by The Acrylic Acid Market is estimated to be valued at US$ 13.18 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acrylic acid is an unsaturated carboxylic acid which finds wide use as a raw material for the production of polymers and coatings. It is used to manufacture superabsorbent polymers (SAPs) which are utilized in baby diapers, adult incontinence products and other hygiene products. Acrylic acid is also used to produce acrylate esters which serve as major raw materials for adhesives, thickeners and surface coatings. Adhesives manufactured using acrylic acid offer high bonding strength and resistance to heat, water and weathering.
Market Dynamics:
Rising demand for superabsorbent polymers from the hygiene industry is a key driver for the acrylic acid market. SAPs help absorb large amounts of liquid while retaining shape and prevent leakage, making them ideal for use in diapers and other absorbent hygiene products. According to Statista, the global baby diaper market was valued at over US$ 54 billion in 2020 and is expected to grow further with rising birth rates globally. Growth in the hygiene products market will positively impact demand for SAPs and subsequently acrylic acid.
Increasing usage of acrylate esters in the adhesive industry is another factor propelling market growth. Acrylic adhesives offer superior bonding ability and resistance to heat, moisture and chemicals. They are increasingly being used in construction, automotive, packaging and other end-use industries. Rising infrastructure development activities and automotive production are stimulating demand for acrylic adhesives and consequently acrylic acid.
Segment Analysis
The acrylic acid market comprises of various segments such as water-based acrylates, solvent-based acrylates, chemical-resistant coatings, thermoplastic acrylic resins, and others. Among these, the water-based acrylates segment dominates the market with a share over 35% in 2023. This is primarily attributed to the increasing adoption of water-based acrylates in various end-use industries such as construction, paints & coatings, and others owing to their environmental-friendly properties as compared to solvent-based acrylates.
PEST Analysis
Political: Regulations regarding VOC emissions can impact the demand for acrylic acid positively. Stringent environmental norms in regions such as Europe and North America are expected to drive the demand for water-based acrylates.
Economic: Rising incomes and growing population are positively impacting the end-use industries such as construction, automotive, and paints & coatings, which in turn is contributing to the growth of the acrylic acid market.
Social: Increasing investments in infrastructure projects across developing nations are providing promising growth opportunities to the market.
Technological: Advancements in polymerization and production technologies are helping to reduce the manufacturing costs and enhance the properties of acrylic acid and its derivatives. Continuous R&D for developing bio-based acrylic acid is also propelling the market growth.
Key Takeaways
The Global Acrylic Acid Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing construction activities and growing automotive production worldwide. The market size is estimated to reach US$ 13.18 Bn in 2023.
Regional analysis: Asia Pacific dominates the global acrylic acid market and is expected to maintain its leading position during the forecast period as well. China and India account for over 50% of the global demand owing to rapid industrialization and urbanization in these countries.
Key players operating in the acrylic acid market are Arkema, BASF SE, China Petroleum & Chemical Corporation, Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. Key players are focusing on capacity expansion strategies to cater to the growing demand for acrylic acid across various end-use industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
