The 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 has diverse application in various end use industries such as surface coatings, adhesives & sealants, textiles, personal care, production of acrylate esters, sanitary products etc. It can be polymerized to form polymers and copolymers such as polyacrylic acid, polymethylacrylate etc. which are further used in manufacture of paints, coatings, adhesives and diapers.
Market Dynamics:
The growth of the acrylic acid market is driven by rising demand from diverse end use industries such as surface coatings, adhesives & sealants, personal care, textiles etc. Acrylic acid acts as a raw material for synthesizing superabsorbent polymers (SAPs) which are majorly used in manufacturing personal hygiene products like diapers, adult incontinence products and feminine hygiene products. Growth in personal care industry is propelling the demand for SAPs which in turn is expected to drive the acrylic acid market growth over the forecast period. Furthermore, expanding automotive refinish coatings industry accompanied with increasing construction activities in emerging economies is also contributing to the market growth of acrylic acid during the forecast period.
Swot Analysis
Strength: Acrylic acid is used to produce several important products like super absorbent polymers, acrylate esters, and acrylamide. It has wide applications in the construction, automotive and packaging industries. Its high solubility and non-toxic properties make it suitable for these end-use industries. Key players have strong production capabilities and global presence to cater demand.
Weakness: Volatility in crude oil prices affects the overall production cost of acrylic acid. Stringent safety and environmental regulations regarding its production and discharge increase the compliance burden.
Opportunity: Growing demand for super absorbent polymers from the baby diaper and adult incontinence products is a major growth driver. Increasing use of acrylic acid in the paints & coating industry for products production also creates new opportunities.
Threats: Fluctuations in raw material prices can impact the margins of acrylic acid producers. Availability of substitutes like methacrylic acid poses competition challenges.
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 for super absorbent polymers from the baby diaper industry. Asia Pacific dominated more than half of the global acrylic acid market share in 2023 owing to high demand from China and India. Key end-use industries in the region like construction and automotive are major contributors to the growth.
Regional analysis
Asia Pacific accounted for the largest share of around 55% of the global acrylic acid market in 2023. This dominance is attributed to sizable demand from China, India and other developing economies. Rapid urbanization and infrastructure growth are positively impacting the construction industry in the region. Countries like India, Indonesia, and Vietnam are expected to be key focus areas going forward.
Key players
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. The major players are investing in capacity additions to strengthen their positions and cater to rising global demand.
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https://www.rapidwebwire.com/acrylic-acid-market-size-share-growth-outlook-2023/
