The Acrylic Acid Market is anticipated to register a CAGR of 4.5% during the period of 2022 to 2032. The acrylic acid market is anticipated to reach USD 22.6 Billion in 2032, from USD 14.6 Billion in 2022.
Increasing demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application, is one of the major factors that is anticipated to propel the industry growth over the forecast period.
| Attributes | Details |
|---|---|
| Acrylic Acid Market CAGR (2022 to 2032) | 4.5% |
| Acrylic Acid Market (2022) | USD 14.6 Billion |
| Acrylic Acid Market (2032) | USD 22.6 Billion |
The rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market over the analysis period.
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Increasing Demand for Water Treatment Polymers to Boost Growth
Polymer derived from acrylic acid, such as polyacrylamide is used as a flocculent in the water treatment process, mineral processing, and detergents. Growing urbanization, coupled with the increasing emphasis of government towards water cleaning, is likely to propel the acrylic acid market due to the usage of acrylic acid to treat/recycle wastewater.
Moreover, due to the government regulations, manufacturers are bound to treat the effluent before releasing it into sea and oceans, which leads to increase in demand for polyacrylamide, which indirectly creates a positive impact on the acrylic acid market.
Adoption of Advanced Acrylic-based Polymers in Major End-use Industries
Acrylic acid-based polymers have replaced conventionally used materials in major end-use industries, such as automotive, building and construction, electronics, and others. Acrylic acid-based elastomers such as AEM (Ethylene Acrylic Elastomers), are used as an alternative to synthetic rubber in various applications, such as an automotive gasket, hoses, and others.
In addition, owing to the improved properties of AEM, such as strength, and resistance, among others, there is an increasing demand for acrylic acid from the polymer industry during the forecast period.
Additionally, the rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market over the analysis period.
Decrease in demand of Acrylic Acid
The construction industry has been facing difficulties including logistics and shortage of raw derivative type. Attributed to the massive drop in financial markets around the world, it is projected that construction investments have been withdrawn globally. As a result, the demand for acrylic acid has decreased.
This has resulted in lack of raw derivative type and people, as well as disrupted supply chains, which is making it more difficult to meet contractual responsibilities. These factors are expected to hamper the acrylic acid market growth during the forecast period.
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Increasing Demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application
Superabsorbent polymers (SAPs) are desirable for sanitary products and diapers. They can often absorb their weight in liquid, making them ideal for use in water-absorbing applications, such as baby diapers, adult incontinence pads, absorbent medical dressings, and controlled release drugs.
SAPs account for approximately 30% of the total acrylic acid demand in the global scenario. Superabsorbent polymers are prepared using acrylic acid and sodium hydroxide as raw materials to form polyacrylic acid.
The feminine hygiene market, which includes tampons, sanitary napkins, menstrual cups, and vaginal health products, makes up a significant share of the superabsorbent polymers market. For instance, around USD 23.63 billion worth of sanitary napkins were sold globally in 2021.
Governments in several countries, in collaboration with various non-profit organizations (NGOs), are undertaking initiatives to spread awareness among women about feminine hygiene, particularly in developing economies. Thus, increased sales of sanitary napkins are likely to fuel the market for acrylic acid.
Overall, the increasing awareness about hygiene among all population groups is expected to promote the usage of superabsorbent polymers (diapers, pads, and sanitary napkins), which may augment the consumption of acrylic acid during the forecast period.
Acrylate Esters segment to witness considerable CAGR for the market growth
Acrylate esters segment of the acrylic acid market accounts for the highest CAGR of 4.6% during the forecast period. Acrylate esters are a major derivative of acrylic acid. Several companies have been focusing on utilizing acrylate esters for multiple end-use applications across industries such as automotive and more. The major application is concentrated in paints, acrylic gums, viscosity adhesives, and acrylic textiles among others.
Acrylates impart several desirable properties to polymers such as clarity, color stability, aging, and heat resistance along with excellent weather-ability, leading to higher product demand in coating & adhesives industries. Apart from these, one of the crucial characteristics of acrylate ester is glass transition temperature, which enables the formulated polymer to be softer & more flexible rather than hard & brittle.
Personal Care Products likely to be the highest CAGR holder for the market growth
Personal care products segment of the acrylic acid market accounts for the highest CAGR of 4.3% during the forecast period. Personal care products such as diapers and adult incontinence products are increasingly using super absorbent polymers. The growing demand for superabsorbent polymers in these applications is expected to drive demand.
