Pune India, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Acrylic acid market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the acrylic acid market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global acrylic acid market are SIBUR, LG Chem Ltd., Arkema S.A., Mitsubishi Chemical Holdings Corporation, Formosa Corporation, The Lubrizol Corporation, Myriant Corporation, Shell Chemicals, Exxon Mobil Corporation among others. To achieve a substantial market share in the worldwide acrylic acid market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Due to its extensive use as an intermediary in the manufacturing of a variety of goods, acrylic acid is a particularly useful and adaptable industrial chemical. It is a liquid that is caustic, combustible, and colorless. It is miscible with substances like acetone, alcohol, chloroform, and water. Because acrylic acid is very reactive by nature, it can combine with itself to generate polyacrylic acid. Additionally, the market for acrylic acid has seen a discernible increase as a result of the widespread use of methacrylate-based polymers in lighting fixtures, electronic displays, and automotive rear lights. Menstrual cups, tampons, sanitary pads, and other feminine hygiene products account for a sizable portion of the acrylic acid market. Due to their superior finishes, weather durability, and filth resistance, emulsion paints are preferred by many customers and developers as interior décor trends increase, which is significantly boosting the need for acrylic acid. Due to a lack of labor, a broken supply chain, and unstable raw material supply, the COVID-19 outbreak had a negative effect on the acrylic acid market. After COVID-19, when the restrictions were lifted, the market began expanding normally. Additionally, firms that produce chemicals are constantly updating their production methods and putting many cutting-edge techniques into practise to make the process secure and environmentally beneficial.
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Scope of Acrylic Acid Market report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Application and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | SIBUR, LG Chem Ltd., Arkema S.A., Mitsubishi Chemical Holdings Corporation, Formosa Corporation, The Lubrizol Corporation, Myriant Corporation, Shell Chemicals, Exxon Mobil Corporation among others |
Segmentation Analysis
The acrylate esters segment is expected to be the fastest-growing segment in 2021.
The product type segment includes glacial acrylic acid, acrylate esters, superabsorbent polymers and others. The acrylate esters segment is expected to witness the highest growth rate during the forecast period. Clarity, colour stability, heat resistance, and exceptional weatherability are just a few of the desirable qualities of polymers containing acrylates that have increased demand for these materials in the coatings and adhesives sectors. Many businesses are focusing on using acrylate esters for a variety of end uses, including automotive, which will propel the expansion of the acrylic acid market.
The personal care segment is expected to be the fastest-growing segment in 2021.
The application segment includes textiles, water treatment, surfactants & surface coatings, personal care products and others. The personal care segment is expected to witness the highest growth rate during the forecast period. It is anticipated that there will be an increase in demand for superabsorbent polymers due to the growing demand for them in personal care products like adult incontinence products, sanitary napkins, and diapers, which will spur the growth of the acrylic acid market.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the acrylic acid include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. Due to the significant demand for acrylic acid in multiple sectors in developing nations like China, Japan, and India, the Asia Pacific region is anticipated to dominate the acrylic acid market in the years to come. Additionally, the huge number of infants in the area creates a demand for personal care and hygiene goods, and rising costs for personal and hygiene care will fuel the expansion of the acrylic acid market in the area.
Country Analysis
- Germany
Germany's acrylic acid market size was valued at USD 1.66 billion in 2021 and is expected to reach USD 2.91 billion by 2029, at a CAGR of 7.3% from 2022 to 2029. The growth of the acrylic acid market in the nation will be aided by research and development initiatives, greater investment by new and creative companies, and a paradigm shift in the market's technology.
- China
China’s acrylic acid market size was valued at USD 1.65 billion in 2021 and is expected to reach USD 2.9 billion by 2029, at a CAGR of 7.7% from 2022 to 2029. Because of China's economy's high-speed growth rate, which has been sustained by increases in industrial output, imports and exports, consumer consumption, and capital expenditures during the past 20 years, acrylic acid demand there has increased significantly in the previous 10 years.
- India
India's acrylic acid market size was valued at USD 1.21 billion in 2021 and is expected to reach USD 2.15 billion by 2029, at a CAGR of 7.5% from 2022 to 2029. The demand for acrylic acid would rise as a result of its application in polyacrylates, coatings and adhesives, as well as rheology controllers and dispersants. Additionally, the growing need for superabsorbent polymers in the production of diapers will also play a significant role in the market's expansion in the nation.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for superabsorbent polymers in the manufacturing of personal care products.
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