The global acrylate oligomer market is expected to attain a valuation of US$ 2.35 billion in 2023 and is projected to reach US$ 4.05 billion by 2033 while exhibiting a CAGR of 5.6% during the forecast period. The sales of acrylate oligomer are expected to increase due to increasing demand in the paints & coatings and adhesives & sealants industries, where they serve as substitutes for traditional polymers. Additionally, the market is boosted by the rising preference for environmentally friendly and bio-based products.
The paints & coatings industry, fueled by construction activities and the demand for decorative paints, constitutes the largest end-use segment for acrylate oligomers. Similarly, the adhesives & sealants industry, particularly driven by the packaging sector, is the second-largest end-use segment, contributing to the market's growth.
An essential growth driver for market is the rising adoption of acrylate oligomers as replacements for traditional polymers across various applications. Their outstanding properties, including high transparency, flexibility, and toughness, make them well-suited substitutes for polymers like polystyrene and polyvinyl chloride in industries like packaging, toys, and electronics. Furthermore, the market is propelled by the increasing demand for eco-friendly and bio-based products.
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Heightened regulations on hazardous chemicals usage and growing environmental awareness contribute significantly to the rising demand for environmentally friendly and bio-based products in the market. Technological advancements, including the introduction of innovative cutting techniques and the utilization of biobased materials, have the potential to revolutionize the market. To maintain a competitive edge, continuous innovation and technological upgrades are crucial.
Acrylate oligomer manufacturers can expect promising growth opportunities in the upcoming decade, primarily driven by the advancing automotive and electronics industries. The exceptional properties of acrylate oligomers, especially their ability to create robust coatings and adhesives, make them an ideal choice for the automotive sector, where strong bonding properties are essential to withstand challenging environmental conditions. As new advanced acrylate oligomers enter the market, they are anticipated to further enhance and expand the global acrylate oligomer market in the near future.
Key Takeaways
· The market in Asia Pacific is expected to expand at a CAGR of 5.8% during the forecast period.
· The demand for acrylate oligomer in Europe is expected to expand at a CAGR of 5.5% during the forecast period.
· Asia Pacific is expected to dominate the market by commanding over 38.8% market share in 2023.
“A surge in construction activities and expected advancements in the automotive industry are projected to drive market growth over the forecast period,” comments an FMI analyst
Competitive Landscape
The global acrylate oligomer market is intensely competitive due to the significant presence of domestic and regional players. To leverage emerging opportunities, leading acrylate oligomer manufacturers are adopting diverse strategies, including new product launches, partnerships, acquisitions, mergers, and establishing new manufacturing facilities in lucrative regions.
Some recent developments in the acrylate oligomer market are:
· In July 2023, BASF and Zhejiang Guanghua Technology Co., Ltd. (KHUA) signed a Letter of Intent (LoI) for the supply of Neopentyl Glycol (NPG) from BASF's Zhanjiang Verbund site to KHUA.
· On July 11, 2023, BASF Shanghai Coatings Minhang and Caojing sites, along with BASF Coatings' resin plant in Caojing, Shanghai, declared their commitment to using 100% renewable energy across all operations.
· In June 2023, Avient Corporation and BASF collaborated to provide colored grades of Ultrason high-performance polymers to the global market.
Key Companies Profiled
Arkema SA
BASF SE
Covestro AG
Royal DSM
Hitachi Chemical Company Ltd.
Nippon Gohsei
Lambson Limited
Allnex Group
Jiangsu Sanmu Group Corporation
Toagosei Co. Ltd.
IGM Resins B.V.
Alberdingk Boley GmbH
Miwon Specialty Chemical Co. Ltd.
Key Segments Profiled in the Acrylate Oligomer Industry Survey
By Type:
Urethane
Polyester
Laminated
Epoxy
Others
By End Use Industry:
Automotive & Transportation
Chemicals & Plastics
Buildings and Construction
Paint & Coatings and Adhesives
Other Industries
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa