The acrylate market is projected to grow at a CAGR of 6.3% in terms of value during the forecast period
The acrylate market was valued at USD 6.86 billion in 2022 and is projected to reach USD 9.88 billion by 2031, at a CAGR of 6.3%. The increasing demand for acrylate in end-use industries such as packaging, consumer goods, building & construction, automotive and textiles is driving the acrylate market. Acrylic monomers possess properties such as flexibility, hardness, and gloss and are thus suitable for a wide variety of applications in these end-use industries. Environmental and health issues posed by acrylate monomers are restraining the market.
Among applications, the market for paints & coatings is projected to grow at the highest CAGR
Paints & coatings is projected to be the largest and fastest-growing application among all applications. Growing demand for water-based coatings due to increasing environmental concerns has propelled the growth of acrylates in paints & coatings. In addition, growth in residential and construction and renovation has further led to the growth in this application.
Among end-use industries, the packaging segment is leading the acrylate market and is projected to grow at the highest CAGR
The packaging end-use industry segment is leading the acrylate market and is projected to grow at the highest CAGR during the forecast period. The growth of this segment of the market can be attributed to the increased use of acrylate for fabrics, plastics, paper, and metals in the form of packaging.
The Asia Pacific acrylate market is projected to grow at the highest CAGR during the forecast period
The Asia Pacific acrylate market is projected to grow at the highest CAGR during the forecast period, owing to the increased demand for paints & coatings in the region from the growing construction industries as a result of growing middle class populations, rapid urbanization, and increasing purchasing power of consumers. Consumer goods and packaging end-use industries in the region also fuel the demand for acrylate in the Asia Pacific region contributing to the growth of the acrylate market.
This study has been validated through primaries conducted with various industry experts, worldwide. The primary sources have been divided into three categories, namely, company type, designation, and region.
• By Company Type – Tier 1-56%, Tier 22%, and Tier 22%
• By Designation – C Level-90%, Director Level-5%, and Others-5%
• By Region – Asia Pacific-35%, North America-5%, Europe-45%, Middle East & Africa-10%, and South America-5%