Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global acrylic acid market size was USD 14.70 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.7% during the forecast period. Key drivers include the surging demand for superabsorbent polymers, the increasing adoption of acrylic acid in construction, and the growing need for adhesives and sealants.
Acrylic acid, a highly reactive carboxylic acid with versatile applications, is pivotal in adhesives, surface coatings, cements, and more. Its purity, especially in technical and glacial grades, is vital for industries like chemical, polymer, water treatment, and textiles. The rising global demand for paints and coatings, driven by the construction industry's popularity, further contributes to market growth.
Meeting Industry Demand:
Manufacturers in the acrylic acid market are witnessing increased orders and sales volumes due to its indispensable role in adhesives and coatings. Notably, TASNEE, represented by Saudi Acrylic Acid Company, signed a butanol supply contract with SABIC in 2020 to enhance acrylic acid plant productivity and meet the rising demand for butyl acrylate in the region.
Challenges in Growth:
Despite the positive outlook, challenges persist. Acrylic acid's toxicity and potential skin allergies, coupled with operational complexities, pose hurdles to market growth. Strict quality control measures are crucial, and the hazardous nature of acrylic acid necessitates advanced technology, specialized equipment, and skilled labor, contributing to higher operational expenses.
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Segment-wise Insights:
Product Insights:
Acrylic esters led the market in 2022, driven by demand in LED bulbs and electronic displays. Acrylic acid's effectiveness in dissipating heat and resistance to UV radiation and water make it essential in various applications.
Formulation Insights:
Water-borne resins are expected to witness fast revenue growth, favored for their environmental friendliness in architectural and industrial coatings. Arkema's acquisition of Polimeros Especiales in 2022 exemplifies the industry's commitment to water-borne resins.
Application Insights:
The surface coatings segment is anticipated to hold a significant revenue share, driven by the increasing adoption of surface coatings in the building and construction sector. Acrylic acid's excellent adhesion and durability make it a preferred material.
End-Use Insights:
The water treatment segment is expected to register moderate growth, attributed to the rising demand for wastewater treatment. Acrylic acid's high density and reactivity make it an ideal solution for improving water quality.
Regional Outlook:
Asia Pacific: The largest revenue share in 2022, driven by the increasing adoption of paints and coatings in countries like China, Japan, South Korea, and India. China, in particular, stood as the foremost producer and consumer of acrylic acid.
North America: Expected to register the fastest revenue growth rate due to rising demand in the textile industry, especially in the U.S. and Canada. Acrylic acid finds application as binders, thickeners, and finishing agents in textiles.
Europe: Expected to account for a considerable revenue share, fueled by the growing demand for paints and coatings in the UK, Germany, and France. BASF's investment in expanding water-soluble acrylic acid dispersant production capacity in Turkey underscores the industry's commitment.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 14.70 Billion |
| CAGR (2023-2032) | 4.7% |
| Revenue Forecast To 2032 | USD 22.96 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, formulation, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Arkema, BASF SE, China Petroleum and Chemical Corporation, DOW, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, Nippon Shokubai Co. Ltd, Sasol, Shangai Huayi Acrylic Acid Co. Ltd, Wanhua, Satellite Chemical Co. Ltd, PJSC Sibur Holdings, Hexion Inc., Evonik Industries, Shandong Haili Chemical Industry Co. Ltd, Myriant Corporation, TASNEE, and Momentive Speciality Chemicals Co |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global acrylic acid market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective acrylic acid solutions in the market. Some of the major companies included in the global acrylic acid market report are:
- Arkema
- BASF SE
- China Petroleum and Chemical Corporation
- DOW
- Formosa Plastic Corporation
- LG Chem
- Merck KGaA
- Mitsubishi Chemical Corporation
- Nippon Shokubai Co., Ltd.
- Sasol
- Shangai Huayi Acrylic Acid Co., Ltd.
- Wanhua
- Satellite Chemical Co., Ltd.
- PJSC Sibur Holdings
- Hexion Inc.
- Evonik Industries
- Shandong Haili Chemical Industry Co., Ltd.
- Myriant Corporation
- TASNEE
- Momentive Speciality Chemicals Co.
Strategic Development
- On 26 May, 2023, Nippon Shokubai, a Japanese petrochemical manufacturer began commercial operations of an acrylic acid production plant in Banten, Indonesia, to meet the rising demand for acrylic acid and super polymers. The company launched the 100,000 mt/year plant in April, announcing it on May 24. Nippon Shokubai stated its total acrylic acid production capacity in Indonesia has increased to 240,000 mt/year with the launch of this production facility. This also increases the company's global production capacity to 980,000 tons/year, including 540,000 tons/year in Japan and 440,000 tons/year overseas.
- On 21 November 1, 2022, Arkema announced a breakthrough in its innovative and sustainable products with the mass balance certification of a series of biodistributed acrylic monomers. These monomers enabled Arkema to begin offering specialty acrylic resins and additives with certified biological properties for a wide range of applications. This positions the Group as a global leader in the supply of bio-based acrylic materials and an essential partner for customers in the market. The launch of Arkema's new line of biodegradable acrylic monomers as well as specialty, mass-balanced acrylic resins and additives certified under the International Carbon and Sustainability Certification-PLUS (ISCC+), creates an important milestone in the transition to a more renewable economy. and a low-carbon economy.Top of Form
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For the purpose of this report, Emergen Research has segmented the global acrylic acid market on the basis of product, formulation, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
-
- Acrylic Esters
- Methyl
- Ethyl Arcylate
- Butyl Acrylate
-
- Acrylic Polymers
- Acrylic Elastomers
- Water Treatment Polymers
- Others Polymers
- Formulation Outlook (Revenue, USD Billion; 2019-2032)
-
- Water-borne Resins
- Solvent-borne Resins
- Solventless Resins
- Powder Resins
- Radiation Curable Resins
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Adhesives and Sealants
- Diapers
- Surface Coatings
- Cement Modifiers
- Paper Industry
- Textile
- Anti-salcant
- Adult Incontinence Products
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
-
- Chemical Industry
- Polymer Industry
- Water Treatment Industry
- Textile Industry
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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