The Acrylic Acid Market is estimated to be valued at US$ 12.0 billion in 2021 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acrylic acid is a key building block for various products used in industries such as adhesives, coatings, textiles, and paints. It is primarily used in the production of superabsorbent polymers (SAP) that find wide applications in consumer products like diapers, adult incontinence products, and feminine hygiene products. The market for acrylic acid is also driven by the increasing demand for coatings and adhesives in the construction and automotive industries. Furthermore, the growing awareness regarding hygiene and sanitation is expected to fuel the demand for superabsorbent polymers, thereby driving the growth of the acrylic acid market.
Market Dynamics:
The acrylic acid market is primarily driven by two factors. Firstly, the increasing demand for superabsorbent polymers in various consumer and industrial applications is expected to fuel the growth of the acrylic acid market. Secondly, the rising demand for coatings and adhesives in the construction and automotive sectors is anticipated to contribute significantly to market growth. Moreover, the untapped opportunities in developing regions present lucrative growth prospects for market players. However, fluctuations in raw material prices and environmental concerns associated with the production and disposal of acrylic acid-based products may pose challenges to market growth. Overall, the acrylic acid market is expected to witness high growth due to the combination of drivers and opportunities mentioned above.
Segment Analysis:
The global acrylic acid market can be segmented based on application into superabsorbent polymers (SAP), surface coatings, adhesives and sealants, textiles, plastic additives, and others. Among these segments, the SAP segment dominates the market due to the increasing demand for disposable diapers and adult incontinence products. Superabsorbent polymers are widely used in these products as they can absorb and retain large amounts of liquid, ensuring comfort and dryness for the wearer. This dominance is further supported by the growing global population, which has led to an increase in the demand for baby diapers and personal care products.
PEST Analysis:
Political: The acrylic acid market is influenced by political factors such as trade policies, regulations, and government initiatives. Policies related to environmental protection and sustainability can impact the production and usage of acrylic acid.
Economic: The acrylic acid market is influenced by economic factors such as GDP growth, disposable income, and industrial development. Economic growth in emerging economies drives the demand for acrylic acid, particularly in sectors such as construction, automotive, and textiles.
Social: The acrylic acid market is influenced by social factors such as changing consumer preferences and lifestyle trends. Increasing awareness about personal hygiene and the adoption of eco-friendly products are driving the demand for superabsorbent polymers in personal care products.
Technological: The acrylic acid market is influenced by technological advancements in manufacturing processes and product innovation. Continuous research and development efforts are leading to the development of bio-based acrylic acid, which offers improved sustainability and reduced environmental impact.
Key Takeaways:
The global Acrylic Acid Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% from 2022 to 2030, reaching USD 12.0 billion by 2021. This growth is driven by the increasing demand for superabsorbent polymers in the personal care industry, particularly in disposable diapers and adult incontinence products.
In terms of regional analysis, Asia Pacific is the fastest growing and dominating region in the acrylic acid market. This can be attributed to the rapid industrialization, urbanization, and population growth in countries such as China and India. The presence of major manufacturers in the region, along with favorable government initiatives and investments in infrastructure development, further contribute to the market’s growth in Asia Pacific.
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 contribute significantly to the market’s growth through product development, strategic collaborations, and expansion into emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
