by Market Overview:
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. Acrylic acid is a key building block in the production of various products such as paints, adhesives, textiles, and coatings. It is widely used in industries such as automotive, construction, and healthcare. The market for acrylic acid is driven by its versatility and broad applications across multiple industries.
Market Dynamics:
The acrylic acid market is driven by two major factors: increasing demand from end-use industries and technological advancements.
– Increasing demand from end-use industries: The automotive, construction, and healthcare industries are experiencing substantial growth, which is positively impacting the demand for acrylic acid. The growing construction activities, rising automotive production, and advancements in healthcare facilities are driving the demand for acrylic acid-based products.
– Technological Advancements: Continuous research and development in the acrylic acid market have led to the development of more advanced and efficient processes for its production. Technological advancements have improved the overall efficiency of acrylic acid manufacturing, resulting in cost-effective production and enhanced product quality.
Overall, the acrylic acid market is expected to witness steady growth over the forecast period, driven by the increasing demand from end-use industries and technological advancements in its production processes.
Market Key Trends:
The key trend in the acrylic acid market is the increasing demand for superabsorbent polymers (SAPs). SAPs are extensively used in various applications such as diapers, adult incontinence products, feminine hygiene products, and agriculture. The growing population, rising disposable income, and changing lifestyle patterns are driving the demand for these products, thereby fueling the growth of the acrylic acid market. Moreover, the increasing awareness regarding hygiene and healthcare is further boosting the demand for SAPs, as they provide superior absorbency and odor control.
SWOT Analysis:
Strength: Acrylic acid offers excellent adhesion, weather resistance, and durability, making it suitable for various end-use industries such as textiles, paints and coatings, adhesives, and sealants.
Weakness: The acrylic acid market is highly dependent on raw material availability and prices. Fluctuations in the prices of feedstocks such as propylene can impact the profitability of market players.
Opportunity: The growing construction industry in developing economies presents a significant opportunity for the acrylic acid market. Acrylic acid-based products are widely used in construction applications such as concrete additives, adhesives, and sealants.
Threats: Stringent environmental regulations regarding the disposal and emissions of chemicals pose a threat to the acrylic acid market. Compliance with these regulations can increase operational costs for market players.
Key Takeaways:
The global Acrylic Acid Market Share is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period of 2022-2030. The increasing demand for superabsorbent polymers, driven by factors such as population growth and changing lifestyle patterns, is fueling the market’s growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the acrylic acid market. The region is witnessing rapid industrialization and urbanization, leading to increased construction activities and the demand for acrylic acid-based products. Moreover, the growing population and rising disposable income in countries like China and India are further contributing to the market’s growth in the region.
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 are focusing on product innovation, strategic partnerships, and expansion strategies to strengthen their market presence and cater to the increasing demand for acrylic acid-based products.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
