Acrylate Monomers Market by Functionality Type, Application, End-User Industry, & Region for 2024-2031

Acrylate Monomers Market Valuation - 2024-2031

The growing demand for high-performance materials in industries like automotive, construction, and electronics is driving the acrylate monomers market ahead. According to the analyst from Verified Market Research, the acrylate monomers market is estimated to reach a valuation of USD 13.57 Billion by 2031 over the forecast subjugating around USD 8.81 Billion valued in 2024.

The widespread usage of acrylate monomers in paints, coatings, inks, and adhesives is a major driver of the market's growth. It enables the market to grow at a CAGR of 5.55% from 2024 to 2031.

Acrylate Monomers Market: Definition/ Overview

Acrylate monomers are a versatile family of vinyl compounds produced from acrylic acid. They comprise a carbonyl group and a vinyl group that can be polymerized. They are esters with the general formula CH2=CHCO2R, where R can be any alkyl group. Acrylate monomers are used to create acrylic polymers and copolymers with a diverse spectrum of characteristics, making them useful for a variety of applications. The most common acrylate monomers include methyl acrylate, ethyl acrylate, butyl acrylate, and 2-ethylhexyl acrylate. These monomers are commonly used in paints, coatings, inks, adhesives, and plastics due to their exceptional weather resistance, high gloss, color retention, and durability.

What Factors are Propelling the Growth of the Acrylate Monomers Market?

The growing usage of acrylate monomers in adhesives and sealants is a key market driver. According to a report by the Adhesive and Sealant Council, the worldwide adhesives market is estimated to reach USD 70.03 Billion by 2025, rising at a 5.1% CAGR from 2020. According to Oxford Economics, the worldwide construction industry, which is a key consumer of adhesives and sealants, is expected to reach $15.2 trillion by 2030, driving up demand for acrylate monomers.

The coatings sector is a key consumer of acrylate monomers, which fuels market growth. According to the World Coatings Council, the global coatings market volume reached 54 billion liters in 2020, valued at USD 150 Billion. Furthermore, the personal care and cosmetics industries are increasingly adopting acrylate monomers in a variety of products, which is helping to drive market expansion. Cosmetics Europe estimated that the European cosmetics and personal care business would be worth €76.7 billion in 2020, making it the world's largest market. According to the FDA, the US cosmetics sector is worth USD 49 Billion each year.

What are the Potential Impacts of Widespread Acrylate Monomers Adoption in the Market?

The acrylate monomers market has considerable problems as raw material costs fluctuate, such as propylene and isobutylene. These price variations disrupt manufacturing prices, resulting in higher expenses for producers. As a result, producers pass on these expenses to customers, raising product prices. This uncertainty causes budget concerns for industries that rely on acrylate monomers, such as paints and coatings, slowing market growth.

Due to concerns about their toxicity and volatile organic compound (VOC) emissions, acrylate monomer manufacture and use are becoming more and more regulated by environmental laws. These rules limit the use of acrylate monomers, especially in sensitive industries like construction and automotive. Compliance with these requirements necessitates additional investments in technology and processes, which raises operational expenses and challenges market expansion.

Furthermore, the acrylate monomers market is additionally constrained by the availability of competitive replacements, particularly bio-based monomers and alternative polymers with comparable or higher performance properties. These replacements are less expensive or have better environmental profiles, making them appealing to manufacturers looking to cut costs or improve sustainability. As a result, the availability of these substitutes reduces the market share and growth potential of classic acrylate monomers.

Category-Wise Acumens

What are the Drivers that Contribute to the Demand for Monofunctional Acrylate Monomers?

According to VMR analysis, the monofunctional acrylate monomer segment is estimated to dominate the market during the forecast period. Monofunctional acrylate monomers are extremely versatile and can be utilized in a variety of applications, such as paints, coatings, adhesives, and sealants. Their ability to provide great adhesion, durability, and weather resistance makes them a popular choice in a variety of industries, increasing demand and contributing to their dominant market position.

These monomers are more cost-effective than bifunctional and multifunctional alternatives, making them appealing to producers trying to reduce production costs. Their reduced price point enables widespread adoption in industries that prioritize budget constraints while yet requiring dependable performance, hence cementing their market position.

Furthermore, the growing trend towards eco-friendly and water-based goods drives the demand for monofunctional acrylate monomers. As businesses strive to meet severe environmental standards, these monomers are preferred for their compatibility with water-based formulations, increasing their market share as manufacturers seek sustainable options without compromising performance.

What are the Potential Factors for the Growth of Acrylate Monomers in the Building & Construction Industry?

The building & construction segment is estimated to dominate the acrylate monomers market during the forecast period. Rapid urbanization, especially in developing nations, is propelling major expansion in the building and construction industry. As more people relocate to cities, the demand for residential and commercial structures rises, resulting in increased usage of acrylate monomers in paints, coatings, and adhesives used in construction.

