Methyl Acrylate Market Size, Share, Growth, and Industry Analysis, By Type (Industrial Grade, Pharmaceutical Grade), By Application (Automobile, Packaging, Construction, Cosmetics, Others), Regional Insights Forecast To 2032

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METHYL ACRYLATE MARKET OVERVIEW

global methyl acrylate market size was USD 0.41 billion in 2023 and market is projected to touch USD 0.57 billion by 2032 at CAGR 3.70% during the forecast period.

The increasing demand for building materials such as paints, coatings, and adhesives, driven by rising urbanization and infrastructure development worldwide, is a significant factor propelling the growth of the methyl acrylate market. Additionally, its applications in the cosmetics industry contribute to market expansion, enhancing the aesthetic appeal and performance of various cosmetic products.

COVID-19 IMPACT:

Demand Declined Due to Disruptions in End-User Industries

The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The methyl acrylate market experienced significant disruptions during the pandemic, primarily attributable to disruptions in end-user industries such as construction, automotive, and packaging. Shutdowns and reduced demand in these key applications adversely affected methyl acrylate consumption, leading to a downturn in market activity. Moreover, supply chain disruptions resulting from lockdowns and restrictions further exacerbated the situation, causing shortages and price volatility. Additionally, shifting priorities towards healthcare and essential goods diverted resources away from industries reliant on methyl acrylate, compounding the challenges faced by market players during the pandemic.

LATEST TRENDS

Manufacturer’s Focus on Product Performance and Quality to Improve Adhesion and Durability

A prominent trend in the methyl acrylate market is the emphasis on its performance and quality. As end-users demand high-performance materials for their applications, manufacturers are investing in research and development to enhance the properties and functionality of methyl acrylate-based products. This includes improving adhesion, weather resistance, durability, and compatibility with other materials. Advanced formulation techniques and additives are being employed to achieve superior performance characteristics, catering to the diverse needs of end-users across industries.

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METHYL ACRYLATE MARKET SEGMENTATION

By Type 

Based on type, the global market can be categorized into industrial-grade and pharmaceutical-grade methyl acrylate.

• Industrial Grade: Industrial grade methyl acrylate is a high-purity form of acrylic acid. It has applications in paints, coatings, adhesives, sealants, and other chemical industries.

• Pharmaceutical Grade: Pharmaceutical grade is a type of acrylate that is produced in the pharmaceutical industry for use in tablets, capsules, and other oral drug formulations. It has a wide range of applications, such as it can be used to make medicines to treat pain caused by arthritis or osteoporosis; it can also be used as an excipient for making various drugs including some antibiotics and corticosteroids.

By Application

Based on application, the global market can be categorized into automobiles, packaging, construction, cosmetics, and others.

• Automobile: This segment refers to the use of methyl acrylate in the production of paints, coatings, adhesives, and sealants for various automotive applications. Methyl acrylate provides durability, weather resistance, and aesthetic appeal to vehicles.

• Packaging: This segment refers to the use of methyl acrylate in the production of flexible and rigid packaging materials, such as films, bottles, cans, and labels. Methyl acrylate enhances the barrier properties, printability, and adhesion of the packaging products.

• Construction: This segment uses methyl acrylate in the production of paints, coatings, adhesives, and sealants for the construction industry. Methyl acrylate improves the performance and durability of building materials, such as concrete, wood, metal, and glass.

• Cosmetics: This segment refers to the use of methyl acrylate in the production of personal care and cosmetic products, such as nail polish, hair gel, and skin care products. Methyl acrylate acts as a film-forming agent, viscosity modifier, and emulsifier in these products.

Driving Factors

Rising Urbanization and Infrastructure Development to Elevate Market Demand

Rising urbanization and infrastructure development worldwide are propelling the demand for building materials like paints, coatings, and adhesives. Methyl acrylate plays a crucial role in these materials, offering superior performance and durability. Its ability to enhance adhesion, weather resistance, and aesthetics makes it a preferred choice in construction applications. This increasing demand from the booming construction sector is a significant driving force for methyl acrylate market growth.

Product’s Applications in the Cosmetics Industry to Fuel Market Expansion

Methyl acrylate's unique properties extend beyond construction, finding valuable applications in the cosmetics industry. Its presence in nail polishes, resins, and other cosmetic products contributes to their aesthetic appeal and performance. From creating long-lasting, chip-resistant nail polishes to formulating durable and versatile resins, methyl acrylate plays a vital role in enhancing the quality and functionality of various cosmetic products. This growing application in the ever-evolving cosmetics industry is another key driver fueling the methyl acrylate market's expansion.

Restraining Factor

Complex Production Process to Limit Market Growth

The multi-step production process for methyl acrylate entails the utilization of specialized equipment, skilled labor, and high-quality raw materials. Consequently, this results in relatively high production costs compared to certain alternatives. The intricate nature of the production process not only adds to the expenses but also demands a higher level of expertise, potentially limiting accessibility to manufacturers. As a consequence, the elevated production costs may hinder the price competitiveness of methyl acrylate, thereby restricting its adoption in applications sensitive to cost considerations.

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METHYL ACRYLATE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.

Asia Pacific to Lead the Market Due to Region’s Growing Demand from End-User Industries

Asia Pacific region currently reigns supreme in the methyl acrylate market share. This dominance stems from rising demand in key sectors like construction, packaging, and transportation, fueled by a growing population, urbanization, and infrastructure development. While other regions have their own strengths, none match the current momentum and scale of the Asia Pacific market in the landscape of methyl acrylate.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Top Methyl Acrylate Companies

• Mitsubishi (Japan)
• Arkema (France)
• Solventis (Netherlands)
• Dow Chemical (U.S.)
• NIPPON SHOKUBAI (Japan)
• BASF (Germany)
• Coatex (France)
• AkzoNobel (Netherlands)
• LG Chem (South Korea)
• DuPont (U.S.)
• Jiangsu Jurong Chemical (China)
• Shandong Kaitai Petrochemical (China)

INDUSTRIAL DEVELOPMENT

July 2021: Dow Chemical Company made a significant industrial development announcement regarding methyl acrylate production in the US Gulf Coast region. Dow revealed its plans to invest in enhancing the reliability and accessibility of raw materials for methyl acrylate production. The company aimed to establish a new 50-kiloton nameplate capacity facility for methyl acrylate manufacturing at its St. Charles Operations site in Louisiana, USA. This strategic move not only focused on improving local production capabilities but also aimed to cater to the growing demand for methyl acrylate in North America while enabling global growth opportunities.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.