Report : North America 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 North America Butyl Acrylate Market during 2021-2028
According to a new market research study on “North America Butyl Acrylate Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application and Country,” is expected to reach US$ 954.94 million by 2028 from US$ 696.74 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the North America butyl acrylate market along with the drivers and restraints pertaining to the market growth. Growing construction sector, and rising demand for coatings from automotive industry are major factors driving the growth of the North America butyl acrylate market. However, health hazard and regulations may hinder the growth of North America butyl acrylate market.
The COVID-19 pandemic has drastically altered the status of the chemicals & materials industry. The implementation of measures to combat the spread of the novel coronavirus aggravated the situations and harmed developments in several industries. The sudden lockdown of national and international boundaries led to disturbances in operational efficiencies and disruptions in value chains in industries such as building and construction and automotive. Emergency construction comprises projects that protect the health and safety of occupants or projects that can be unsafe if they remain unfinished. The consequences of the pandemic also disrupted product orders and deliveries, along with increasing the cases of cancellations and order backlogs. The significant decline in the growth of industries such as construction, automotive, and textile reduced the demand for butyl acrylate in North America. The temporary suspension of manufacturing activities also impacted butyl acrylate production in North America. The rising demand for modular buildings due to increased COVID-19 cases and the need for healthcare and quarantine buildings/units positively impacted the North America butyl acrylate market growth, and the demand for butyl acrylate is expected to rise in the coming years.
The market for North America 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 North America butyl acrylate market. Based on country, the North America butyl acrylate market is segmented into US, Canada and Mexico. In 2020, US held the largest share in North America butyl acrylate market. Furthermore, in this present scenario of COVID 19 pandemic, the North America butyl acrylate market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America 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 North America 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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