June 23, 2024

Accounting Practice Management Growth Accelerated by Surging Demand from Surface Coatings Industry

Acrylic acid finds wide applications owing to its durable and scratch resistant properties. The demand for surface coatings from various end use industries such as automotive, construction and packaging has been increasing significantly. This rising demand acts as a major driver for the acrylic acid market.

The global acrylic acid market is estimated to be valued at US$ 13.18 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The surging demand for surface coatings from automotive and construction industries has been a key trend driving the growth of acrylic acid market. Acrylic acid is a chief raw material used in the production of surface coatings. The coating products manufactured using acrylic acid exhibits properties like resistance to pollution, moisture and UV rays. This makes them suitable for outdoor applications in automotive and construction industries. Furthermore, acrylic acid based coatings have low VOC content which makes them environment friendly. The stringent environmental regulations regarding VOC emissions are further fueling the demand for low VOC coatings and subsequently driving the acrylic acid market.

Segment Analysis
The global acrylic acid market is dominated by the acrylate esters segment. Acrylate esters find extensive application as superabsorbent polymers in baby diapers and adult incontinence products. The high absorption capacity and lack of hazardous substances have increased the demand for acrylate ester-based superabsorbent polymers from the personal care industry. This surge in demand is expected to drive the acrylate esters segment during the forecast period.

Key Takeaways
The Global Acrylic Acid Market Size is expected to witness high growth over the forecast period.

Regional Analysis: The Asia Pacific region currently dominates the market due to high production and demand from countries such as China, India, and Japan. Rising disposable incomes and growing environmental concerns are driving the sales of superabsorbent polymers in the region.

Key players operating in the acrylic acid market are Abbott, BD, Cardinal Health, Johnson & Johnson, Medtronic, 3M, Steris, and Teleflex. Abbott is a leading pharmaceutical and medical device company. BD is a global medical technology company engaged in the development, manufacture, and sale of medical devices. Cardinal Health is a distributor of pharmaceuticals and medical products. Johnson & Johnson is a healthcare company offering products in the consumer, pharmaceutical, and medical device sectors. Medtronic is a global leader in medical technology focused on alleviating pain, restoring health, and extending life. 3M is a diversified technology company offering products for healthcare safety. Steris provides infection prevention and surgical support services. Teleflex is a specialty medical devices company providing critical care and surgery products.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it