With the global population set to touch 10.9 billion by 2100, as per the United Nations (UN), construction is in full swing. Governments, as well as private companies, are pouring millions to build houses, road, air, and rail networks, commercial spaces, and factories. This has been driving the demand for paints and coatings, as they are used to make the built infrastructure appealing to the eye and protect it against the forces of nature.
As per P&S Intelligence, the rising consumption of paints and coatings will propel the acrylates market at a 4.9% CAGR during the forecast period (2019–2024), at which rate the industry size would increase from $10,949.9 million in 2018 to $12,593.8 million by 2024. Acrylates are esters, salts, and conjugate bases formed by the esterification of alcohol and acrylic acid. These compounds are being preferred in paints and coatings because of their durability, stability under extreme climatic conditions, and volatile organic compound (VOC)-free nature.
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Additionally, on account of their quicker drying, wear, dust, and water resistance, and color fastness, acrylic emulsions are gaining popularity over oil-based variants. For a long time, low cost, toughness, and high viscosity had led to the heavy consumption of oil-based emulsions in the packaging, construction, automotive, and textile industries. But, with the increasing awareness about the harmful effects of VOCs, such as problems in the kidneys, liver, eyes, nose, throat, and central nervous system, governments around the world are batting for VOC-free emulsions, which is leading to the increasing demand for acrylates.
The categories under the type segment of the acrylates market are 2-ethylhexyl acrylate, butyl acrylate, methyl acrylate, and ethyl acrylate. Among these, the largest share in 2018 was held by the butyl acrylate category, owing to its resistance to sunlight and stability at low temperatures. This is why this compound is widely consumed in latex paint formulations that have acrylic polymers. As a result, butyl acrylate is also predicted to witness the fastest growth in the market during the forecast period, in terms of value.
Apart from paints & coatings, acrylates find application in textile chemicals, adhesives & sealants, leather chemicals, acrylic fibers, prosthetic devices, medical devices, construction materials, dental implants, and fabric finishing products. Among these, paints & coatings account for the heaviest consumption of these compounds, as a result of the rising demand for acrylic solvents, binders, additives, and pigments in numerous kinds of paints and coatings. In the years to come, the consumption of acrylates is set to grow the fastest for the production of adhesives & sealants.
In fact, the rising requirement for acrylic adhesives and sealants is one of the major acrylates market growth drivers. The growing automotive industry, driven by the increasing population and urbanization level, is pushing up the demand for adhesives and sealants. These materials are widely used on brakes, windshields, exterior trim, wire harnesses, and power equipment safety labels, foil tapes for heating, ventilation, and air conditioning (HVAC) duct work, sound/vibration damping films, automotive interior trim assembly, and other pressure-sensitive applications. Here, 2-ethylhexyl acrylate and butyl acrylate impart cohesion, adhesion, permeance, and tack.
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Due to the growing usage of acrylic-based materials in the automotive and construction industries, the largest consumption of acrylates is witnessed in Asia-Pacific (APAC). China is the largest automobile producer, whereas India is on its way to becoming one of the largest construction markets in the world. Both these countries are experiencing a rapid population rise, urbanization, and industrialization, which are leading to the increasing demand for various chemicals with acrylates.
Therefore, as the demand for infrastructure and automobiles increases, the usage of acrylates will rise as well.
SOURCE: P&S Intelligence