Acrylic Monomers Market to Exceed Valuation of USD 12.23 Billion by 2027
According to a recent report by Reports and Data, the Acrylic Monomers Market is projected to achieve a value of USD 12.23 Billion by 2027. The market growth will be driven by the increasing demand for methacrylate monomers in various industries and the need for durable paints and coatings. The application of methacrylate-based monomers in coatings for industries such as architecture, automotive, and others will further contribute to market expansion.
Factors such as the growing automotive production and the
demand for long-lasting products are fueling the market growth. Acrylic
monomers are widely used in automotive seals and gaskets due to the rising
demand for oil-resistant rubber materials. Additionally, the market is
positively influenced by the increasing need for fuel efficiency and higher
combustion temperatures in engine compartments.
The growth drivers for the market include the rising demand
for superabsorbent polymers, the widespread acceptance of acrylic-based
products in developing countries like the Asia Pacific, and the expanding
industrial sectors such as adhesives and sealants. Petrochemical technologies
are being developed and employed by industries for acrylic monomer production.
In order to compete with petrochemical routes, producers are utilizing
bio-based methods to generate unsaturated carboxylic acid and acrylates from
natural materials like glycerol and sugar. Renewable feedstock offers cost
advantages over petrochemical routes.
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The COVID-19 pandemic has had an impact on the organic chemicals
sector, resulting in a decline in development. However, the demand for certain
chemicals used in healthcare and food applications is on the rise. China, a
major chemical manufacturer, experienced a significant production decline in
the first quarter of 2020, leading to supply-demand imbalances and negotiation
of supply contracts.
Key findings from the report indicate that methacrylate
monomers are also used in the composition of methacrylate adhesives, which
exhibit superior low-temperature impact performance and can achieve
high-strength bonds with various materials. The paints and coatings application
holds the largest market share, with acrylic paints containing
methacrylate-based products that provide efficient application and long-lasting
protection against environmental factors. Acrylic fiber, formed through
acrylonitrile polymerization, offers resistance to various degrading agents and
good thermal stability.
The Asia Pacific region dominates the acrylic monomer market,
with China being the largest producer due to high demand from domestic and
international markets. Increased investment in the textile and apparel industry
is driving demand in countries like Indonesia and India.
Key participants in the market include New Japan Chemical Co
Ltd., BASF SE, The Dow Chemical Company, Hitachi Chemical Co. Ltd, Evonik
Industries AG, Kuraray Co. Ltd, Arkema Group, Nippon Shokubai Co. Ltd, KH
Chemicals, and Mitsubishi Chemical Corporation, among others.
The global Acrylic Monomers Market is segmented based on
product (Methyl Acrylate Monomers, Butyl Acrylate Monomers, Ethyl Acrylate
Monomers, 2 Ethyl Hexyl Acrylate Monomers, Others), application (Adhesives
& Sealants, Printing Inks, Paints & Coatings, Plastics, Others),
end-user (Automotive, Textiles, Construction, Oil and Gas, Others), and region
(North America, Europe, Asia Pacific, Latin America, MEA).
Acrylic Monomers
Market: Drive factors
Factors driving the growth of the Acrylic Monomers Market
include:
1. Increasing demand for methacrylate
monomers: The rising demand for methacrylate monomers in various industries is
a key driver of market growth. These monomers are widely used in applications
such as coatings, adhesives, sealants, and plastics, which fuels the demand for
acrylic monomers.
2. Need for durable paints and coatings:
The requirement for durable paints and coatings in industries like
architecture, automotive, and others is driving the growth of the acrylic
monomers market. Methacrylate-based monomers are utilized in coatings to
enhance their durability and longevity, thus supporting market expansion.
3. Growth in automotive production: The
increasing production of automobiles is a significant driver for the acrylic
monomers market. Acrylic monomers are utilized in automotive applications such
as seals and gaskets, where oil-resistant rubber materials are in high demand.
4. Demand for superabsorbent polymers:
The increasing demand for superabsorbent polymers, which find applications in
sectors like personal care products and agriculture, is driving the growth of
the acrylic monomers market. Acrylic monomers are essential components in the
production of superabsorbent polymers, supporting market expansion.
5. Growing industrial sectors: The
expanding industrial sectors such as adhesives, sealants, and textiles are
contributing to the growth of the acrylic monomers market. These sectors
utilize acrylic monomers in various applications, creating a sustained demand
for the market.
These driving factors, along with others, are propelling the
growth of the acrylic monomers market, making it a promising industry with
significant opportunities for manufacturers and suppliers.
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