Tert Butyl Acrylate Market Size Forecast to Reach $7.4 Billion by 2026
The Growing Awareness About Environmental Safety, Consumers Have Started to Prefer Biodegradable Products or Ecofriendly Products Is Also Likely to Boost the Tert Butyl Acrylate Market Growth.
Tert Butyl Acrylate Market (TBA) size is forecast to reach $7.4 billion by 2026, after growing at a CAGR of 4.6% during 2021-2026. Tert-Butyl Acrylate (TBA) is a clear, colorless liquid, and acrylate monomer. TBA imparts hydrophobicity, chemical stability, hardness, scratch resistance, weather ability, hardness, and crosslinking properties to the polymers. The growing construction industry globally drives the growth of the market owing to the surging uses of butyl acetate, epoxy resin, nitrocellulose based products in construction projects for their weather ability properties.
Furthermore, the growing demand for aqueous dispersions as an additive that separates fiber or particles and prevents clumping and setting from the pulp and paper industry is also driving the market growth. Whereas, growing investment and development in the healthcare sector across emerging nations further drive market growth.
Tert Butyl Acrylate Market Segment Analysis - By Form
Homopolymers segment held the largest share of more than 30% in the global market in 2020. Homopolymers are polymers made up of just one type of monomers, with properties such as excellent weight-to-strength ratio, stiffer than copolymers, low friction & wear, good resistance to chemicals, low density, and high resistance to moisture. The properties of Homopolymers make them suitable to use across various industry applications, which in turn drives the market growth.
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Tert Butyl Acrylate Market Segment Analysis - By Application
Coating and Inks held the largest share of more than 25% in the global market in 2020. Tert Butyl Acrylate (TBA) is added as an additive in coatings & inks, which provides chemical resistance, heat resistance, reduce the dry time, low viscosity, scratch resistance, and excellent weatherability to the applicant surface. Moreover, due to these properties, the demand for TBA based coatings & inks is growing across various end-use industry applications like interior & exterior body of vehicles, in printing & press industry, for digital printing, and textile industry. Furthermore, these coatings are used in the construction industry to protect the structure from erosion in the exterior walls, resistance to dirt, and also used as floor coatings.
Tert Butyl Acrylate Market Segment Analysis - By End-Use Industry
Automotive segment is projected to witness the highest CAGR of 7.2% in the TBA market during the forecast period. This growth is attributed to the surging uses of coatings and sealants in automobiles. Automotive manufacturers use these coating to provide high-grade automotive refinishing paint and protect the vehicles from corrosion. Whereas, the growing demand for lightweight and electric vehicles for better fuel efficiency and lowering the carbon emission is set to drive the market’s growth.
Tert Butyl Acrylate Market Segment Analysis - By Geography
Asia Pacific held the largest share of more than 45% in the TBA market in 2020 followed by North America, Europe, and the Middle East region. The growth of residential buildings and public infrastructure coupled with the growing population drive the growth of this market. The growing paper & pulp industry, surging demand for packaging and hygiene products, and developing e-commerce sector is also contributing to the market growth across the region. The increase in consumption of plastic from the food and beverage and packaging sector is likely to boost the demand for the market in APAC.
Tert Butyl Acrylate Market Drivers
Easily Biodegradable & Non-Toxic for Environment
Tert Butyl Acrylate is an ester of acrylic acid, which evaporate easily and are unlikely to persist in the environment. Tert-butyl acrylate is ultimately biodegradable in the environment, as they do not bind to soil or sediment. If released in the air, they will undergo degradation within days. They do not accumulate in the food chain as the bio-concentration potential is low. Thus, the biodegradable properties of TBA make them more environmentally friendly, which in turn drives the market growth.
Growing Demand of TBA from Plastic Industry
Even though plastics are hazardous for the environment, the demand for plastic products are not decreasing due to low cost and lightweight as compared to the other alternatives. Tert-butyl acrylate is used as an additive in the production of plastic and plastic products, which are durable than glass, lighter weight, easy to fabricate, non-toxic, and highly transparent. These properties of TBA based plastic makes them suitable to use across various end-use applications like food packaging, medical & sports equipment’s, displays, and plane canopies.
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Tert Butyl Acrylate Market Market Landscape
Major players in the market are Tokyo Chemical Industry UK Ltd., Osaka Organic Chemical, Wanhua Chemical Group, Shandong Minde Chemical Co., Ltd., ECEM BV, Merck KGaA, Changshu Jinfeng Chemical Co., Ltd.,Guangdong DeRong Chemical Co., Ltd, Eastman Chemical Co., and LyondellBasell Industries N.V., among others
North America region is projected to witness significant growth during the forecast period due to the strong presence of aerospace and healthcare industries. The United States holds a major share in the region.
The growth of the medical industry drive the market growth as butyl acetate, epoxy resin, nitrocellulose are used in medical fibers & resins, medical elastomers, and biodegradable medical plastics.
Covid19 will hinder the market growth during the forecast period due to the declining demand from end-uses and disruption of the global supply chain.
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