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Acrylic Acid Market is projected to be worth USD 19.2 billion by 2030, registering a CAGR of 4.80% during the forecast period (2022-2030).
The Acrylic Acid market is profoundly influenced by various market factors that collectively shape its dynamics. One of the pivotal determinants is the demand from downstream industries such as adhesives, superabsorbent polymers, and coatings. As these industries experience fluctuations in production and consumption, the demand for acrylic acid, a key raw material, undergoes corresponding changes. The construction sector, in particular, significantly impacts the acrylic acid market through its influence on coatings and adhesives used in building materials. Economic conditions, urbanization trends, and construction activities thus play a crucial role in steering the acrylic acid market.
Global environmental regulations and sustainability concerns contribute to the evolving landscape of the acrylic acid market. Stringent environmental standards and the push towards eco-friendly products drive the demand for sustainable and bio-based acrylic acid derivatives. Companies that prioritize green chemistry and invest in the development of environmentally friendly acrylic acid products position themselves favorably in the market. As consumers increasingly seek sustainable options, the ability to offer eco-friendly alternatives becomes a key competitive advantage.
The feedstock market, particularly propylene, is another significant factor affecting the acrylic acid market. Propylene is a primary raw material in acrylic acid production, and its availability and pricing directly impact the overall production costs. Fluctuations in the global supply and pricing of propylene can lead to volatility in the acrylic acid market. Companies must closely monitor and adapt to changes in the propylene market to maintain cost competitiveness and profitability.
Technological advancements play a critical role in shaping the acrylic acid market. Innovations in production processes, catalyst technologies, and purification methods can enhance efficiency, reduce energy consumption, and improve the overall quality of acrylic acid. Companies that invest in research and development to optimize manufacturing processes and introduce innovative products gain a competitive edge in the market. Additionally, advancements in application technologies, such as improved formulations for adhesives or coatings, can open up new avenues for acrylic acid utilization.
Geopolitical factors and trade policies also influence the acrylic acid market. The global nature of the acrylic acid supply chain makes it susceptible to trade tensions, tariff changes, and geopolitical events. Shifts in international relations or trade agreements can impact the import and export dynamics of acrylic acid, affecting market prices and availability. Companies operating in the acrylic acid market need to navigate these geopolitical uncertainties to mitigate risks and ensure a stable supply chain.
Market competition is a constant factor in the acrylic acid sector. The presence of multiple players, each offering a range of acrylic acid derivatives, intensifies competition. Companies differentiate themselves through product quality, pricing strategies, and customer service. Mergers and acquisitions, as well as partnerships, are common strategies employed by companies to strengthen their market position and expand their product portfolios.
Consumer preferences and industry trends also contribute to the acrylic acid market's evolution. Changes in consumer preferences for sustainable products, increased awareness of environmental impact, and advancements in application technologies influence the demand for specific acrylic acid derivatives. Companies that anticipate and adapt to these trends are better positioned to meet market demands effectively and capitalize on emerging opportunities.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 4.80% |
Acrylic Acid Market Highlights:
Acrylic Acid Market Overview
Acrylic Acid Size was valued at USD 11.30 billion in 2023. The Acrylic Acid industry is projected to grow from USD 11.76 Billion in 2024 to USD 15.96 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.89% during the forecast period (2024 - 2032). Acrylic acid is an organic liquid that is colorless and has a strong odor. It is commonly used as a monomer in the synthesis of a wide range of polymer compounds. This liquid is extremely reactive, volatile, and flammable. One of the most important derivatives of acrylic acids is acrylic esters. It is used in many industries, including food processing, pharmaceuticals, cosmetics, paints, coatings, adhesives, papermaking, textiles, rubber, plastics, cement, detergents, and water treatment.
The global acrylic acid market is being propelled by rising demand for polymers, paints and coatings, and personal care products. The growing demand for superabsorbent polymers in the personal care industry, expansion of the construction industry, and rising demand for water-based adhesives are some of the major factors driving growth in this market. Surging demand for acrylic acid from emerging economies such as India and China is also fueling the global acrylic acid market's expansion.
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced in 2023 that it has reached an agreement with Air Liquide Engineering & Construction to acquire the rights to license and market ester grade acrylic acid technology as well as light and heavy acrylates process technology. The expansion broadens Lummus' portfolio of propylene production and derivative products, giving clients more alternatives for upstream and downstream operations.
Nippon Shokubai, a Japanese company, has opened its new acrylic acid (AA) factory in Indonesia and signed an initial agreement with local producer Chandra Asri Petrochemical to investigate green chemical business potential. The new 100,000 tonne/year AA facility in Cilegon, Banten province, operated by its subsidiary Nippon Shokubai Indonesia, increases its overall AA capacity in the southeast Asian country to 240,000 tonnes/year.
