The global market for alkyl acrylate was valued at US$ 8.75 Bn in 2022 and is expected to reach US$ 16.43 Bn by 2032. This is expected to happen at a CAGR of 6.5% from 2022 to 2032. In adhesives and coatings applications, acrylate plays a key role in driving the global alkyl acrylate market.
Alkyl Acrylate Market CAGR
Alkyl Acrylate Market (2022)
US$ 8.75 Bn
Alkyl Acrylate Market (2032)
US$ 16.43 Bn
Global alkyl acrylate market growth factors include rapidly changing consumer lifestyles as well as increasing demand for beauty care and household products. Furthermore, the rapidly growing demand for pharmaceuticals is expected to enhance the demand for alkyl acrylate over the forecast period as well. To maintain viscosity consistency at different temperatures, key manufacturers in the global market are developing breakthrough inventions. Additionally, major companies have put a lot of effort into increasing production capacity.
Several obstacles and problems need to be addressed, both of which could significantly impede the market's growth. Acrylic-based products are associated with several environmental and health hazards, which are expected to prevent the market from expanding.
Furthermore, it is predicted that over the period mentioned above, the market will be driven by the expansion of the automotive industry and the increasing demand for products that can be used in water-based emulsions. Further, bio-based acrylic acid is beginning to be commercialized, opening up new opportunities for the alkyl acrylate industry.
Human health may be adversely affected by the use of acrylates. The acrylate market is experiencing a significant problem right now. According to the International Agency for Research on Cancer and the Environmental Protection Agency, adhesives, such as acrylates, are harmful to human health.
There has been evidence that acrylates may cause cancer in humans, according to this group. There have been many health problems associated with exposure to acrylates, including skin reactions, throat irritation, cancer, developmental disorders, neurological impairment, cell damage, and reproductive effects. Health-related concerns pose a significant threat to the acrylic industry.
The North American market for alkyl acrylates is expected to be the largest during the forecast period due to the increasing demand for cosmetics, particularly among females. Alkyl acrylate market demand is expected to grow in this region due to the increasing demand for anti-aging products and the rise in disposable income spent on cosmetics.
Since the levels of discretionary income among consumers have increased, estimates indicate that the market for consumer items has seen significant expansion. Due to advanced knowledge and concerns regarding healthcare items, the European market is expanding significantly. Consequently, during the projection period, Germany, Britain, and Italy are likely to dominate demand.
In terms of alkyl acrylate sales, Asia-Pacific is the region with the largest market share and the fastest growth. As the acrylate market grows in this region, various industries contribute to its growth, such as packaging textiles, construction, and FMCG.
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Alkyl acrylate market is anticipated to witness high growth rate due to its properties such as high viscosity boosting, strong binding and emulsion stabilizing, which is most required in cosmetics products. Changing lifestyle of people coupled with increasing demand for anti-aging products is expected to propel the demand for alkyl acrylate, thus boosting the global alkyl acrylate market.
In addition to this, rapidly increasing demand for pharmaceuticals is also projected to augment the demand for alky acrylate over the forecast period. Increasing textile industry is also expected to fuel the demand for alkyl acrylates over the forecast period.
The major manufacturers in global alkyl acrylate market are focusing on developing new formulations that can maintain viscosity consistency at different temperatures. Furthermore, major companies have adopted the strategy of focussing on production capacity expansion.
North America is expected to account for the largest market share in the global alkyl acrylate market over the forecast period. This is mainly attributed to the increasing demand for cosmetics in this region. The changing lifestyle of consumers coupled with increasing demand for anti-aging products is expected to boost the demand for alkyl acrylate market in this region.
Asia Pacific is expected to witness significantly higher growth rate in the global alkyl acrylate market over the forecast period. Europe is also expected to contribute a major share in the global alkyl acrylate market throughout the forecast period. Latin America and Middle East and Africa are also anticipated to exhibit relatively higher growth over the forecast period.
The competitive landscape for alkyl acrylate market is majorly marked by the presence of large players as well as small scale players. Some of the major players identified in the supply chain of alkyl acrylate market are The Dow Chemical Company, Arkema SA, Thermax, BASF SE, San Ester Corp., Anhui Newman Fine Chemicals Co., Ltd., and Osaka Organic Chemical Industry Ltd. among others.
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The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
There are various perspectives of understanding the alkyl acrylate market segmentation. Some of the examples of such breakdown include alkyl acrylate market segmentation on the basis of chemical groups, product types, function, and application.