by The Acrylic Acid Market is estimated to be valued at US$12.0 billion in 2021 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Acrylic Acid market is a highly versatile and widely used chemical industry. It finds extensive application in various sectors such as textiles, adhesives, coatings, paints, and detergents. The demand for acrylic acid is primarily driven by its excellent properties, including high versatility, high reactivity, and solubility in water and most organic solvents. The market offers a wide range of products associated with acrylic acid, such as superabsorbent polymers, coatings, adhesives, and sealants. These products find significant application in the automotive, construction, and personal care industries.
Market Dynamics:
The growth of the acrylic acid market is driven by two major factors. Firstly, the rising demand for superabsorbent polymers in the personal care industry, particularly in baby diapers, adult incontinence products, and feminine hygiene products, is propelling the market growth. Secondly, the increasing demand for acrylic-based coatings and adhesives in industries such as automotive, construction, and furniture is further driving the market. The market dynamics of the acrylic acid industry will continue to be influenced by these factors, showcasing a positive growth trajectory over the forecast period.
Market Key Trends:
The key trend in the acrylic acid market is the increasing demand for superabsorbent polymers (SAP) in the hygiene industry. Superabsorbent polymers are widely used in the production of diapers, adult incontinence products, and feminine hygiene products. The growing population, rising disposable incomes, and increasing awareness about hygiene have fueled the demand for these products. As a result, there is a significant demand for acrylic acid, which is a major component in the production of superabsorbent polymers. This trend is expected to continue over the forecast period, driving the growth of the acrylic acid market.
SWOT Analysis:
Strength: The acrylic acid market is driven by the growing demand for superabsorbent polymers in the hygiene industry. Acrylic acid is a key raw material for the production of these polymers, and the increasing demand for hygiene products is expected to drive the growth of the market.
Weakness: One of the weaknesses of the acrylic acid market is the volatility in raw material prices. The price of propylene, which is a major feedstock for acrylic acid production, is subject to fluctuations, which can impact the profitability of acrylic acid manufacturers.
Opportunity: The increasing use of acrylic acid in the water treatment industry presents a significant opportunity for market growth. Acrylic acid-based polymers are used in water treatment processes for their ability to remove impurities and improve water quality. The growing need for clean and safe water sources is expected to drive the demand for acrylic acid in this industry.
Threats: One of the major threats to the acrylic acid market is the presence of stringent regulations on the use of certain chemicals, including acrylic acid, due to their potential environmental and health hazards. Compliance with these regulations can pose challenges for market players and impact their profitability.
Key Takeaways:
The global Acrylic Acid Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period. This growth can be attributed to the increasing demand for superabsorbent polymers in the hygiene industry. The market size is projected to reach USD 12.0 billion in 2021.
In terms of regional analysis, the Asia-Pacific region is the fastest-growing and dominating region in the acrylic acid market. The region has a growing population, rising disposable incomes, and increasing awareness about hygiene, which are driving the demand for hygiene products and, subsequently, acrylic acid.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
