The global acrylates market revenue stood at $10,949.9 million in 2018, and it is predicted to surge above $12,593.8 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 4.9% from 2019 to 2024 (forecast period). The market is being driven by the booming construction sector in several countries, on account of the mushrooming population and rising urbanization rate. Many countries are witnessing a sharp surge in construction investments, which are aimed at facilitating the development of high-rise buildings and renovation activities.
As acrylate-based paints and coatings have high durability and exhibit excellent stability at extreme temperatures and contain zero volatile organic compound (VOC) concentration, the rising construction activities are driving their sales globally. Besides, the growing preference of consumers for acrylic emulsions over oil-based products is also propelling the growth rate of the acrylates market. These emulsions provide advantages, such as color fastness, resistance to wear and fading, and short drying time.
When application is taken into consideration, the acrylates market is categorized into paints and coatings, adhesives and sealants, acrylic fibers, textile chemicals, and leather chemicals. Amongst these, the paints and coatings category contributed the highest revenue to the market in the past. This was because of the high requirement for acrylic formulations in various architectural paints and coatings, which are extensively used on the exterior and interior walls of industrial, commercial, and residential buildings.
Geographically, the Asia-Pacific (APAC) region is predicted to hold more than 70.0% share in the acrylates market in the coming years. This is credited to the burgeoning requirement for acrylic products in automotive and construction industries, owing to the ballooning population, rapid urbanization, and surging disposable income of people in regional countries, such as China, South Korea, Japan, and India. China was the largest regional market in 2018 because of the high requirement for acrylates in automotive original equipment manufacturer (OEM) coatings, special-purpose construction coatings, and architectural coatings in the country. Moreover, the country is home to a large manufacturing sector, which is further boosting the demand for acrylates.
Hence, the demand for acrylates will rise enormously all over the world in the forthcoming years, mainly because of the growing need for acrylic esters in adhesives and sealants and acrylate-based paints and coatings in the construction sector.
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