Report : Asia Pacific Butyl Acrylate Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Paints and Coatings, Adhesives and Sealants, Chemical Synthesis, Plastic Additives, Textile, and Others)
The Paints and Coatings Segment to Dominate Asia Pacific Butyl Acrylate Market during 2021-2028
According to a new market research study on “Asia Pacific Butyl Acrylate Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application and Country,” is expected to reach US$ 2,368.74 million by 2028 from US$ 1,705.11 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific butyl acrylate market along with the drivers and restraints pertaining to the market growth. Expansion in the construction sector, and rising application of coatings from automotive industry are major factors driving the growth of the Asia Pacific butyl acrylate market. However, harmful health effects and regulations may hinder the growth of Asia Pacific butyl acrylate market.
The outbreak of COVID-19 is wreaking havoc on the economic growth of Asia Pacific countries. Various governments in Asia Pacific have been taking actions to limit the spread of SARS-CoV-2 by imposing lockdowns and other social restrictions. These changes are slowing down the import and export activities, which has led to the shortage of raw materials and laborers, severely impacting the production of butyl acrylate across the region. However, the rising government investments in the development of modern infrastructure in China and India are expected to drive the construction industry in the coming years, thereby boosting the need and production of butyl acrylate.
The market for Asia Pacific butyl acrylate is segmented into application and country. Based on application, the market is segmented into paints and coatings, adhesives & sealants, chemical synthesis, plastic additives, textile, and others. In 2020, the paints and coatings segment held the largest share in Asia Pacific butyl acrylate market. Based on country, the Asia Pacific butyl acrylate market is segmented into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific butyl acrylate market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific butyl acrylate market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for butyl acrylate.
Wanhua Chemical Group Co.Ltd., Exxon Mobil Chemicals, Arkema S.A., Oswal Udhyog, Nippon Shokubai Co. Ltd., LyondelBasell Industries Holdings B.V., Sasol, Mitsubishi Chemical Corporation, Indenta Chemicals Pvt. Ltd., and TCI Chemicals Pvt. Ltd are some of the leading companies in the Asia Pacific butyl acrylate market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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