Acrylic Monomer Market Size, Share, Growth, Forecast and Outlook (2024-2031)

Global Acrylic Monomer Market Expected to Reach US$ 15.6 Billion by 2031, Growing at 6.72% CAGR

The global acrylic monomer market has witnessed significant growth, reaching US$ 9.4 billion in 2023 and is projected to achieve US$ 15.6 billion by 2031, with a robust compound annual growth rate (CAGR) of 6.72% during the forecast period from 2024 to 2031.

Acrylic monomers, pivotal in the production of paints and adhesives, experience heightened demand primarily propelled by the automotive sector. The sector's requirement for durable, weather-resistant coatings, attributed to acrylic monomers, remains steadfast, spurred by continual innovation and expansion within the automotive industry.

Moreover, the market thrives on the global expansion of infrastructure and building industries. Essential in formulating paints, adhesives, and sealants for industrial and architectural applications, acrylic monomers like butyl and methyl acrylate continue to be in high demand, reflecting the world's ongoing infrastructure construction and urbanization initiatives.

Asia-Pacific Emerges as the Epicenter of Growth

The Asia-Pacific region stands out as a burgeoning hub within the global acrylic monomer market, covering more than one-third of the market share. Notably, the region's chemical sector exhibits a notable shift towards environmentally friendly practices, with acrylic monomers finding extensive application in formulations supporting environmental initiatives due to their adaptability and reduced environmental impact.

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Market Dynamics Driving Growth

1. Growing Demand for Infrastructure and Construction: The expanding infrastructure and building industries fuel the demand for acrylic monomers, indispensable in the production of paints, adhesives, and sealants. This surge is attributed to urbanization, infrastructure development, and increased construction activities globally.

2. Expansion in the Automotive Sector: Acrylic monomers, particularly methyl and butyl acrylate, play a pivotal role in manufacturing paints and adhesives for automotive applications. Ongoing innovation and expansion within the automobile industry further bolster the demand for high-performance materials, thus driving the acrylic monomer market.

3. Variable Costs of Raw Materials: The market is sensitive to fluctuations in the cost of raw materials, particularly methanol and propylene, which significantly impact the overall production costs of acrylic monomers. Manufacturers employ various risk management strategies to mitigate the impact of raw material price volatility on their operations.

4. Regulations and Environmental Issues: Stringent regulations aimed at reducing volatile organic compound (VOC) emissions pose challenges for acrylic monomer manufacturers. Compliance with these regulations often requires substantial research and development investments, impacting manufacturing costs and necessitating ongoing innovation.

Segment Analysis

The global acrylic monomer market is segmented based on product, application, end-user, and region, with rising demand observed for methyl acrylate monomers in the coating industry.

Geographical Penetration

The Asia-Pacific region, driven by urbanization and industrialization, particularly in nations like China and India, commands a significant presence in the global acrylic monomer market. Acrylic monomers find extensive application across various sectors, including industrial, automotive, and construction, in response to increased infrastructure projects and buildings.

Competitive Landscape

Major global players in the acrylic monomer market include BASF SE, Arkema Group, Dow Inc., Evonik Industries AG, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., LG Chem, SABIC, Formosa Plastics Corporation, and Mitsui Chemicals, Inc.

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