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.
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.
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.
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.
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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
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.
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.
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.
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.
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Attributes
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Details
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Report Title
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Butyl Acrylate Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (N-Butyl Acrylate, I-Butyl Acrylate, and T-Butyl Acrylate)and Application (Adhesives &Sealants, Paint& Coatings, Plastics, Textiles, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BASF SE; Dow; Evonik Corp; Arkema; Wanhua; Shanghai Huayi Acrylic Acid Co., Ltd.; Haihang Industry; Sasol Ltd; Formosa Petrochemical Corporation; Mitsubishi Chemical Group Corporation; SIBUR International GmbH; and LG Chem.
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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.
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.
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.
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.
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.
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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.
Segments
The butyl acrylatemarket has been segmented on the basis of
Type
- N-Butyl Acrylate
- I-Butyl Acrylate
- T-Butyl Acrylate
Application
- Adhesives& Sealants
- Paint& Coatings
- Plastics
- Textiles
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BASF SE
- Dow
- Evonik Corp
- Arkema
- Wanhua
- Shanghai Huayi Acrylic Acid Co., Ltd
- Haihang Industry
- Sasol Ltd
- Formosa Petrochemical Corporation
- Mitsubishi Chemical Group Corporation
- SIBUR International GmbH
- LG Chem
Competitive Landscape
Key players competing in the global market are BASF SE; Dow; Evonik Corp; Arkema; Wanhua; Shanghai Huayi Acrylic Acid Co., Ltd.; Haihang Industry; Sasol Ltd; Formosa Petrochemical Corporation; Mitsubishi Chemical Group Corporation; SIBUR International GmbH; and LG Chem.
These companies adopted development strategies including collaboration, product launches, mergers, acquisitions, partnerships, and production expansion to expand their consumer base worldwide. For instance,
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On March 13, 2023, BASF introduced a new production complex at its Verbund site in Zhanjiang, China. This complex includes plants for glacial acrylic acid (GAA), butyl acrylate (BA), and 2-ethylhexyl acrylate (2-EHA).
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