Acrylate Monomers Market to Record an Exponential CAGR by 2024
Posted: Jan 05, 2018
Transparency Market Research observes the global acrylate monomers market to be price sensitive that has compelled key players to develop acrylic products with inexpensive formulations. Despite this, some of the key players such as Arkema S.A., Evonik Industries, and the Dow Chemical Company have announced upping of prices of their products. Generally, manufacturers of acrylate monomers are partnering with OEM manufacturers, designers, and merchandisers to develop cost effective acrylic resins. As a rule of thumb, formulations that can help reduce the cost of acrylic acid or resins without impact on their performance is anticipated to create growth opportunities in the acrylate monomers market.
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Mergers and acquisitions and expansion in new geographies have been envisaged to open growth opportunities in the global acrylate monomer market, notes the study.Transparency Market Research foresees the global acrylate monomer market to attract a revenue of US$11,112.3 mn by the end of 2025 from US$6,987.9 mn in 2016, expanding at 5.4% CAGR between 2017 and 2025.
Based on product, the global acrylate monomers market is categorized into butyl acrylate, methyl acrylate, ethyl acrylate, 2-ethyl hexyl acrylate, and others. Of them, butyl acrylate and 2-ethyl hexyl acrylate are commonly used in the paint & coating industry.
"The extensive use of acrylate monomers in paints and coatings is chiefly driving the global acrylate monomers market. In particular, the demand for water based coatings is positively influencing the demand for acrylate monomers. This is because the use of acrylate monomers in water-based coatings enhances the physical properties of the formulation. In addition, it provides better water resistance, low temperature flexibility, and excellent weathering and sunlight resistance," explains the author of the study. As per the Paint Quality Institute, water-based paints or coatings constitute almost 80% of paints sold for household use, in developed regions.
Acrylate monomers display properties of UV curability, weather resistance, and adhesiveness that make them suitable for a wide array of applications. Apart from this, superior durability and UV resistance, high flexibility, and gloss are the key properties of acrylate monomers that have boosted their demand.
Acrylate monomers find extensive scope in polymer flooding technology used in the oil and gas sector. Studies reveal that acrylamide upon copolymerization with functional acrylate monomers enhance the physical properties such as temperature resistance and salt resistance of polymers that are used for flooding the reservoir. Though still in experimental stage, the results obtained so far are quite promising on grounds of which acrylate monomers may find commercial applications in the oil and gas industry.
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On the downside, acrylate monomers are subject to regulations as they are toxic and direct exposure to these substances is harmful. This is restraining the growth of the market to some extent. Nevertheless, recent advances have led to successful formulation of bio-based or plant-based acrylate monomers. These formulations have potential for commercial applications, and are anticipated to become alternative to existing petrochemical-based acrylate monomers.
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