Butyl Acrylate Market Size, Share & Analysis | 2031

Report Description

The global butyl acrylate market size was valued at USD 3.55 Billion in 2022 and is likely to reach USD 5.60 Billion by 2031, expanding at a CAGR of 5.2% during 2023 – 2031. The market's growth is attributed to increasing demand for butyl acrylate in plastic packaging andin the paints& coatingsindustry.

The growing paint & coatings industry is estimated to boost the demand for butyl acrylate. Butyl acrylate is mainly used in the making of co-polymers and homopolymers, which are used in manufacturing water-based architectural and industrial paints. With the rapidly growing paints and coating market, the demand and use of butyl acrylate are expected to grow in the coming years.

• For instance, the paint & coatings market value reached USD 160 billion in 2021 and is forecasted to surpass USD 235 billion by 2029.

The ester of acrylic acid is called butyl acrylate, which isused as a raw material component in the synthes is of polymers. It is used in the production of adhesives & sealants, paint &coatings, plastics, textiles,acrylic rubber, and emulsions. It is a prime composition in leather, printing,varnish, pulp and paper, and other industries.

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Increasing demand for butyl acrylate in plastic packaging is expected to drive the market. Butyl acrylate is used in the manufacturing of polymers, which are mainly used for packaging purposes as these help to improve the resistance, flexibility, and overall durability of polymers.

• For instance, the global plastic packaging market is growing at a CAGR of 6.1% and was valued at USD 265 billion in 2021 and the market is forecast to reach USD 400 billion by 2027.

The COVID-19 pandemic hampered the demand for butyl acrylate.Butyl acrylate is widely used in the textile industry as it is used to make polymers that are utilized as resins for textile and leather finishes. The textile industry showed a sharp downfall across the globe due to preventive measures by the government such as social distancing, and imposition of lockdown, which significantly hindered the butyl acrylate market.

• For instance, as per the report published by EUROPEAN APPAREL AND TEXTILE on April 2, 2020, a 50% drop was seen in sales and production of the textile and clothing sector in European countries during Covid 19.

Butyl acrylate is also used for under body coatings, sealants, paints, and for the manufacturing of leather seats, and as the drastic fall in the automobile industry was seen during the pandemic, especially in the European countries, the demand for butyl acrylate was hindered. 
For instance, as per the report published by the National Institute of Health on February 11, 2021, European countries' total vehicle sales dropped by 7.4% during the pandemic while China's new sales of vehicles fell by 92% in February 2020.

Butyl Acrylate Market Dynamics

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Major drivers

Growing automobile industry is projected to boost the demand for butyl acrylate. Butyl acrylate is used to manufacture polymers which are used in the making of car dashboards and leather seats. Moreover, butyl acrylate manufactures sealants, which are usedinside the trunk,hood, doors, and front dash, and onto theinterior and exterior of metal joints in the manufacturing of cars. Motor vehicle production is rapidly growing across the globe which is one of the major factors for the butyl acrylate market expansion in the coming years.

• For instance, 85.4 million motor vehicles were produced around the world in 2022, an increase of 5.7% compared to 2021.

Increasing usage of butyl acrylate as a raw material in adhesives is expected to boost the market. Adhesives are used in construction activities as the bonding layer for floor fixing between the substrate and the existing floor. Butyl acrylate is utilized to manufacture adhesives hence increasing sales of adhesives for construction purposes is estimated to boost the demand for butyl acrylate.

• For instance, the size of the construction market was valued at USD 6.4 trillion in 2020 and is expected to reach 14.4 trillion in 2030.

Existing Restraints

Butyl Acrylate may cause a skin allergy and health issues as exposure to it causesnausea, dizziness,vomiting, and headache which is estimated to hamper market growth. Moreover, it poses significant environmental hazards such as contaminates water, soil, and air when released into the environment, significantly hindering the market growth.

Emerging Opportunities

 Growing demand for butyl acrylate is increasing in developing nations with growing construction, automobile, and packaging sectors expected to create new pathways for market revenue in the coming years. Butyl acrylate is extensively used as a raw material in sectors like automotive, packaging, and construction. In emerging economies such as India and China, these sectors are immensely growing, creatinglucrative opportunities for the market.

• For instance, according to the Packaging Industry Association of India (PIAI), the packaging sector is growing at 22% to 25% per year and is currently the 5^th largest economic sector of India.

Scope of the Butyl Acrylate Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Type Segment Analysis

Based on type, the butyl acrylate market is categorized into N-butyl acrylate, I-butyl acrylate, and T-butyl acrylate. The n-butyl acrylate segment dominated the market in 2022 owing to its wide applicability in the construction, packaging, and automobile industries.N-butyl acrylate is used in the production of styrene-butadiene-styrene (SBS) block copolymer which isan important component in the building and construction industry. These block copolymers are usedfor waterproofing membranes,coatings, sealants, adhesives, and binders in buildings.This in turn is expected to boost the adoption of N-butyl acrylate during the projection period.

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Application Segment Analysis

In terms of applications, the global market is segregated into adhesives & sealants, paint &coatings, plastics, textiles, and others. The adhesives & sealants segment holds a large market share and is projected to grow at a rapid pace in coming years due to the increasing number of applications of adhesives & sealants in several industries. Butyl acrylate is used as one of the main raw materials in the manufacturing of adhesives & sealants as polymers incorporated with butyl acrylate are highly durable and flexible.

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Moreover, manufacturers of automobiles use adhesives & sealants to improve the stiffness, and strength of the vehicles, and dampen out unwanted body vibrations, which significantly increases the demand for adhesives & sealants. The demand for butyl acrylate for adhesives & sealant purposes is expected to grow as the global adhesive & sealants market is growing at a rapid pace.

• For instance, the market value of adhesives is estimated to reach USD 65 billion and sealants are projected to cross USD 15 billion by 2027.

The paint & coating segment is anticipated to grow at a considerable pace during the assessment period owing to increasing construction activities and growing automotive industries. Butyl acrylate is used as a soft monomer to improve the low-temperature properties of paints which makes them ideal to use in paints & coatings purpose. The use of butyl acrylate is expected to grow as the global paints & coating market is anticipated to grow at a CAGR of 4.2% during the forecast period.

Regional Outlook

Based on region, the global market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major market share in 2022 due to increasing applications of butyl acrylate in the region.  Butyl acrylate is used in the manufacturing of homopolymers, which are required in producing water-based paints, and the demand for paints & coatings is expected to grow in the region with the rapidly growing regional market.

• For instance, the market value of the paint & coatings industry in the US was valued at USD 31 billion and is forecasted to reach USD 33.4 billion in 2023.

Asia Pacific segment is estimated to witness a considerable CAGR growth during the projection period owing to the rising automobile industry in the region. Butyl acrylate is required in manufacturing vehicles to balasnce the hardness and softness, tackiness, low-temperature flexibility, strength, and durability.

• For instance, on February 17, 2023, the Press Information Bureau, Ministry of Heavy Industries published a report, which stated that India aims to double its auto industry size to ₹15 lakh crores by 2024.

Government in the region is introducing new plants to manufacture acrylic acid,to cater to the domestic demand for butyl acrylate. For instance, on February 14, 2021,Hon’ble Prime Minister Shri Narendra Modi dedicated the Propylene Derivative Petrochemical Complexto cater to the demand for butyl acrylate in the region.

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