With the global population set to touch 10.9 billion by 2100, as per the United Nations (UN), construction is in full swing. Governments, as well as private companies, are pouring millions to build houses, road, air, and rail networks, commercial spaces, and factories. This has been driving the demand for paints and coatings, as they are used to make the built infrastructure appealing to the eye and protect it against the forces of nature.
As per P&S Intelligence, the rising consumption of paints and coatings will propel the acrylates market at a 4.9% CAGR during the forecast period, at which rate the industry size would increase from $10,949.9 million in 2018 to $12,593.8 million by 2024. Acrylates are esters, salts, and conjugate bases formed by the esterification of alcohol and acrylic acid. These compounds are being preferred in paints and coatings because of their durability, stability under extreme climatic conditions, and volatile organic compound (VOC)-free nature.
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The categories under the type segment of the acrylates market are 2-ethylhexyl acrylate, butyl acrylate, methyl acrylate, and ethyl acrylate. Among these, the largest share in 2018 was held by the butyl acrylate category, owing to its resistance to sunlight and stability at low temperatures. This is why this compound is widely consumed in latex paint formulations that have acrylic polymers. As a result, butyl acrylate is also predicted to witness the fastest growth in the market during the forecast period, in terms of value.
Therefore, as the demand for infrastructure and automobiles increases, the usage of acrylates will rise as well.
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