Acrylic Ester Market size is forecast to reach $11.1 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Acrylic esters are acrylic acid-based polymers used for various applications, such as constructing, adhesives, textiles, detergents, and others in the form of water-based coating solutions. This ester family has replaced solvent based paints and sealants in various applications and is expected to see demand growth during the study period led by increasing coating applications in different industries apart from this high oil resistance and thermal stability are the key features of acrylic esters which are expected to add fuel to the production over the forecast period.
Acrylic Ester Market Segment Analysis – By Type
Methyl Acrylate is extensively used in acrylic ester market. Methyl acrylate is an organic compound, and more specifically the acrylic acid methyl ester. This is a colorless liquid with a distinctive, acrid odor. It is developed primarily for producing acrylate fiber, which is used to weave synthetic carpets. It is also a reagent for the synthesis of different intermediates in pharmaceuticals. Also, methyl acrylate is a volatile liquid found under normal environmental conditions. Methyl acrylate has very few impurities and can be used for a large spectrum of chemicals as the raw material. Thus, increasing use of methyl acrylate as a raw material for applications such as acrylic fibers, molding resins, adhesives, coatings, and emulsions will further drive the market for Acrylic Ester in the forecast period.
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Acrylic Ester Market Segment Analysis – By Application
Adhesives and sealants held the largest share in the acrylic ester market in 2019 and are projected to grow at a CAGR of 5.4% during the forecast period 2020-2025. Adhesives and sealants have been absolutely essential for construction, transportation and for consumer goods. Construction and transport providers, plus consumer goods companies use high-performance adhesives and sealants to satisfy their demands, for example, the reduction in weight of cars or internal structures of aircraft, and building low-energy buildings. Acrylic ester offers a wide range of adhesives, pressure-sensitive and self-adhesives, mortars, sealants and coatings, in strict compliance with technical and environmental standards. These high-tech systems are known for their maximum performance, protection for the consumer, robustness, advanced impact tolerance and sealing and insulation. Thus, owing to the enhanced flexibility of acrylic ester it is widely suited in adhesives and sealants leading towards the growth of the market.
Acrylic Ester Market Segment Analysis – By Geography
Asia Pacific held the largest share with 36% in the acrylic ester market. Geographically, the Asia-Pacific acrylic ester industry dominated because of the strong demand in different industries for surface coating materials. In addition to the largest market, Asia-Pacific is also expected to remain the fastest growing regional acrylic ester market led by increased acrylic ester demand due to the rapid industrialization and infrastructure development particularly in China and India. In line with the 13th five-year plan (2016-2020), Chinese Government aims to build infrastructure on 30,000 km of railways and 30,000 km of expressways, according to the National Growth and Reform Commission and the Ministry of Transport of China. In the next five years, the Indian Government has announced its infrastructure target at US$1.4 trillion, including US$120.5 trillion for the growth of 27 industrial groups, while the Indigenous Railways earned a Rs 72.216 crore (US$10.33 billion) allocation under Union Budget 2020-21. Hence, all these factors will propel the growth of the acrylic ester market in the forecast period.
Acrylic Ester Market Drivers
Increasing demand of Bio-Based Acrylic Acid
Acrylic acid and its esters are one of the most flexible monomers with a wide range of output polymers. Most acrylic acid manufacturers and/or licensors are seeking to deviate from petroleum-based feedstocks despite global oil prices actually hitting unsustainable levels. Many companies have developed technologies that will produce acrylic acid and acrylates from renewable resources (such as sugar and glycerol) using biotransformation techniques in recent years. Thus, current global bio-based chemical and polymer production is estimated to be around 90 million tones. Also, bio-based acrylic acid could be used to make more sustainable diapers. Owing to such advantages of bio-based acrylic acid the demand for the acrylic ester market will rise in the projected period.
Growing need of acrylic ester in surface coatings
Surface coatings include paints, drying oils and varnishes, synthetic transparent coatings and other materials that have the primary function of shielding an object’s surface from environment. Acrylic surface coatings are found in the three industry types of paint and coatings, such as in architectural coatings, OEM products and special purpose coatings. Acrylic surface coatings are the leading finishes used in the paint and coatings industry, having outperformed alkyd finishes in recent years. Acrylic surface coatings are noted for their inertness and excellent color retention when exposed to environmental conditions, based on acrylic and/or methacrylic polymers or copolymers. Acryl esters provide polymer materials with many attractive properties, including durability and brightness in the color, heat and ageing power, good weather capability and low temperature. Hence, due to the increasing demand for acrylate esters in coatings and adhesives the demand for the market is anticipated to rise in the projected period.
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Acrylic Ester Market Challenges
Health effects and flammable issues regarding acrylic acid
Acrylic acid is highly irritating to the skin and respiratory tract and is corrosive. Touch to the eye can lead to serious and permanent injury. Low exposure would cause minimal to no effects on health, while high exposure may lead to pulmonary edema. Acrylic acid is considered toxic when ingested or inhaled. Swallowing may cause serious gastrointestinal irritation or ulceration, and mouth and throat burns. Contact to the skin can cause skin irritation or burning. Acrylic acid and vapor are inflammable. It is a hazard from the explosion of vapors. Vapors can travel long distances, with the possibility of ignition or flashback. Remove fire, fires, sparks and any other ignition sources.
Acrylic Ester Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in acrylic ester market. Major players in the acrylic ester market are Mitsubishi Chemical Holdings Corporation, Momentive Specialty Chemicals Inc., OJSC Sibur Holding, Nippon Shokubai Co. Ltd., Sasol Ltd., Arkema SA, BASF SE, Evonik Industries, LG Chem Ltd., and among others.
Related Reports :
A. Acrylic Acid Market
B. Acrylic Resins Market
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