Acrylic Acid Market to Reach US$ 22.8 Billion by 2022, driven by...

Acrylic Acid Market to Reach US$ 22.8 Billion by 2022, driven by Growing Demand in Various Industries

Posted 2023-09-27 08:03:09

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Market Overview:
The global acrylic acid market is estimated to be valued at US$ 12.0 billion in 2021 and is projected to reach US$ 22.8 billion by 2022, with a compound annual growth rate (CAGR) of 4.8% during the forecast period 2022-2030. Acrylic acid is a colorless liquid with a pungent odor, and it is primarily used in the production of various polymers and resins such as plastics, adhesives, coatings, and textiles. The increasing demand for these products in industries such as automotive, construction, healthcare, and textiles is driving the growth of the acrylic acid market. The key advantages of acrylic acid include its excellent adhesion, high transparency, and resistance to heat and UV radiation, making it suitable for a wide range of applications.

Market Key Trends:
One key trend driving the acrylic acid market is the growing demand for superabsorbent polymers (SAPs) in the hygiene industry. SAPs are used in the manufacturing of diapers, adult incontinence products, feminine hygiene products, and other disposable absorbent products. The increasing population, rising disposable income, and changing lifestyles have led to a significant increase in the demand for these products, especially in emerging economies. Acrylic acid is a crucial raw material in the production of SAPs, and the growing demand for SAPs is consequently driving the demand for acrylic acid. This trend is expected to continue over the forecast period, as the hygiene industry continues to grow and innovate to meet the evolving needs of consumers.
Segment Analysis:

The acrylic acid market can be segmented based on application, end-use industry, and region. In terms of application, the market can be divided into superabsorbent polymers, surface coatings, adhesives & sealants, textiles, plastic additives, and others. Among these, the superabsorbent polymers segment is dominating the market. This is mainly due to the increasing demand for superabsorbent polymers in various end-use industries such as hygiene products, agriculture, and pharmaceuticals. Superabsorbent polymers have excellent water absorption capacity, which makes them suitable for applications such as diapers, adult incontinence products, and sanitary napkins. The growing population, increasing disposable income, and changing lifestyle patterns are driving the demand for hygiene products, thereby fueling the growth of the superabsorbent polymers segment in the acrylic acid market.

Key Takeaways:

The global Acrylic Acid Market Share is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period. This growth can be attributed to various factors such as the increasing demand for superabsorbent polymers in the hygiene products industry. The growing population and rising disposable income of consumers are driving the demand for hygiene products, which, in turn, is propelling the growth of the acrylic acid market.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the acrylic acid market. The region is witnessing significant growth due to the presence of emerging economies such as China and India. These countries have a large consumer base, which is driving the demand for acrylic acid-based products in various industries such as textiles, adhesives, and surface coatings. Furthermore, the rapid industrialization and urbanization in these countries are creating opportunities for market players to expand their presence in the region.

Key players operating in the acrylic acid market include Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), 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. These key players are focused on strategic initiatives such as mergers, acquisitions, and partnerships to strengthen their market position and expand their product portfolio. They are also investing in research and development activities to innovate new products and cater to the growing demand from various end-use industries.