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:
- 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.
- 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.
- 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.
- 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.
- 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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