Isobutyl Acrylate Market To Reach USD 10.1 Billion By 2032 | DataHorizzon Research
The isobutyl acrylate market size was valued at USD 6.1 Billion in 2023 and is expected to reach a market size of USD 10.1 Billion by 2032 at a CAGR of 5.6%.
Fort Collins, Colorado, April 22, 2024 (GLOBE NEWSWIRE) -- *
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*Focus on sustainability creates lucrative opportunities for the isobutyl acrylate market in the forecast period.*
The *isobutyl acrylate market* is undergoing significant growth, primarily fueled by the increasing demand for high-performance adhesives and coatings across various industries. One notable sector driving this demand is the automotive industry, where isobutyl acrylate-based adhesives are highly sought after due to their exceptional bonding properties and resistance to harsh environmental conditions. As per the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached 80.1 million units in 2021, underscoring the robust demand for automotive adhesives. Furthermore, the construction industry's shift towards water-based and environmentally friendly coatings further bolstered the need for isobutyl acrylate as a vital raw material.
The growing focus on sustainability and the imperative to diminish environmental impact present a significant opportunity for the isobutyl acrylate market. Researchers and companies are directing efforts toward crafting bio-based alternatives to isobutyl acrylate derived from petrochemicals. These eco-friendly alternatives aim to diminish reliance on fossil fuels and mitigate the carbon footprint associated with isobutyl acrylate production. For instance, initiatives like the European Union's Horizon 2020 research and innovation program have funded projects like "BIO-based products from FORestry via Economically Viable European Routes" (BIOFOREVER). These projects are dedicated to developing sustainable and cost-effective processes for producing bio-based chemicals, including acrylates. The successful commercialization of bio-based isobutyl acrylate holds the potential to unlock new avenues for market expansion and appeal to environmentally conscious consumers.
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*Segmentation Overview:*
*The isobutyl acrylate market has been segmented into application, end-use, and region.*
*Chemical intermediates are the fast-growing segment for the application category.*
· The chemical intermediates segment is projected to be the fast-growing. The rising demand for isobutyl acrylate as an intermediate in the production of various substances, such as surfactants, lubricants, and polymers, is driving the growth of this segment.
*Construction materials are the leading segment for 2023.*
· The construction materials segment is expected to be the largest in 2023. The growing demand for high-performance adhesives, sealants, and coatings in the construction industry, driven by increasing urbanization and infrastructure development projects, is fueling this segment's growth.
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*Isobutyl Acrylate Market Report Highlights:*
· The isobutyl acrylate market growth is anticipated at a *CAGR of 5.6% by 2032.*
· Growing demand for adhesives and coatings and bio-based alternatives propels the industry growth.
· North America will dominate the isobutyl acrylate market in the forthcoming years.
· Some prominent players in the isobutyl acrylate market report include BASF SE, Dow Chemical Company, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., Arkema Group, Lyondellbasell Industries N.V., Jiangsu Jurong Chemical Co., Ltd., Zhejiang Satellite Petrochemical Co., Ltd., Shenyang Chemical Co., Ltd., Wanhua Chemical Group Co., Ltd., and Formosa Plastics Corporation.
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