Kenneth Research recently added a report on Alkyl Acrylate Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Alkyl Acrylate Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Product Overview
Alkyl acrylate is used as high end absorbents and viscosity booster. It is also used as a skin conditioning agents, suspending agents, emulsion stabilizer and binders in household and personal care products. Alkyl acrylate is used in the personal care products which include facial moisturizers, treatment creams, tanning lotions and sun creams among others. Alkyl acrylate is also used in shampoos, hair bleaching and coloring products. Alkyl acrylate can be used in wide range of application particularly, as a pharmaceuticals ingredient, which includes effervescent, oral suspension medicines and chewable tablets. Acrylates in polymer form can be used in surface coatings. Textiles and leather processing industries are major users of Alkyl Acrylate.
Market Size and Forecast
The global Alkyl Acrylate Market was valued around USD 6 Billion in 2016 and is expected to reach around USD 12 Billion by 2027, at a CAGR around 6% during 2017 to 2027. The high demand for acrylate in adhesives and coatings applications is driving the alkyl acrylate market across the globe.
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The global alkyl acrylate market can be segmented on the basis of chemical groups, product types, functions, applications and region. Moreover, on the basis of application it is sub-segmented into Personal care products, Coatings, Textiles, Adhesives, Paper manufacture and Pharmaceuticals. Coating sub segment is anticipated to be the fastest moving application of alkyl acrylate during the forecast period. The factors such as changing lifestyles, infrastructural development, growing disposable incomes coupled with increase in renovation and refurbishment activities is expected to drive the growth of coating sub segment in alkyl acrylate market.
By region, global alkyl acrylate market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is expected to be the largest market in the global alkyl acrylate market during the forecast period. This is primarily accredited to the rising demand for cosmetics especially by female population in this region. Growing demand for anti-aging products accompanied by rising disposable income on cosmetic products is anticipated to further drive the demand for alkyl acrylate market in this region. The Asia-Pacific region is the largest and fastest growing market for alkyl acrylate. The growth of acrylate market in this region is supported by various industries such as packaging textiles, construction & FMCG.
Market Segmentation
Our in-depth analysis segmented the global alkyl acrylate market in the following segments:
By Chemical Groups
Hydrophobic
Hydrophilic
By Product Types
Methacrylate Cross polymer
Butyl Acrylate
Ethyl Acrylate
Vinyl Isodecanoate Cross polymer
Vinyl Neodecanoate Cross polymer
Glycol Dimethacrylate Cross polymer
Sodium Acrylates Crosspolymer-2
By Functions
Absorbents
Emulsion stabilizers
Viscosity boosters
By Applications
Personal care products
Coatings
Textiles
Adhesives
Paper manufacture
Pharmaceuticals
By Region
Global alkyl acrylate market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
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Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges
The various growth factor associated with global alkyl acrylate market include rapidly evolving consumer lifestyle and rising demand for beauty care and household products. Moreover, rapidly increasing demand for pharmaceuticals is also projected to augment the demand for alky acrylate over the forecast period. The key manufacturers in global alkyl acrylate market are concentrating on developing new inventions that can maintain viscosity consistency at different temperatures. Moreover, major companies have adopted the strategy of focusing on increasing production capacity.
The key restraining factor in the global alkyl acrylate market is the environmental and health hazards.
Key Players
BASF SE
Arkema
The Dow Chemical Company
Evonik Industries
NIPPON SHOKUBAI CO. LTD.
SIBUR
LG Chem
SASOL Limited
Formosa Petrochemical Corporation
Mitsubishi Chemical Corporation.
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