Methyl acrylate Market Size Worth USD 674.9 Million in 2032 | Emergen Research

Vancouver, Dec. 28, 2023 (GLOBE NEWSWIRE) -- The global Methyl acrylate market size was USD 362.4 Million in 2022 and is expected to register a rapid revenue CAGR of 6.6% during the forecast period. Key drivers of this growth include the increasing demand for methyl acrylate in paints, coatings, adhesives, and films, along with the booming construction and infrastructure sector globally.

Methyl acrylate, an organic compound derived from acrylic acid, has found widespread applications in high-tech industries such as paints and coatings, automotive, packaging, construction, and cosmetics. The rising popularity of the construction industry, coupled with the demand for decorative materials, is propelling the global demand for paints and coatings, expected to reach USD 14.4 trillion by 2032. Methyl acrylate plays a crucial role in manufacturing polymers and resins, valued for its pleasant fragrance.

In a significant development, Röhm's forthcoming 2024 opening of a new Methyl Methacrylate (MMA) manufacturing plant in Bay City, Texas, U.S., underscores the industry's commitment to innovation. This includes a collaboration with Evonik to develop custom catalysts and scale up output, aligning with Röhm's Leading in Methacrylates (LiMA) technology, emphasizing minimal environmental impact and efficient resource utilization.

However, challenges persist in the form of potential irritation and respiratory issues upon direct contact with methyl acrylate. The complex manufacturing process, characterized by resource-intensive procedures and specialized equipment, leads to higher operational expenses. Moreover, its flammable and toxic nature poses safety concerns, contributing to pricing difficulties and potential market competitiveness issues.

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Type Insights:

The industrial methyl acrylate segment dominated the market in 2022, capturing the largest revenue share. This was driven by the increasing demand for industrial methyl acrylate in adhesives and sealants. The segment's ability to dissipate temperature effectively, resist water, and provide stability in industrial applications makes it a preferred choice. Manufacturers are investing in Research & Development to offer tailored products, supported by government backing, fostering adoption in adhesives.

Purity Grade Insights:

The "less than or equal to 99%" segment is anticipated to exhibit a fast revenue growth rate during the forecast period. This is attributed to the demand for this technology in producing polymethyl acrylate elastomers with fewer health and environmental hazards. The precise control over polymer preparation, especially in industries requiring ultra-methyl acrylate like packaging and construction, makes it an attractive option.

Application Insights:

 Surface coatings emerge as a significant revenue contributor due to the rising adoption for protection and decoration in various industries. Methyl acrylate's ability to form a protective layer against corrosion, resist degradation and water, positions it as an ideal material for surface coatings. The stringent requirements for extremely pure raw materials in surface coatings manufacturing further bolster the demand for less than or equal to 99% methyl acrylate.

End-Use Insights:

The paints and coatings segment is poised for moderate revenue growth, driven by the escalating demand for acrylate-based products in the construction industry. Methyl acrylate's rapid polymerization and low toxicity contribute to increased production, improved corrosion efficiency, and lower gas emissions, aligning with the industry's evolving needs for efficient and renewable coatings.

Regional Insights:

Asia Pacific led the global market in 2022, primarily due to the rising adoption of paints and coatings in countries like China, Japan, South Korea, and India. China, the largest producer and consumer of coatings in the region, spearheads the growth with over 60% of the total volume.

Europe is expected to register the fastest revenue growth rate, driven by the increasing demand for plastic synthesis in countries such as the UK, Germany, and France. The expanding packaging industry and the preference for lightweight goods contribute to market growth.

North America is anticipated to account for a considerable revenue share, propelled by the demand for textiles in countries like the U.S. and Canada. The U.S. textile sector's innovation in producing advanced materials adds to the region's market appeal.

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Scope of Research

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Major Companies and Competitive Landscape

The global methyl acrylate market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective methyl acrylate products in the market. Some of the major companies included in the global methyl acrylate market report are:

• Mitsubishi Chemical Group
• LG Chem
• DOW
• Nippon Shokubai Co., Ltd.
• BASF SE
• DuPont
• Arkema
• Evonik
• Solventis
• Merck KGaA
• Shandong Kaitai Petrochemical Co., Ltd.
• Shanghai Huayi Acrylic Acid Co., Ltd.
• Nouryon Jurong Group Su
• Sibur International
• ISU Chemical

Strategic Development

• On 18 August 2021, Dow announced to invest in the U.S. Gulf Coast's methyl acrylate manufacturing to increase dependability and accessibility to raw materials through more centralized capacity. With an emphasis on meeting North American demand, the new 50 kiloton nameplate capacity of methyl acrylate, which is scheduled to be online in the first half of 2022, will be manufactured at St. Charles Operations in Louisiana, U.S., and will facilitate worldwide expansion.

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For the purpose of this report, Emergen Research has segmented the global methyl acrylate market on the basis of type, purity grade, application, end-use, and region:

• Type Outlook (Revenue, USD Million; 2019-2032)

• • Industrial
  • Pharmaceutical

• Purity Grade Outlook (Revenue, USD Million; 2019-2032)

• • Less than or equal to 99%
  • Greater than 99%

• Application Outlook (Revenue, USD Million; 2019-2032)

• • Surface Coatings
  • Adhesives and Sealants
  • Textiles
  • Plastic Adhesives
  • Chemical Synthesis
  • Detergents
  • Others

• End-use Outlook (Revenue, USD Million; 2019-2032)

• • Paints and Coatings
  • Automotive
  • Packaging
  • Construction
  • Cosmetics
  • Others

• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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