The acrylate market is estimated at USD 7.28 Billion in 2017 and is projected to reach USD 9.88 Billion by 2022, at a CAGR of 6.3% from 2017 to 2022. The increasing use of acrylate in adhesive applications, high demand for acrylates in paints & coatings water-based emulsions and increase in the demand for butyl acrylate is driving the acrylate market.
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The report analyzes the key growth strategies adopted by the leading market players between 2015 and 2017. BASF SE (Germany), Arkema (France), The Dow Chemical Company (US), Evonik Industries (Germany), NIPPON SHOKUBAI CO. LTD. (Japan), SIBUR (Russia), LG Chem (South Korea), SASOL Limited (South Africa), Formosa Petrochemical Corporation (Taiwan), and Mitsubishi Chemical Corporation (Japan) are the key players operating in the acrylate market. These companies adopted new product launches, mergers & acquisitions, investments & expansions, and agreements & partnerships strategies to strengthen their positions in the acrylate market.
BASF SE (Germany) is one of the key players operating in the acrylate market, and operates in the acrylic and acrylate businesses. The company has adopted the diversification strategy and has a strong foothold in the emerging economies of Asia and other emerging regions through its organic and inorganic growth strategies. For instance, in June 2015, BASF SE (Germany) expanded its production capacity of acrylic acid by investing in a production complex for acrylic acid, butyl acrylate, and super absorbent polymers located in Camaçari, Brazil. The company is also making efforts to support the production of bio-based acrylic acid. It has formed a joint venture with Sinopec (China) and PETRONAS (Malaysia) to establish its acrylic acid business footprint in Asia.
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Arkema (France) has been very dynamic in the acrylate market, and has focused on new product launches, mergers & acquisitions, and investments & expansions as its key strategies. For instance, in January 2014, the company entered into a joint venture with Jurong Chemical (China), which benefitted the company, enabling tapping opportunities in the Chinese markets. In July 2014, the company also invested in a methyl acrylate production facility in Texas, thus meeting the demand for methyl acrylate.
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