, and improve the life of the surface as well as resistance to environmental conditions. The demand for paints & coatings is high as they provide protection against weather conditions, dampness, corrosion, and fungi.
Asia Pacific is expected to be the fastest growing market for acrylate during the forecast period, in terms of value and volume.
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, and Japan are investing in various industrial developments that are driving the acrylate market.
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