Acrylates are basically the esters or salts of acrylic acids, which are made from the acrylate monomer, that generally consists of esters containing vinyl groups, which are two carbon atoms double bonded to one another and directly joined to the carbonyl carbon of the ester group. These compounds have a wide array of beneficial traits such as transparency, toughness, super-absorbency, hardness, and flexibility, owing to which, they are extensively used in various applications such as those pertaining to cosmetics, paints and coatings, diapers, orthopedics, textiles, and adhesives.
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“The other major factor responsible for the increasing sales of acrylates is the ballooning requirement of acrylic esters in adhesives and sealants across the world”. Due to these factors, the revenue attained from the worldwide sales of acrylates was $10,949.9 million in 2018 and this number is predicted to rise to $12,593.8 million in 2024. Furthermore, “the global acrylates market will demonstrate a CAGR of 4.9% between 2019 and 2024”, as per the forecasts of the market research firm, P&S Intelligence.
Apart from being used in paints and coatings and sealants and adhesives, acrylates are also widely used in leather chemicals, textile chemicals, and acrylic fibers. Out of these, the usage of these compounds was found to be the highest in paints and coatings in the past and this trend will also continue in the forthcoming years. This is mainly credited to the rising utilization of acrylate-based emulsions, that act as solvents, binders, additives, and pigments in several types of paints all over the world.
Globally, APAC was the largest acrylates market in 2018, and it is expected to maintain the trend during the forecast period. This can be mainly attributed to the presence of established players, increase in the demand for water-based paints & coatings, and rise in infrastructure development activities, which has spearheaded the demand for acrylates. Considering the future industry scenario, China is expected to lead the region’s market, generating revenue worth $6,805.0 million in 2024.The country’s high-volume downstream product manufacturing capabilities and rising living standards and per capita income would boost the demand for acrylic formulations, which act as the building blocks for thousands of polymer intermediates used in surface coatings, textiles, adhesives, and plastics.
Read more: https://www.psmarketresearch.com/market-analysis/acrylates-market
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