The global 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 that is produced by catalytic oxidation of propylene. It is a colorless, volatile liquid with a characteristic acrid odor. Acrylic acid finds wide applications in manufacturing polymers and copolymers. Superabsorbent polymers (SAP), which are mainly used in diapers, adult incontinence products and agricultural products, account for more than 90% of acrylic acid consumption globally. SAP provides exceptional absorbency and retains liquid even under pressure. This makes acrylic acid an important building block for hygiene and agriculture end-use industries.
Market key trends:
One of the key trends in the acrylic acid market is the rising demand from superabsorbent polymers (SAP). SAP finds extensive usage in manufacturing diapers, adult incontinence products, feminine hygiene items and other personal care products. According to United Nations Population Fund, the global population aged 60 years and above is expected to more than double by 2050 and reach around 2.1 billion. This indicates growing demand for adult incontinence products, thereby augmenting the consumption of SAP and acrylic acid. Additionally, increasing agriculture production to meet rising food demand from ever-growing population is another factor propelling the use of SAP and acrylic acid in the agriculture sector for higher crop yields. expanding application scope of SAP in various end-use industries will continue to drive the acrylic acid market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as large capital investments are required to build manufacturing facilities for acrylic acid. However, the growing market size attracts new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established manufacturers and suppliers in the market providing alternatives. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials such as propylene and oxygen face low switching costs.
Threat of new substitutes: The threat of new substitutes is low as acrylic acid has widespread applications and there are limited substitutes available that can provide similar functionalities.
Competitive rivalry: The competitive rivalry is high owing to many large players operating in the market. Players compete based on pricing, product differentiation, and mergers & acquisitions.
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 demand from superabsorbent polymers and coating applications.
Regional analysis: Asia Pacific dominates the market and is expected to continue its dominance during the forecast period. China accounts for more than 50% of global acrylic acid production. Other major producers include India, Japan, and Taiwan.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it