Butyl Acrylate Market Worth US$ 4,608.06 Mn, Globally, by 2028 at 4.6% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 20, 2022 /PRNewswire/ -- The Insight Partners published latest research 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, Others)," the market is projected to reach US$ 4,608.06 million by 2028 from US$ 3,356.74 million in 2021; it is expected to register a CAGR of 4.6% from 2021 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.

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Butyl Acrylate Market: Competition Landscape and Key Developments

The key market players 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. These companies operate their production and distribution services in various countries worldwide, which helps them cater to a wider customer base.

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Based on region, the butyl acrylate market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2020, Asia Pacific held the major share of the global market and is expected to register the highest CAGR in the market over the forecast period. In Asia Pacific, there has been a rise in the consumption of butyl acrylate in various end-use industries such as automotive, construction, textile, and other manufacturing industries. The growing packaging application, owing to the rise in e-commerce platforms, is augmenting the demand for adhesives and sealants, which is helping drive the market. Thus, the growing investment in adhesives and sealant applications in China is boosting the market growth. For instance, in April 2021, DuPont, an American chemical company, announced an investment of around US$ 30 million to build a new manufacturing facility in Zhangjiagang, Jiangsu Province, in East China.

Growing Investment in Construction Industry to Drive Butyl Acrylate Market

Butyl acrylate is extensively used in making paints, coatings, sealants, and adhesives, which are most widely used in the construction industry. Butyl acrylate has properties such as durability, high hardness, and enhanced weather ability, making it a preferred material for use in the construction industry. Hence, the increasing investment in building and construction activities augments the consumption of butyl acrylate, thereby driving the market. For instance, in September 2021, the Asian Development Bank (ADB) approved an investment worth US$ 150 million (INR 1,095 crores) for building housing units in India. Furthermore, as per the National Bureau of Statistics of China, the construction industry's value grew by 6.6% year on year (Y-o-Y) in the fourth quarter of 2020. Thus, the booming investment in the construction industry, along with the growing application of adhesives, paints, and coatings in various industries, is expected to drive the market over the forecast period. Thus, the growing demand for butyl acrylate in various applications is driving the butyl acrylate market.

In 2020, Asia Pacific accounted for the largest share of the global butyl acrylate market. Increasing investment in construction & automotive industry has propelled the demand of butyl acrylate in the region. In addition, growing investments by governments in infrastructural development projects such as smart cities, sustainable infrastructure, airports, and public transit systems is driving the demand for butyl acrylate in Asia Pacific region.

In 2020, the paints and coatings segment accounted for the largest market share. The growth of the segment is primarily attributed to high quality and durable acrylic emulsions which have revolutionized the paint industry. The usage of butyl acrylate in solvent-born coatings, interior and exterior water-based paints, emulsion paints, and printing inks for applications that requires quick drying rates such as auto based lacquers and industrial coatings. Thus, wide scope application of paints and coatings across vertical of industries is driving the butyl acrylate market growth over the forecast period.

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Butyl Acrylate Market: Segment Overview

The paints and coatings segment held the largest share of the global butyl acrylate market in 2020. In the paints and coatings industry, butyl acrylate is frequently utilized in making acrylate polymers, which are further used in making paints and coatings. Automotive and building & construction industries are the key end-use industries where paints and coatings are used. Thus, the growing investment in building and construction activities fuels the usage of paints and coatings, thereby driving the market.

Impact of COVID-19 Pandemic on Butyl Acrylate Market

The COVID-19 pandemic significantly impacted the butyl acrylate market in 2020. Many sectors, including the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. Disruption of the supply chain, the shutdown of manufacturing plants, shortage in raw material supply, labor shortage, and other operational difficulties under COVID-19 safety measures led to a contraction in sales during the initial months of the pandemic. Due to the slowing demand from key sectors such as automotive and construction industries, the chemical industry remained stagnant. The significant change in demand from end-use industries impacted the chemical industry significantly. Precaution measures such as force majeure, imbalance in supply-demand, and disruptions in the supply chain are the key factors responsible for the change in consumption trend of butyl acrylate across end-use industries. Thus, key players engaged in the chemical industry are planning to restructure their 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.

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Development of bio based butyl acrylate, wherein leading research institutes are working to make it more sustainable is trending the market dynamics. In addition, growing production of automotive in post pandemic scenario is also trending the market outlook during the forecast period.

In 2020, China held the largest market share in the global butyl acrylate market. China is the world’s largest vehicle market across the globe, as per the International Trade Administration (ITA). The Chinese government has taken several initiatives for automobile manufacturers for augmenting the production capacity of the country to 35 million by 2025. The growing prospects of construction industry in China is further fueling the market growth. For instance, in 2019, the government of China had invested US$ 1.9 billion in 13 public housing projects. Thus, increasing construction activities and automotive production is anticipated to propel the butyl acrylate market in China in the coming years.

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