by The Acrylic Acid Market is estimated to be valued at US$ 12.0 billion in 2022 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Acrylic acid is a versatile chemical compound used in various industries such as textiles, coatings, adhesives, and detergents. It is primarily used as a raw material for the production of superabsorbent polymers, which are widely used in baby diapers, adult incontinence products, and feminine hygiene products. Acrylic acid also finds application in the production of adhesives and sealants, where its high bond strength and excellent adhesion properties make it a preferred choice.
Market Dynamics: The acrylic acid market is driven by the increasing demand for superabsorbent polymers in the personal care industry. The growing awareness about hygiene and the rising disposable income of consumers have fueled the demand for baby diapers and adult incontinence products, thereby driving the demand for acrylic acid. Additionally, the expanding construction industry and the growing use of adhesives and sealants in various applications, such as automotive and packaging, further contribute to the market growth.
Furthermore, the increasing focus on sustainable products and the development of bio-based acrylic acid offer significant growth opportunities for market players. The use of renewable feedstocks and the reduction in carbon footprint make bio-based acrylic acid an attractive option for environmentally conscious consumers. This trend is expected to drive the market in the coming years.
Segment Analysis
The acrylic acid market can be segmented based on application, end-use industry, and region. In terms of application, the market can be divided into adhesives & sealants, surface coatings, textiles, diapers, and others. Among these, the adhesives & sealants segment dominates the market due to the widespread use of acrylic acid in the production of industrial and construction adhesives. Acrylic acid-based adhesives offer excellent bonding strength, durability, and resistance to temperature and moisture. They are widely used in various industries such as automotive, construction, and packaging, which drives the dominance of this segment.
PEST Analysis
Political: The political factors affecting the acrylic acid market include government regulations and policies regarding environmental protection and safety standards. Governments across the globe are implementing stringent regulations to reduce carbon emissions and promote sustainable practices in the chemical industry.
Economic: The economic factors influencing the acrylic acid market include GDP growth, inflation rates, and disposable income. A growing economy translates to increased demand for acrylic acid-based products in various end-use industries.
Social: Changing consumer preferences towards eco-friendly and sustainable products have a significant impact on the acrylic acid market. The demand for environmentally friendly adhesives, coatings, and textiles is increasing due to rising awareness about the adverse effects of conventional products on human health and the environment.
Technological: Technological advancements play a crucial role in the acrylic acid market. Innovations in production processes, such as bio-based acrylic acid production and green chemistry initiatives, are driving the market growth. Additionally, advancements in application technologies are expanding the scope of acrylic acid in various industries.
Key Takeaways
The global Acrylic Acid Market Share is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period (2022-2030). The market is driven by the increasing demand for adhesives & sealants in industries such as automotive, construction, and packaging. The adhesives & sealants segment dominates the market due to the excellent bonding strength, durability, and resistance offered by acrylic acid-based adhesives.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the acrylic acid market. The rapid industrialization, urbanization, and growth in end-use industries in countries like China and India are propelling the market in this region. Additionally, favorable government initiatives, such as Make in India and Belt and Road Initiative, are further boosting the demand for acrylic acid-based products.
Key players operating in the acrylic acid market include Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. These players focus on product innovation, strategic partnerships, and expansions to gain a competitive edge in the market
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