With the recent surge in economic conditions across emerging economies of Asia and Central & South America, the demand for personal care products such as body wash, hair wash, cleansers, and more have reflected high demand. This shall push the utilization of acrylic acid in personal care product manufacturing across these regions.
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Increasing demand of Acrylic Acid to Widen Scope of Market
Asia-Pacific region is expected to dominate the market due to the high demand from countries like China, India, and Japan. China is the largest consumer of acrylic acid in the Asia-Pacific region, and its demand is expected to grow further in the coming years due to several factors. The demand for adhesives, paints, and coatings in China is also increasing at a strong rate due to the growing investments in the construction and infrastructure sectors.
Additionally, China is one of the major consumers of personal hygiene products globally. The country’s demand for personal hygiene products is attributed to a large infant population and an increasing disposable income, leading to an increase in personal and hygiene care spending. Thus, this factor is anticipated to boost the market for acrylic acid.
China is expected to represent the highest CAGR of 3.6% in the acrylic acid market during the forecast period, to reach USD 1.5 Billion. On the other hand, Japan is expected to represent the highest CAGR of 3.7% in the acrylic acid market during the forecast period, to reach USD 1.3 Billion.
Acrylic Acid Market in the US to Witness Better Growth Opportunities
North America is projected to observe significant amount of growth in the acrylic acid market due to the rapid development in various end-use industries including surfactants, adhesives and sealants, and personal care.
In addition, the exhaustive research and development is further anticipated to propel the growth of the acrylic acid market in the region in the forthcoming years. The USA is expected to represent the highest CAGR of 3.9% in the acrylic acid market during the forecast period, to reach USD 7.8 Billion.
BASF SE, Dow Chemical, Lucite International, LG Chem, Mitsubishi Chemical Corporation, Cargill, Incorporated., Nippon Shokubai Co., Ltd., SNP Inc., The Lubrizol Corporation, Formosa Plastic Corporation, Arkema S.A., Ashland, and Kemira Oyi, among others are the top companies in the global acrylic acid market.
With a sizable acrylic acid market share, these main firms are concentrating on growing their consumer base into new countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits.
Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets, thanks to technical developments and product innovations.
As of 2021, the market for Acrylic Acid was valued at USD 13.9 Billion, as per FMI
By 2022-end, sales of Acrylic Acid closed at a value of USD 14.6 Billion
From 2015 to 2021, Acrylic Acid demand expanded at a CAGR of 5.2%
From 2022 to 2032, Acrylic Acid sales are expected to flourish at a CAGR of 4.5%
By 2032, the market value of Acrylic Acid is expected to reach USD 22.6 Billion.
From 2022 to 2032, Acrylic Acid demand in the USA is expected to surge at a CAGR of 3.9%
By Product, the Acrylate Esters category constitutes the bulk of market share with a CAGR of 4.6%.
The personal care products segment is expected to dominate the acrylic acid market with a CAGR of 4.3%.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background and Foundation Data Points 5. Key Success Factors 6. Global Acrylic Acid Market Demand Analysis 2015 to 2021 and Forecast 2022 to 2032 7. Global Acrylic Acid Market Value Analysis 2015 to 2021 and Forecast 2022 to 2032 8. Global Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product 8.1. Acrylate Esters 8.2. Glacial Acrylic Acid 8.3. Others 9. Global Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End-Use Industry 9.1. Surfactants 9.2. Organic Chemicals 9.3. Adhesives & Sealants 9.4. Textiles 9.5. Water Treatment 9.6. Personal Care Products 9.7. Others 10. Global Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. Middle East and Africa (MEA) 11. North America Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032 12. Latin America Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. Europe Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Asia Pacific Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Middle East and Africa Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Key Countries Acrylic Acid Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Market Structure Analysis 18. Competition Analysis 18.1. Arkema S.A. 18.2. BASF SE 18.3. Evonik Industries AG 18.4. Nippon Shokubai Co. Ltd. 18.5. Dow Chemical Company 18.6. LG Chem Ltd. 18.7. Hexion Inc. 18.8. Mitsubishi Chemical Holdings Corporation 18.9. Sibur Holding 19. Assumptions and Acronyms Used 20. Research Methodology
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Acrylic Acid Market