Acrylate monomers are used because they can make high-performance polymers with great durability and weather resistance. This is especially significant in the building business, where materials must survive a variety of environmental factors. The necessity for long-lasting and dependable construction materials drives the market for acrylate-based products.

Furthermore, government attempts to improve infrastructure and housing are strengthening the building and construction industries. Investment in public infrastructure projects such as roads, bridges, and schools boosts demand for acrylate monomers used in construction applications, reinforcing their market dominance in this industry.

Country/Region-wise Acumens

What are the Key Factors that Contribute to Asia Pacific's Dominant Edge in the Market?

According to VMR Analyst, the Asia Pacific region is estimated to dominate the acrylate monomers market during the forecast period. The Asia Pacific region is witnessing tremendous industrial expansion, which is pushing up demand for acrylate monomers in a variety of applications. According to the Asian Development Bank (ADB), the manufacturing sector in emerging Asia is expected to grow 7.2% in 2021 and 7.0% in 2022. China, a significant regional actor, saw its manufacturing output rise by 2.8% in 2020, despite the global pandemic, according to the National Bureau of Statistics of China. This strong industrial expansion is driving up the need for acrylate monomers in adhesives, coatings, and other industrial applications.

Asia Pacific's building industry is quickly expanding, driving up demand for acrylate monomers used in construction chemicals and materials. According to Oxford Economics' Global Construction 2030 research, the Asia Pacific construction sector will increase at a 6.5% annual rate until 2030, above the global average of 3.9%. China, India, and Indonesia are estimated to contribute to 57% of overall global construction growth. This increase in building activity is increasing the need for acrylate monomers in sealants, adhesives, and coatings utilized in the market.

Furthermore, the Asia Pacific region has a rapidly growing personal care and cosmetics business, which consumes a substantial amount of acrylate monomers. According to the Asia Pacific Personal Care and Cosmetics Market Report, the region's market size was $128.6 billion in 2020 and is expected to reach $231.6 billion by 2028, rising at a 7.6% CAGR between 2021 and 2028. According to the survey, China, Japan, and South Korea are among the world's top ten beauty markets. This expansion is driving up the demand for acrylate monomers, which are utilized in a variety of personal care and cosmetic formulations.

How does Increasing Focus on Lightweight Materials Shape the Market Landscape in North America?

North America is estimated to exhibit substantial growth within the acrylate monomers market during the forecast period. The automotive industry in North America is a major user of acrylate monomers, particularly in coatings and adhesives for lightweight materials. According to the Bureau of Economic Analysis, the US automotive industry generated 3% of GDP in 2020, with a value-added of $627 billion. According to the Center for Automotive Research, the use of lightweight materials in vehicles is predicted to rise by 20% by 2025, increasing demand for innovative adhesives and coatings based on acrylate monomers.

Furthermore, the North American construction sector is expanding rapidly, increasing demand for acrylate monomers used in construction adhesives, sealants, and coatings. According to the United States Census Bureau, the value of building projects in the United States reached $1.57 trillion in 2021, up 8.2% from 2020. The Associated General Contractors of America predicts that construction spending in the United States will increase by 5.4% in 2023. This spike in construction activity is driving up demand for acrylate monomer-based products in the region.

Competitive Landscape

The competitive landscape of the acrylate monomers market is characterized by a varied range of competitors pursuing strategic initiatives to increase their market position. Companies are increasingly collaborating with original equipment manufacturers (OEMs) and designers to create cost-effective formulations that suit the growing need for high-performance materials.

Some of the prominent players operating in the acrylate monomers market include:

BASF SE

NIPPON SHOKUBAI CO., LTD

Mitsubishi Chemical Corporation

Evonik Industries AG

KURARAY CO., LTD

The DOW Chemical Company

LG Chem

Arkema

Latest Developments

In May 2023, Evonik announced a new distribution structure for its VISIOMER specialty methacrylates to meet growing demand in India. The company formed a strategic partnership with Vimal Intertrade and Nordmann.

In January 2023, Mitsubishi Chemical Group and Mitsui Chemicals collaborated to standardize and optimize chemical logistics, which is vital for society and industry. Immediate execution is planned for this fiscal year, with an emphasis on establishing stronger and more sustainable chemical logistics companies.

Acrylate Monomers Market, By Category

• Functionality Type:
• Monofunctional Acrylate Monomer
• Bifunctional Acrylate Monomer
• Trifunctional Acrylate Monomer
• Multifunctional Acrylate Monomer
• Application:
• Paints and Coatings
• Plastics
• Adhesives and Sealants
• Fabrics
• End-User Industry:
• Building and Construction
• Packaging
• Consumer Goods
• Automotive
• Biomedical
• Others
• Region:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa