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Albany, New York, Sept. 03, 2018 (GLOBE NEWSWIRE) -- According to a new research report titled ‘Butyl Acrylate Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026 by Transparency Market Research (TMR), the global butyl acrylate market is projected to expand at a CAGR of 5.0% from 2018 to 2026. In terms of volume, the global butyl acrylate market is expected to reach 4,840.3 kilo tons by 2026. Growth of automotive and construction industries drives the global butyl acrylate market. The butyl acrylate market in Asia Pacific is estimated to expand at a CAGR of 5.2% during the forecast period owing to the presence of a large number of acrylic acid and acrylic ester manufacturers in the region. In terms of purity, the high purity segment held significant share of the market in 2017.
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Rise in demand for high purity butyl acrylate monomers to manufacture acrylic resins
Based on purity, the global butyl acrylate market has been divided into high purity and common purity. Butyl acrylate has outstanding properties which makes it a preferred material for manufacturing water-based coatings and adhesive materials. Butyl acrylate has high strength and rigidity, excellent chemical resistance, and thermal endurance for use in high temperature applications. High purity butyl acrylate products are used in formulating resins and engineering plastics for car interiors and engine components. Butyl acrylate with common purity monomers are lab scale chemical synthesis of polymers.
Paints & coatings application to dominate global butyl acrylate market
Based on application, the butyl acrylate market has been segregated into paints & coatings, adhesives & sealants, chemical synthesis, plastic additives, textiles, and others. The others segment includes pulp & paper applications and leather processing. The paints & coatings segment holds major share of the butyl acrylate market. This trend is likely to continue during the forecast period owing to its applications in construction and automotive industries and rise in replacement of existing coatings with water-based paints & coatings. Butyl acrylate has properties, such as high hardness, durability, and enhanced weather ability, which make the material a preferred choice for automotive coating applications. The adhesives & sealants segment held large share of the global butyl acrylate market in 2017.
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Rise in usage of butyl acrylate to manufacture adhesives & sealants is attributed to the increase in demand for pressure adhesive tapes for packaging applications to replace traditional plastics such as PVC. This is expected to boost the demand for butyl acrylate in adhesives & sealants in the near future. The plastic additives segment held considerable share of the butyl acrylate market in 2017. Butyl acrylate resins are used to manufacture switchgear, connector technology, and electronics related products, as these are heat-resistant and VOC free resins.
Price Trends of Butyl Acrylate
Currently, butyl acrylate manufacturers, across the globe, enjoy high selling price due to continuous rise in prices of feedstock materials such as propylene and acrylic acid. Major players are expanding their production capacities to increase their market share. In 2015, BASF entered into a joint venture with SINOPEC to establish a butyl acrylate plant at Shanghai Chemical Industry Park (SCIP) in China to cater to the increase in demand for water-based coatings & adhesives using butyl acrylate monomers. This, in turn, is estimated to increase the demand for butyl acrylate in China. In Europe, players are resolving issues related to the production of acrylic acid and butanol. This, in turn, is expected to increase the supply of butyl acrylate in the second quarter of 2018.
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Several major manufacturers and sellers, such as ARKEMA S.A., DOWDUPONT INC, Mitsubishi Chemical Corporation, have announced an increase in prices of butyl acrylate monomers in North America, Asia Pacific, and Europe. The acrylic acid and acrylic esters markets in Europe has witnessed shortage of supply caused by an explosion and consequent fire at BASF’s Ludwigshafen site in October 2017. This has caused the force shutdown of the plant in turn resulting short supply especially for butyl acrylate, 2-ethyl hexyl acrylate and acrylic acid. Butyl acrylate prices are likely to increase during forecast period due to the rise in demand and supply shortage.
Asia Pacific is anticipated to dominate the market during the forecast period
The global butyl acrylate market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to hold a prominent share of the market owing to the growth in automotive and construction industries. This, in turn, is increasing the usage of butyl acrylate to manufacture water-based coatings which are likely to replace solvent-based coatings. Butyl acrylate monomers induced adhesive and resin modifiers are extensively used in building construction materials. The market in North America is anticipated to expand at a considerable pace, followed by Asia Pacific. In 2017, ARKEMA’s planned to increase its butyl acrylate production capacity in the U.S. This, in turn, is likely to drive the demand for butyl acrylate in the country. Expansion of the industrial textile & apparel segment in China is a key driver of the butyl acrylate market in Asia Pacific. Demand for butyl acrylate in Europe is high due to the presence of large number of automobile manufactures in the region.
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Highly consolidated market with few major players
The report comprises profiles of major companies operating in the global butyl acrylate market. Key players operating in the market include ARKEMA S.A., BASF S.E, NIPPON SHOKUBAI CO., LTD, DOWDUPONT INC., LG CHEM LTD., TAOGOSEI CO., LTD., Mitsubishi Chemical Corporation, and SunVic Chemical Holdings Corporation. Other prominent players in the butyl acrylate market include Formosa Plastics Corporation, Shenyang Chemical Co., Ltd, OSWAL UDHYOG, Haihang Industry Co., Ltd., Shanghai Huayi Acrylic Co., Ltd., Wanhua Chemical Group Co., Ltd., and China National Offshore Oil Corporation. On April 26, 2018, Mitsubishi Chemical Corporation concluded an agreement with Indian Oil Corporation Limited over the licensing of its proprietary technology for manufacturing acrylic acid and acrylic acid esters, such as butyl acrylate and 2-ethyl hexyl acrylate, in India.
Global Butyl Acrylate Market, by Purity
Global Butyl Acrylate Market, by Application
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