Global Butyl Acrylate Market Overview
The key driver impacting the butyl acrylate market is the rapidly growing usage across paints, surface coatings, adhesives & sealants in the construction and automotive industries. For instance, As per the Oxford economics, Global Construction 2030 report, it is estimated that the total volume of construction output will increase by 85% to $15.5 trillion globally by 2030. The growth is majorly driven by three countries China, the US, and India, and these countries are responsible for 57% of all global growth. Moreover, the massive demand for adhesives and carpet backing compounds from the construction & automotive sectors is also estimated to be a prominent determinant that adds a boost to the market. Whereas with regards to volume,the market was calculated XX Metric Kilo Tons in 2019 and foreseen to grow with a CAGR of XX% during 2020-2026.
According to Value Market Research, the global butyl acrylate market was valued at around USD 60 million in 2019 and is estimated to grow at a CAGR of about 29.6% during the forecast period of 2020-2026.
The rapidly growing automotive industry and escalating industrialization in all emerging countries are likely to enhance market demand in the forecast period. Butyl acrylate is majorly utilized in formulating water-based acrylic emulsions for industrial coatings and adhesives majorly used in automobiles. For instance, According to the Crescendo Worldwide Organization, automobile production in 2019 globally was estimated as 92 MN Vehicles, and it is expected to grow by a CAGR of 20.78% by 2028. However, the high cost of butyl acrylate may hamper the global butyl acrylate industry in the long run. Also, strict government rules and guidelines for the production and disposal of butyl acrylate is negatively impacting the market.
The current industry trends, such as rising urbanization together with growing demand from the textile, paints, and coatings industry, are expected to provide beneficial market opportunities for the key market players in the coming years.
The butyl acrylate market is vast, with a large number of local and global players. The key leaders follow many strategies to boost their market position, such as extending product portfolio, acquisitions, expansions, mergers, and product innovations to make more substantial their market share at the global scale. For instance, In January 2019, Adani Group and BASF SE and Adani Group have signed a memorandum of understanding (MoU) to assess joint investment in the acrylics value chain. The main objective of this mutual agreement is to extend its product portfolio together with expanding its chemicals production. The important players included in the report are ARKEMA S.A., BASF S.E, NIPPON SHOKUBAI CO., LTD, DOWDUPON INC., SunVic Chemical Holdings Corporation, LG CHEM LTD., TAOGOSEI CO., LTD., Mitsubishi Chemical Corporation, and DOWDUPON INC.
In this research report, the butyl acrylate market is segmented by purity, applications, and region.
Analysis by Purity:
By purity, the report is categorized into high purity and common purity. The common purity dominates the purity segment in 2019 with a maximum market share of 50%. It is due to the expanding demand for butyl acrylate from paints, inks, and adhesives manufacturing industries. Moreover, there is a rising utilization of common butyl acrylate for cleaning products, amphoteric surfactants, antioxidant agents, aqueous resins, and dispersions for papers and textiles is expected to create more demand in the coming year.
Analysis by Applications:
By applications, the report is categorized into paints & coatings, adhesives & sealants, chemical synthesis, plastic additives, textiles, and others (paper & pulp, leather processing, etc.).The paints and coatings dominate the application segment in 2019 with a maximum market share of 30%. It is due to the rising demand for butyl acrylate monomers, which are majorly used in preparing water-based acrylic emulsions for industrial and architectural coatings. Moreover, the rapidly growing construction sector leads to more demand for paints and coatings, thus, contributing to the growth of the paints and coatings segment in the forecast period.
Analysis by Region:
In the regional outlook of the global butyl acrylate market, the Asia Pacific region dominates with a maximum market share of 50% in 2019. The Asia Pacific region is majorly driven by China is followed by India and Japan. It is due to the increase in automotive car production and expansion of the construction sector. Moreover, the rapidly growing urbanization and industrialization lead to GDP growth across developing nations like India and China, thus contributing to the butyl acrylate market growth across the Asia Pacific.
Market Segmentation covered in the Report:
- High Purity
- Common Purity
- Paints & Coatings
- Adhesives & Sealants
- Chemical Synthesis
- Plastic Additives
- Others (Paper & Pulp, Leather Processing, etc.)
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.