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Acrylate Market Size

Report ID: GMI6223
Published Date: Jul 2023
Report Format: PDF

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Acrylate Industry Market Size

Acrylate Market size was valued at around USD 11.3 billion in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 and 2032. Acrylate-based materials offer durability and adhesive & weather-resistant properties, increasing their adoption in construction, automotive, and packaging applications. The construction industry employs acrylate-based products, such as paints, coatings, adhesives, and sealants, in residential & commercial buildings. These materials also find extensive uses in various automotive applications as adhesives, coatings, and sealants.

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In the packaging industry, acrylate-based products are utilized in flexible packaging, rigid packaging, and labeling applications, thereby contributing to market growth during the forecast period.

Acrylate Market Report Attributes
Report Attribute	Details
Base Year:	2022
Acrylate Market Size in 2022:	USD 11.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6%
2032 Value Projection:	USD 17.8 Billion
Historical Data for:	2018 to 2022
No. of Pages:	197
Tables, Charts & Figures:	340
Segments covered:	Product Type, Grade, Application, End Use, Region
Growth Drivers:	Expanding construction industry Fast-growing automotive industry Increasing demand for packaging products
Pitfalls & Challenges:	Volatile prices of raw materials Changing regulations Presence of cost-effective substitutes

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Acrylate production involves the use of raw materials such as acrylic acid and esters. Fluctuations in the availability and prices of raw materials can increase the overall production costs, affecting the profit margins of manufacturers. Acrylate-based products, particularly solvent-based formulations, may contain Volatile Organic Compounds (VOCs), which have negative impacts on human health and air quality. The implementation of environmental standards to reduce VOC emissions is prompting manufacturers to invest in the research & development of low-VOC alternatives. Also, alternatives to acrylate-based products, such as epoxy resins, polyurethanes, and other adhesives & coatings, pose threats to market players. Manufacturers need to continuously innovate their products and demonstrate the advantages of acrylate-based materials over substitutes to maintain their market position. These factors may create barriers to product adoption, further restricting acrylate market growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size for acrylate was valued at around USD 11.3 billion in 2022 and is estimated to reach USD 17.8 billion by 2032, owing to the increasing demand for packaging products.

The standard grade segment held a 45% market share in 2022 and is expected to grow at a lucrative pace by 2032 as the product is widely used in coating, adhesive, sealant, and textile applications.

The U.S. acrylate market accounted for USD 2.4 billion in 2022 and is anticipated to expand at a rapid pace in the near future, owing to expanding construction, automotive, and packaging industries across the region.

Arkema SA, BASF SE, Dow Inc., Evonik Industries AG, Mitsubishi Chemical Corporation, LG Chem Ltd., Nippon Shokubai Co., Ltd., Hexion Inc., SIBUR Holding PJSC, and Formosa Plastics Corporation.