Butyl Acrylate Market to Expand with Significant CAGR During 2026
According
to a new research report titled ‘Butyl Acrylate Market – Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2018–2026 by Transparency Market Research (TMR), the global butyl
acrylate market is projected to expand at a CAGR of 5.0% from 2018 to
2026. In terms of volume, the global butyl acrylate market is
expected to reach 4,840.3 kilo tons by 2026. Growth of automotive and
construction industries drives the global butyl acrylate market. The
butyl acrylate market in Asia Pacific is estimated to expand at a
CAGR of 5.2% during the forecast period owing to the presence of a
large number of acrylic acid and acrylic ester manufacturers in the
region. In terms of purity, the high purity segment held significant
share of the market in 2017.
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Rise
in demand for high purity butyl acrylate monomers to manufacture
acrylic resins
Based
on purity, the global butyl acrylate market has been divided into
high purity and common purity. Butyl acrylate has outstanding
properties which makes it a preferred material for manufacturing
water-based coatings and adhesive materials. Butyl acrylate has high
strength and rigidity, excellent chemical resistance, and thermal
endurance for use in high temperature applications. High purity butyl
acrylate products are used in formulating resins and engineering
plastics for car interiors and engine components. Butyl acrylate with
common purity monomers are lab scale chemical synthesis of polymers.
Paints
& coatings application to dominate global butyl acrylate market
Based
on application, the butyl acrylate market has been segregated into
paints & coatings, adhesives & sealants, chemical synthesis,
plastic additives, textiles, and others. The others segment includes
pulp & paper applications and leather processing. The paints &
coatings segment holds major share of the butyl acrylate market. This
trend is likely to continue during the forecast period owing to its
applications in construction and automotive industries and rise in
replacement of existing coatings with water-based paints &
coatings. Butyl acrylate has properties, such as high hardness,
durability, and enhanced weather ability, which make the material a
preferred choice for automotive coating applications. The adhesives &
sealants segment held large share of the global butyl acrylate market
in 2017. Rise in usage of butyl acrylate to manufacture adhesives &
sealants is attributed to the increase in demand for pressure
adhesive tapes for packaging applications to replace traditional
plastics such as PVC. This is expected to boost the demand for butyl
acrylate in adhesives & sealants in the near future. The plastic
additives segment held considerable share of the butyl acrylate
market in 2017. Butyl acrylate resins are used to manufacture
switchgear, connector technology, and electronics related products,
as these are heat-resistant and VOC free resins.
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Price
Trends of Butyl Acrylate
Currently,
butyl acrylate manufacturers, across the globe, enjoy high selling
price due to continuous rise in prices of feedstock materials such as
propylene and acrylic acid. Major players are expanding their
production capacities to increase their market share. In 2015, BASF
entered into a joint venture with SINOPEC to establish a butyl
acrylate plant at Shanghai Chemical Industry Park (SCIP) in China to
cater to the increase in demand for water-based coatings &
adhesives using butyl acrylate monomers. This, in turn, is estimated
to increase the demand for butyl acrylate in China. In Europe,
players are resolving issues related to the production of acrylic
acid and butanol. This, in turn, is expected to increase the supply
of butyl acrylate in the second quarter of 2018. Several major
manufacturers and sellers, such as ARKEMA S.A., DOWDUPONT INC,
Mitsubishi Chemical Corporation, have announced an increase in prices
of butyl acrylate monomers in North America, Asia Pacific, and
Europe. The acrylic acid and acrylic esters markets in Europe has
witnessed shortage of supply caused by an explosion and consequent
fire at BASF’s Ludwigshafen site in October 2017. This has caused
the force shutdown of the plant in turn resulting short supply
especially for butyl acrylate, 2-ethyl hexyl acrylate and acrylic
acid. Butyl acrylate prices are likely to increase during forecast
period due to the rise in demand and supply shortage.
Asia
Pacific is anticipated to dominate the market during the forecast
period
The
global butyl acrylate market has been divided into North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is anticipated to hold a prominent share of the market
owing to the growth in automotive and construction industries. This,
in turn, is increasing the usage of butyl acrylate to manufacture
water-based coatings which are likely to replace solvent-based
coatings. Butyl acrylate monomers induced adhesive and resin
modifiers are extensively used in building construction materials.
The market in North America is anticipated to expand at a
considerable pace, followed by Asia Pacific. In 2017, ARKEMA’s
planned to increase its butyl acrylate production capacity in the
U.S. This, in turn, is likely to drive the demand for butyl acrylate
in the country. Expansion of the industrial textile & apparel
segment in China is a key driver of the butyl acrylate market in Asia
Pacific. Demand for butyl acrylate in Europe is high due to the
presence of large number of automobile manufactures in the region.
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Highly
consolidated market with few major players
The
report comprises profiles of major companies operating in the global
butyl acrylate market. Key players operating in the market include
ARKEMA S.A., BASF S.E, NIPPON SHOKUBAI CO., LTD, DOWDUPONT INC., LG
CHEM LTD., TAOGOSEI CO., LTD., Mitsubishi Chemical Corporation, and
SunVic Chemical Holdings Corporation. Other prominent players in the
butyl acrylate market include Formosa Plastics Corporation, Shenyang
Chemical Co., Ltd, OSWAL UDHYOG, Haihang Industry Co., Ltd., Shanghai
Huayi Acrylic Co., Ltd., Wanhua Chemical Group Co., Ltd., and China
National Offshore Oil Corporation. On April 26, 2018, Mitsubishi
Chemical Corporation concluded an agreement with Indian Oil
Corporation Limited over the licensing of its proprietary technology
for manufacturing acrylic acid and acrylic acid esters, such as butyl
acrylate and 2-ethyl hexyl acrylate, in India.
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