The polyacrylamide market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyacrylamide is a water-soluble polymer made of acrylamide subunits. It is produced as a white powder or grains and is used in various applications such as wastewater treatment, enhanced oil recovery, paper manufacturing, mining, and personal care products. Polyacrylamide finds major usage in wastewater treatment as a flocculant and dispersant. When added to waste streams, it combines with suspended solids and heavier particles, forming larger clusters that settle faster. This helps in clearer water discharge.
Market Dynamics:
The major drivers propelling the polyacrylamide market growth are the increasing demand from wastewater treatment applications and enhanced oil recovery activities. Wastewater discharge regulations are getting stringent across various countries to protect water bodies. This is driving the demand for effective wastewater treatment chemicals such as polyacrylamide. Moreover, crude oil producers are increasingly adopting polymer flooding technique in enhanced oil recovery which involves injecting polymers like polyacrylamide into reservoirs to increase sweep efficiency. This helps in recovering more residual oil left behind after primary and secondary recovery. The growing energy demand worldwide is fueling enhanced oil recovery activities, thereby boosting the polyacrylamide consumption.
Segment Analysis
The global Polyacrylamide Market Size is dominated by the oil & gas segment. The oil & gas segment accounted for over 30% of the overall market share in 2022. This is because polyacrylamide is widely used as friction reducers in hydraulic fracturing during oil & gas extraction to enhance the production efficiency. Its ability to increase the viscosity of fracturing fluids makes it suitable for use in hydraulic fracturing.
PEST Analysis
Political: The government regulations regarding environmental safety and extraction processes in the oil & gas industry are influencing the demand for environment-friendly polyacrylamide variants.
Economic: The global economic growth leading to rise in energy demand from industries is positively impacting the polyacrylamide market.
Social: Increasing awareness about environmental protection and safe extraction techniques are augmenting the use of polyacrylamide in applications like water treatment.
Technological: Advancements in polymer engineering for developing variants with improved efficacy even at high temperatures and pressures are boosting the polyacrylamide adoption in industries like oil & gas.
Key Takeaways
The global polyacrylamide market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing global energy demand. The market size is projected to reach US$ 9.33 Bn by 2030 from US$ 5.86 Bn in 2023.
Regionally, North America dominated the global polyacrylamide market in 2022 owing to strong demand from mature oil & gas industry in the US and Canada. Asia Pacific is anticipated to be the fastest growing regional market between 2023-2030 led by China due to rising exploration activities and expanding refining capacity.
Key players operating in the polyacrylamide market are Anhui Jucheng Fine Chemical Co, Ltd. (CJCC), Ashland Inc., BASF SE, Kemira, SNF Group, Black Rose Industries Ltd., Shandong Polymer Bio-Chemicals Co., Ltd., Xitao Polymer Co., Ltd., ZL EOR Chemicals Ltd., Dongying Kechuang Biochemical Industrial Co., Ltd. These players are focusing on new product launches and capacity expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
