Expansion of Construction Sector Boosts Acrylates Industry

Non-surfactant suspending agents with film forming, anti-static, and binding abilities are known as acrylates. They are composed of methacrylic acid and acrylic acid building blocks. The acrylates market is projected to experience the fastest growth in the APAC region, caused by the population explosion, increase in disposable income, and rapid urbanization. It results into increase requirements for adhesives & sealants, paints & coatings, leather chemicals, textile chemicals, and acrylic fibers in the automotive, construction, and chemical industries.

Moreover, the surging investments in construction activities fuels in India, Japan, China, South Korea, and other South Asian countries are predicted to contribute to the rising demand for the formulations of acrylic-based paint, which will, in turn, drive the region's market. Furthermore, the high consumption of water-based paints and coatings results in the rapidly growing demand for acrylates.

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Furthermore, China dominates the APAC acrylates market, due to snowballing demand for the acrylates in automotive OEM coatings, architectural coatings, and special purpose construction coatings. The massive manufacturing capabilities of the country, led by the availability of inexpensive raw material and labor, coupled with the extensive downstream demand, resulted in the massive application of acrylates in the country.

The rising preference of consumers toward acrylic-based emulsions over oil-based products has been witnessed in the acrylates market, owing to their various benefits, such as color fastness, reduced drying time, wear, and water resistivity, and eco-friendliness. Moreover, water-based paints possess durability and stability in extreme conditions, and are free from VOCs, resulting in incentives for their interior and exterior wall coating applications.

Bio-based acrylates have a high potential to offer to the acrylates market players, including the diversified portfolio, and market share augmentation, attributed to the skin allergies caused by major acrylates, such as methyl acrylate, 2-ethyl hexyl acrylate, ethyl acrylate, and butyl acrylate. The non-toxic and renewability of the bio-based variants are predicted to offer numerous opportunities to the market players in the near future.

Under the type segment, butyl acrylate will showcase the fastest growth in the acrylates market, as it is also substantially used in the formulations of the latex paint that contains acrylic polymers, due to the sunlight resistivity and low-temperature stability. In addition, under the application segment, paints and coatings hold the largest share of the market, owing to acrylic paint application for interior and exterior wall coatings led by color retention and high gloss benefits.

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Moreover, the worldwide expansion of the construction sector due to the rising population and urbanization rate, with increased investments in the development, renovation, and refurbishment of high-rise buildings lead to an increased demand for acrylate-based paints & coatings, due to their beneficial properties as discussed above.

The major companies in the acrylates market are Dow Inc., Formosa Plastics Corporation, Arkema Group, and SunVic Chemical Holding Limited. Other companies operating in the market include China National Petroleum Corporation, Jiangsu Sanmu Group, China Petroleum & Chemical Corporation, and Shenyang Chemical Co. Ltd.

Therefore, the massive demand for acrylic paints and coatings led by rapid urbanization leads to the expansion of the construction sector resulting in increased infrastructural activities and hence causing a market boom.

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