Butyl acrylate market forecast at $4.6 billion by 2028
Pune, India – The Insight Partners latest study on “Butyl Acrylate Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Paints and Coatings, Adhesives and Sealants, Chemical Synthesis, Plastic Additives, Textiles, and Others)’’. Growing investment in the building & construction sector and increasing sales of the automotive industry are the key factors attributed to the growth of the butyl acrylate market. In 2020, Asia Pacific accounted for the largest share of the global butyl acrylate market.
Butyl acrylate is a foremost type of acrylic ester, which is extensively preferred for its hardness, high-temperature resistance, sturdiness, and high strength. Butyl acrylate monomers hold various desirable properties such as color stability, low temperature flexibility, aging resistance, heat resistance, clarity, enhanced weather ability, and acid and base resistance. It is mainly used for manufacturing thermoplastic compounds, which are used as a raw material for manufacturing adhesives, coatings, fiber processing agents, inks, plastics, acrylic rubber, elastomers, and emulsions. Butyl acrylate is used to produce acrylic & water-borne dispersions, water-borne industrial & architectural paints, industrial & architectural coatings, varnishes, textiles, and other products. The growing demand for butyl acrylate is driven primarily by its wide application in surface coatings, paints, adhesives & sealants in the construction and automotive industries.
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry was one of the significant industries that suffered severe consequences such as disruption of supply chain and shutdowns of production plants, owing to the pandemic. The shutdown of various manufacturing plants and factories in leading regions such as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa had affected the global supply chain. It negatively impacted the manufacturing, delivery schedules, and sales of various goods. Further, the companies involved in the business had announced possible delays in delivering products and slumped the sales of their products. In addition, the global travel restrictions imposed by countries in Asia Pacific, Europe, and North America affected the business collaborations and partnership opportunities. The factors mentioned above are likely to affect the chemicals & materials industry negatively, thereby impacting market growth in the coming years. The paints and coatings industry was hit severely, owing to its two major end-use sectors, automotive and construction, which have experienced a significant downfall in demand. Therefore, chemical manufacturers have to restructure the business model to cater to the uneven demand scenario until the threat of the pandemic is over, and industry dynamics return to pre-outbreak levels.
Based on application, the global butyl acrylate market is segmented into paints and coatings, adhesives and sealants, chemical synthesis, plastic additives, textiles, and others. The paints and coatings segment held the largest share in the global butyl acrylate market in 2020. Paints and coatings are most widely used in the automotive industry, which is further assisting the market growth. The automotive industry is one of the prominent sectors holding the potential backbone of the country’s GDP. Thus, the booming growth prospectus in the automotive industry is aiding the demand for paints and coatings, which is further propelling the market growth. The growing investment in the building & construction industry also augments the demand for adhesives, paints, coatings, and sealants, thereby driving the butyl acrylate market.
The key players operating in the global Butyl Acrylate market include EXXON MOBIL CORPORATION; Arkema; Mitsubishi Chemical Corporation; OSWAL UDHYOG; NIPPON SHOKUBAI CO., LTD.; Indenta Chemicals Pvt. Ltd.; TCI Chemicals Pvt. Ltd.; Wanhua Chemical Group Co., Ltd.; LyondellBasell Industries Holdings B.V.; and Sasol.
The size of the overall global butyl acrylate market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the butyl acrylate market.