New York, United States , July 12, 2024 (GLOBE NEWSWIRE) -- The Global Acrylic Acid Market Size is Expected to Grow from USD 11.1 billion in 2023 to USD 15.21 Billion by 2033, at a CAGR of 3.20% during the forecast period 2023-2033.
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Acrylic acid is an inorganic compound having the formula C3H4O2 and is the simplest of the unsaturated acids. Acrylic acid is a feedstock for the production of acrylate esters. Acrylic ester has numerous applications, including paper treatment, plastic additives, textiles, sealants, adhesives, and surface coatings. Acrylic acid is also utilized in the production of hygienic medical equipment, detergents, and wastewater treatment chemicals. The acrylic acid market is primarily driven by rising demand for superabsorbent polymers and widespread acceptance of acrylic-based products in emerging markets such as the Asia Pacific region. The commercialization of bio-based acrylic acid, as well as the increasing demand for poly (methyl methacrylate) or PMMA resins in various industries, are expected to generate several potential opportunities in this market. The acrylic acid market is driven by rising demand for paints and coatings. The increased demand for superabsorbent polymers in the personal care industry, the expansion of the construction industry, and the rising demand for water-based adhesives are among the key factors driving market growth. However, the acrylic acid market confronts various hurdles that could stymie its expansion. These include fluctuating raw material prices such as propylene, severe environmental laws that affect production costs, and competition from replacement chemicals in diverse uses.
Browse key industry insights spread across 210 pages with 95 Market data tables and figures & charts from the report on the "Global Acrylic Acid Market Size, Share, and COVID-19 Impact Analysis, By Derivative (Acrylic Esters, Acrylic Polymers, Others), By Application (Surface Coating, Adhesives and Sealants, Surfactants, Sanitary Products, Textiles, and Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The acrylic esters segment is predicted to hold the largest market share through the forecast period.
Based on the derivative, the acrylic acid market is classified into acrylic esters, acrylic polymers, and others. Among these, the acrylic esters segment is predicted to hold the largest market share through the forecast period. This is primarily owing to its numerous applications and widespread value across multiple industries. Acrylic esters or acrylates are clear, volatile liquids. They are slightly soluble in water but completely soluble in alcohols, ethers, and other organic solvents. Acrylic esters are a major derivative of acrylic acid, with key applications including paints, acrylic gums, viscosity adhesives, and acrylic textiles, among others.
The surface coating segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the acrylic acid market is divided into surface coating, adhesives and sealants, surfactants, sanitary products, textiles, and other applications. Among these, the surface coating segment is anticipated to hold the highest market share during the projected timeframe. Acrylic acid esters are widely utilized in surface coatings due to their various properties, which result in better paint and coating formulations. Acrylic acid esters offer strong adhesion, durability, and weather resistance, making them a preferred choice for surface coatings in the automotive, construction, and consumer products industries.
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Asia Pacific is estimated to hold the largest share of the acrylic acid market over the forecast period.
Asia Pacific is estimated to hold the largest share of the acrylic acid market over the forecast period. Rapid industrialization and infrastructure development are driving up downstream product demand in China and India. Both countries have emerged as global industrial hubs, driving growing demand for acrylic acid in industries such as superabsorbent polymers, paints, and construction chemicals. Local producers are strengthening their capacity to satisfy the growing demands of the home industry.
North America is predicted to have the highest CAGR growth in the acrylic acid market over the forecast period. The region has a considerable number of raw material suppliers and acrylic acid companies. Some of the world's leading acrylic acid companies, such as Dow Chemicals and Arkema, are headquartered in the US. The favorable business environment and the easy availability of feedstock have encouraged industry players to focus on capacity growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the acrylic acid market include BASF SE, Arkema, Evonik Industries AG, Shandong Haili Chemical Industry Co. Ltd., Nippon Shokubai Co. Ltd., Dow Chemical Company, LG Chem, Mitsubishi Chemical Holdings Corporation, The Lubrizol Corporation, Myriant Corporation, Formosa Plastic Group, Arkema, and Others.
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Recent Developments
- In March 2023, BASF broke ground on a new production complex at its Verbund facility in Zhanjiang, China, which will contain plants for glacial acrylic acid (GAA), butyl acrylate (BA), and 2-ethylhexyl acrylate (2-EHA). The facility, which is expected to be operational by 2025, will produce roughly 400,000 metric tons of BA and 100,000 metric tons of 2-EHA each year.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the acrylic acid market based on the below-mentioned segments:
Global Acrylic Acid Market, By Derivative
- Acrylic Esters
- Acrylic Polymers
- Others
Global Acrylic Acid Market, By Application
- Surface Coating
- Adhesives and Sealants
- Surfactants
- Sanitary Products
- Textiles
- Other Applications
Global Acrylic Acid Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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