New York, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global acrylic acid market size is predicted to expand at ~8% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.The rising need for wastewater treatment is going to drive the market growth. According to recent research from UNICEF and the World Health Organization, billions of people throughout the world continue to suffer from inadequate access to water, sanitation, and hygiene.
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Around the world, 2.2 billion people do not have access to safe drinking water, 4.2 billion do not have access to safe sanitation, and 3 billion do not have access to basic facilities for hand washing. Acrylic acid is used in the production of the chemicals that are used in wastewater treatment.
Rising Preference for Environmentally Friendly Materials to Boost the Growth of Acrylic Acid Market
Around sixty-one percent of millennials think sustainability and ESG issues have become of greater significance to them in the previous year. Sustainability is a top three purchase factor for 33 percent to 50 percent of these consumers across all categories. Consumer behavior is fast evolving, with a growing demand for purchasing environmentally friendly goods and increased involvement with socially responsible firms. This pushes industries to use analytics to promote the discovery of carbon-negative materials. Acrylic acid is currently produced from biomass and it further aids its market growth. Until now, the most efficient approach to produce acrylic acid from biomass has been to ferment carbohydrates to lactic acid and then dehydrate the lactic acid to acrylic acid.
Acrylic Acid Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Development of New Infrastructures to Boost the Market Growth in Asia Pacific Region
According to the Asian Development Bank report, Fulfilling Asia's Infrastructure Needs, developing countries in Asia are planning on investing USD 26 trillion in infrastructure from 2016 to 2030, or USD 1.7 trillion per year, in order to keep up expansion traction, eliminate impoverishment, and respond to climate change. Asian Infrastructure Investment Bank has been making progress towards its Corporate Strategy's ambitious goal of allocating 50% of total sanctioned financing to climate finance by 2025. It also underlines AIIB's commitment to joining the Paris Club by July 2023. This will increase the development of new infrastructures in the region and will also boost the demand for acrylic acid, since it is used in superabsorbent polymers, coatings, and adhesives.
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Rising Demand from Consumers for Sustainable Products is to Elevate Market Growth in North America Region
Despite the challenges of high inflation, which has risen in the US since 2020 from 1.4 percent to 8.5 percent, around 66 percent of American consumers and 80 percent of young US individuals (ages 18-34) polled are prepared to spend more for sustainable items vs less sustainable competitors. Furthermore, the rising demand for flexible packaging is expected to drive the market growth in the region. Acrylic acid copolymers are widely used in flexible packaging, including laminated tubes, seasoning pouches and sachets, hygienic packaging, meat and cheese packaging, protective metal coating, wire and cable, and powder coating.
Acrylic Acid, Segmentation by Type
- Esters
- Polymers
On the basis of type, the polymers segment in acrylic acid market is expected to garner the maximum share in the market in the forecast period. The rising need to mitigate the problems of drought and increase the water-holding capacity of soils is expected to boost the growth of the segment. More than 2.3 billion people confronted water scarcity in 2022, with about 160 million children at risk from severe and extended droughts. Drought is expected to eliminate 700 million people by 2030, and by 2040, one in every four children will be living in places with severe water scarcity. Droughts may affect more than three-quarters of the population of the globe by 2050, with a projected 4.8-5.7 billion people residing in water-scarce areas for at least one month per year, up from 3.6 billion now. Furthermore, a maximum of 216 million people may be compelled to move by 2050, owing primarily to drought in combination with other causes like as water scarcity, falling food yield, sea-level rise, and overpopulation.
Acrylic Acid, Segmentation by End User
- Chemical
- Construction
- Automotive
On the basis of end user, the automotive segment in acrylic acid market is expected to gain the highest market revenue over the forecasted period. Automobile finish with the help of acrylic acid is precisely a type of protective membrane that is sprayed on the automobile. It is one of coating in the vehicle body is made to be incapable of being corroded, giving a kind of assessment attractive in the appearance of people especially, and its acrylic resin does not occur crosslinked further in the film process, therefore its relative molecular weight is larger, there is good guarantee's light tint retention, water-fast chemical reactivity. Therefore, rising production of automobiles is expected to drive the segment’s growth. Around 85 million automobiles were produced globally in 2022.
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A few of the well-known industry leaders in acrylic acid market that are profiled by Research Nester are BASF SE, Dow Chemical Company, Nippon Shokubai Co., Ltd., Arkema S.A., LG Chem Ltd., Mitsubishi Chemical Corporation, Evonik Industries AG, Hexion Inc., Formosa Plastics Corporation, and Momentive Performance Materials Inc.
Recent Developments in the Acrylic Acid Market
- BASF aims to increase its polymer dispersions manufacturing capacity by establishing an additional production line at their Daya Bay Petrochemical Industrial Park facility in Guangdong, China. The new line is expected to commence operations in early 2024. The Daya Bay facility is geographically placed near key customers in South China and manufactures a broad spectrum of products, including monomers and styrene butadiene-containing dispersions, for industries such as building, decorative coatings, paper, and adhesives.
- The Dow Company has announced the partnership with Danapak Flexibles. Danapak Flexibles' collaborative product offerings are going to incorporate a broad spectrum of suitable alternatives to Barex specifications used for Rivastigmine, Nicotine, Rotigotine, Lidocaine, Fentanyl, Buprenorphine, and other API's.
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