Competitive Landscape
The noteworthy companies in the Acrylic Acid Market are:
- BASF SE
- The Dow Chemical Company
- Arkema SA
- Evonik Industries
- Nippon Shokubai Co. Ltd
- Taixing Jurong Chemical Co Ltd
- PJSC Sibur Holding, LG Chemicals
- Shenyang Chemical Co Ltd
- Mitsubishi Chemical, and Hexion Inc
COVID-19 Analysis
The current disease outbreak has interrupted the supply chains in critical regions persuaded by the deterioration in demand owing to vagueness in the global capital markets. The acrylic acid industry is reeling from the hard hit by the COVID-19 outbreak on many fronts, such as lower demand and productivity, operational & supply chain disruptions, possibly dwindling credit markets, and their workforce's condition. The companies should expect that widening outbreaks of COVID-19 may affect workers in the market, which may need to be considered before outsourcing some corporate functions. Companies in regions struck severely by the pandemic may face trials in concluding financial statements with processes halted. With the economic disruption showing indeterminate severity, some companies may be realizing the prospect of activating events for long-lived asset damages and escalating concerns over the restructuring actions, recoverability of receivables, and liquidity problems.
Market Dynamics
Drivers
Increasing Use of Superabsorbent Polymers in Various Applications
The developing demand for superabsorbent polymers in the personal care industry is anticipated to drive global acrylic acid market share growth through the forecast period.
Growth of the Construction Industry
The resumption of services in the construction industry is anticipated to create an optimistic outlook for the acrylic acid market size.
Rising Demand for Water-Based Adhesives
The use of water-based adhesives has risen due to the surge in applications, which is estimated to create a pronounced effect on market expansion strategies.
Opportunities
Increase in the Use of Bio-Based Acrylic Acid
Intensive R&D by regional companies to develop bio-based alternatives due to the Augmented regulatory stress on companies is projected to spur the market.
Increasing Demand from Emerging Economies
The emerging economies are seeing development in key sectors that involve the use of acrylic acids to bolster the global market.
Restraints
Rising Environment Concerns
The environmental repercussions of acrylic acid are estimated to encumber global market development in the forecast period.
Rise In Price Of Raw Materials
The raw materials needed to manufacture acrylic acid are likely to get more expensive owing to the restrictions placed in the current pandemic.
Segment Overview
By Type
The superabsorbent polymer segment is projected to enhance the overall market share in the impending period.
By Application
The diapers segment is forecasted to create promising momentum in the impending period.
Regional Analysis
Asia Pacific to Control Majority Stake
The Asia Pacific acrylic acid market led the global market with national markets like China and India, controlling 70% of the regional demand. Escalating derivatives use in personal care products, surfactants, coatings, and adhesives are anticipated to push the acrylic acid market trends in the forecast period.
North America is Projected to Shape Global Market
The exhaustive R&D by resident companies to advance bio-based alternatives is anticipated to deliver acrylic acid market share development prospects. The collective elderly population in the U.S. and Canada are anticipated to push the adult incontinence products demand, leading to amplified superabsorbent polymer consumption. Mexico is also foreseen to list elevated demand due to speedy growth in several end-use industries such as adhesives & sealants and personal care. With the strong regulations on organic compounds in North America, their growth is limited because of the likely drawbacks. The manufacturers intend to locate eco-based origins for nurturing the market size & manufacture. Moreover, the advanced demand for PMMA resins among end-users will create favorable prospects for investors.
Recent Developments
BASF and SINOPEC recently broke ground in Nanjing for the expansion of their Verbund site, which is operated by BASF-YPC Co., a 50-50 joint venture of both companies. The expansion includes new capacities for several downstream chemical plants and a new tert-butyl acrylate plant to meet the growing demand from various industries in the Chinese market. The partners will increase production capacity for purified ethylene oxide, ethanolamines, propionic acid, and propionic aldehyde, as well as develop the most recent tert-butyl acrylate plant.
The first shipment of 2-Ethyl Hexyl Acrylate from BPCL’s Propylene Derivative Petrochemical (PDP) complex at Kochi Refinery has been dispatched. 2-Ethyl Hexyl Acrylate is used as a raw material in the production of adhesives, coatings, construction materials, acrylic rubber, and emulsions. It is the sixth and final of BPCL Kochi Refinery's niche petrochemical products. The complex, which cost 6,000 crores rupees, includes a world-scale Acrylic Acid Unit, Acrylates Unit, and Oxo-Alcohol Unit.
Report Overview
By Type
- Methyl Acrylate
- Ethyl Acrylate
- Butyl Acrylate
- 2-Ethylhexyl Acrylate
- Elastomers
- Superabsorbent Polymers
- Water Treatment Polymers
- Others
By Application
- Adhesives & sealants
- Diapers
- Surface Coating
- Cement Modifiers
- Paper Industry
- Textile
- Anti-Scalant
- Adult Incontinence Products
- Others
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