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The Middle Eastern Acrylates Market Is Forecast to Grow at a CAGR of 2.4% Per Year in 2018-2023

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According to a recently published report about the Middle Eastern acrylates market, it was equal to 108 thousand tons in 2013. The largest country market within the region was Saudi Arabia, which in 2013 accounted for a share of 75% of the total in volume terms. Until 2023, the Middle Eastern market is forecast to drop to 60 thousand tons, thus growing at a CAGR of about 2.4% per annum in the period 2018-2023. This is still a significant increase, compared to the decline at a CAGR of around 16.3% per year, registered in 2013-2017.

The analytical research projects that the Middle Eastern production of acrylates is likely to stabilize at around 140 thousand tons in the medium term with no major changes. Similar dynamics of the overall installed production capacities in the region and their annual average utilization rates are also expected. In addition, the market is forecast to remain relatively unbalanced in terms of supply and demand, also showing moderately mixed dynamics in the medium term.

Acrylates are highly dependent on the development of end-use markets such as coatings, paints, plastics, adhesives & sealants, printing inks and others. Based on type of functional group, the fastest growing one on the global acrylates market is 2 ethyl hexyl acrylate. One of the leading trends on the global acrylates market is connected with the rapidly increasing application of acrylates in the paints and coatings industry. The increasing infrastructural developments and the expanding construction industry are just some of the factors, supporting the continuously evolving paints and coatings industry. In combination with the increasing disposable incomes and the growing renovation and refurbishment activities, the global acrylates market has been growing in the past few years. As a matter of fact, since acrylate coatings withstand hydrolysis and exhibit low absorption of ultraviolet light, they offer excellent resistance to weathering and chemicals. As a result, the demand for acrylic binder market has raised.

Merger and acquisition activity has been robust in the chemical industry during the past few years. Although, the consolidation trend has been stable even in uncertain times, the number of global chemical merger and acquisition deals is decreasing. Particularly on the acrylates market, there has been interest in corporate restructurings. In the end of 2018, the chemical distributor Ravago Chemicals completed the acquisition of KH Chemicals B.V., an international trader and distributor of intermediate chemicals. The acquired company’s product portfolio comprises a broad range of chemicals that can be divided into four product groups, namely solvents, acrylates, monomers and plasticizers.

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