The Global 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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acrylic acid is a key raw material used for the production of various products such as coatings, adhesives, sealants, textiles, and diapers. The demand for acrylic acid is driven by the growth in end-use industries such as construction, automotive, and textiles. The rapid urbanization and infrastructure development activities are fueling the demand for coatings and adhesives, thereby boosting the growth of the acrylic acid market. Additionally, the increasing awareness about eco-friendly products and the shift towards waterborne coatings are further propelling the market growth.
Market Dynamics:
The growth of the acrylic acid market is primarily driven by two major factors. Firstly, the increasing demand for acrylic acid-based products in various end-use industries such as automotive, construction, and textiles is bolstering the market growth. The superior properties of acrylic acid, such as high durability, adhesion, and weather resistance, make it a preferred choice for coatings and adhesives in these industries. Secondly, the shift towards eco-friendly and sustainable products is driving the demand for waterborne acrylic acid-based coatings. The stringent environmental regulations and a growing emphasis on reducing VOC emissions are further contributing to the market growth.
In conclusion, the Global Acrylic Acid Market is anticipated to witness high growth in the coming years, driven by the increasing demand from various industries and the shift towards eco-friendly products.
SWOT Analysis:
Strength:
- Acrylic acid market has a wide range of applications in industries such as textiles, adhesives, coatings, and detergents, which contributes to its strong market demand.
- Increasing awareness about sustainable and eco-friendly products has led to the development of bio-based acrylic acid, which can create a competitive advantage for market players.
- The market is supported by the growing construction sector, which drives the demand for acrylic acid-based products such as paints, adhesives, and sealants.
Weakness:
- Volatility in the prices of raw materials used in the production of acrylic acid, such as propylene, can impact the profitability of market players.
- The stringent regulatory framework regarding emissions and environmental impact associated with the production and use of acrylic acid-based products pose challenges for market growth.
Opportunity:
- Rising disposable income and urbanization in developing countries contribute to increasing demand for consumer goods and infrastructure, driving the growth of the acrylic acid market.
- Technological advancements and innovations, such as the development of improved catalysts and production methods, present opportunities for market players to enhance their efficiency and reduce costs.
Threats:
- Fluctuations in the prices of acrylic acid in the international market can affect the profitability of market players.
- The emergence of substitutes, such as bio-based chemicals and alternative materials, can pose a threat to 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 of 2022-2030, due to the increasing demand for acrylic acid-based products in various industries. Asia Pacific is expected to be the fastest growing and dominating region in the market, driven by rapid industrialization, urbanization, and infrastructure development in countries like China and India. 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.
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