Polyacrylamide is commonly used in various products and processes such as oil recovery, personal care products, paper manufacturing, soil conditioning, and wastewater treatment. It acts as a flocculating agent in wastewater treatment plants. It allows suspended solids in water to clump together so they can be efficiently removed. With growing concerns about water pollution and scarcity, wastewater treatment has become increasingly important. Stringent regulations regarding wastewater discharge are boosting the adoption of polyacrylamide in this application.
The global Polyacrylamide Market is estimated to be valued at US$ 5.87 Bn in 2023 and is expected to exhibit a CAGR of 61.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing production of petroleum globally is a major driver for polyacrylamide market growth. It is widely used in oil drilling and recovery processes to increase drilling efficiency and maximize oil recovery. Additionally, advances in polymer chemistry have enabled development of superior polyacrylamide formulations with better properties. For instance, anionic polyacrylamide formulations have improved viscosity and shear stability compared to non-ionic formulations. Product innovations, coupled with industrialization globally will continue to support the expansion of the polyacrylamide market over the forecast period.
Porter’s Analysis
Threat of new entrants: Medium threat as establishing manufacturing facilities and obtaining necessary certifications requires significant capital investments and resources.
Bargaining power of buyers: Low to medium power since the market has the presence of established players and substitutes are available. However, buyers can negotiate on price points.
Bargaining power of suppliers: High power as key raw materials like acrylamide and potassium acrylate are hazardous in nature and have limited suppliers.
Threat of new substitutes: High threat from substitutes like guar gum, xanthan gum due to their natural appeal. However, polyacrylamide has advantages over substitutes in terms of stability and temperature resistance.
Competitive rivalry: High rivalry as the major players focus on expansion, new product developments and strategic mergers to gain market share.
Key Takeaways
Global Polyacrylamide Market Demand is expected to witness high growth. Regional analysis: Asia Pacific dominates the polyacrylamide market and is expected to grow at the fastest pace during the forecast period. China, India, and Japan are the major markets in the region.
Key players: Key players operating in the polyacrylamide market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. Cargill Inc. specializes in developing bio-based acrylamide monomers. Koninklijke DSM N.V. focuses on expanding its production facilities in Asia to cater to growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it