Acrylic Acid Market by Derivative (Methyl, Ethyl, Butyl, 2-EH, SAP, Water Treatment), Acrylic Ester/Polymer Application (Surface coating, Adhesive & Sealant, Plastic additive, Textile, Detergent Diaper & Training Pad), & Region - Global Forecast to 2028
Acrylic Acid Market
The global acrylic acid market is valued at USD 11.3 billion in 2023 and is projected to reach USD 13.8 billion by 2028, growing at 3.3% cagr during the forecast period. Acrylic acid is a colorless, corrosive liquid that readily forms polymers. It is used to make plastics, paints, synthetic rubbers, and textiles. Acrylic acid derivatives such as acrylic esters, acrylic polymers, and other derivatives are used in various industries. They are key ingredients for a number of polymer formulations. Owing to the versatile properties of acrylic esters and polymers, they have a high demand in many end-use applications, such as surface coatings, sealants & adhesive, plastic additives, detergents, textiles, diapers & training pants, adult incontinence, and water treatment.
Attractive Opportunities in the Acrylic Acid Market
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Acrylic Acid Market Dynamics
Driver: Rise in demand from paints & coatings sector
The growing demand for paints and coatings is playing a pivotal role in driving the acrylic acid market. Acrylic acid, a key component in the production of acrylate esters, has extensive application in the paints & coatings industry. Acrylate esters derived from acrylic acid serve as essential ingredients in a wide range of coatings, including architectural coatings, OEM finishes for automotive and other products, as well as special-purpose coatings.
Restraint: Acute toxicity and air exposure limits
Being a volatile organic compound, acrylic acid has the tendency to form photo-chemical smog. NIOSH (National Institute for Occupational Safety and Health) and the ACGIH (American Conference of Governmental Industrial Hygienists Inc.) have also added a skin notation to their recommended workplace air exposure limits for acrylic acid.
Opportunities: Increasing demand in emerging economies
The economy of Asia Pacific countries such as China and India are growing rapidly. South Asian countries such as Indonesia, Taiwan, and South Korea are also witnessing fast growth. The primary driver behind their growth is the increasing population. With the increase in disposable income, the consumer buying pattern has changed, which has also been influenced by globalization. The end-use industries have shown steady growth in the past few years, and this scenario is expected to remain the same during the forecast period. These countries are welcoming foreign investments and global manufacturers to set up manufacturing facilities.
Challenges: Fluctuations in raw material prices, high transportation cost, and reactivity hazards
The acrylic acid market is currently navigating through a complex landscape characterized by multiple challenges. These include escalating costs of raw materials, transportation, and energy and geopolitical uncertainties. The aftermath of the COVID-19 pandemic, marked by intermittent lockdowns in certain regions, further adds to the complexities.
Acrylic Acid Market Ecosystem
By Derivative, acrylic esters accounted for the largest market share.
The acrylic ester derivative has emerged as the dominant player, capturing the highest market share in the acrylic acid market. This is primarily due to their versatile applications and wide-ranging utility across various industries. Acrylic esters or acrylates are clear and volatile liquids. They are moderately soluble in water and completely soluble in alcohols, ethers, and other organic solvents. Acrylates have a double bond and functional carboxyl group. Acrylic acid and its derivative acrylic esters are multi-use monomers, which have the capabilities to provide a wide range of multi-purpose polymers.
By Acrylic Esters Applications, the surface coatings segment accounts for the highest share in the acrylic acid market during the forecast period.
The surface coatings segment is the largest application of acrylic acid esters due to their versatile properties that contribute to enhanced paint and coating formulations. Acrylic acid esters exhibit excellent adhesion, durability, and weather resistance, making them a preferred choice for various surface coatings in automotive, construction, and consumer goods industries. The ability of acrylic acid esters to impart gloss, color retention, and corrosion protection, coupled with their compatibility with a wide range of other chemicals, drives their adoption in surface coatings, solidifying their prominence in the acrylic acid market's application landscape.
By Acrylic Polymer Application, the diapers & training pants segment to have the largest market share in 2022 in the acrylic acid market.
The dominance of the diapers & training pants segment as the primary application for acrylic acid polymers is attributed to their exceptional absorbent properties that ensure effective moisture management and leakage prevention in personal care products. Acrylic acid polymers are primarily used to make superabsorbent polymers (SAPs) as they possess the unique ability to absorb and retain fluids many times their weight, making them integral components of diapers and training pants. Factors such as comfort, hygiene, and convenience to infants and toddlers are responsible for the high demand of acrylic acid polymers in the diapers & training pants sector.
Asia Pacific is projected to account for the highest CAGR in the Acrylic acid market during the forecast period.
Asia Pacific has the largest demand for both baby and adult diapers. Emerging markets like India, Taiwan, Malaysia, and Indonesia are projected to be the hotspots, in terms of demand for personal care products where superabsorbent polymers (SAP) is a crucial component. The increasing applications of superabsorbent polymer (SAP) in personal care products, agriculture, and cosmetics, and the use of water-based paints and coatings due to environmental standards concerning VOC reduction are projected to drive the market in the region. Rapid growth and innovation in the industry, along with industry consolidations between acrylic acid manufacturers, are projected to offer a bright future for the industry in this region.
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Acrylic Acid Market Players
The Acrylic acid market comprises key manufacturers such as BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), the Dow Chemical Company (US), and others. Expansions, mergers & acquisitions, new product launches and deals were some of the major strategies adopted by these key players to enhance their positions in the acrylic acid market. A major focus was given to the expansions and deals.
Acrylic Acid Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 11.3 billion |
|
Revenue Forecast in 2028 |
USD 13.8 billion |
|
CAGR |
3.3% |
|
Years Considered |
2021–2028 |
|
Base year |
2022 |
|
Forecast period |
2023–2028 |
|
Unit considered |
Value (USD Billion) and Volume (Kilo tons) |
|
Segments |
Acrylic acid Market-By Derivative, By Application (acrylic esters), By Application (acrylic polymers and other derivatives), and Region |
|
Regions |
North America, Europe, Asia Pacific, Middle East & Africa, and South America |
|
Companies |
The major players are BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), and The Dow Chemical Company (Midland, Michigan) and others covered in the acrylic acid market. |
This research report categorizes the global acrylic acid market on the basis of derivative, Application (acrylic esters), Application (acrylic polymers), and Region.
Acrylic Acid Market by Derivative
-
Acrylic Esters
- Methyl Acrylate
- Ethyl Acrylate
- Butyl Acrylate
- 2-Ethylhexyl Acrylate
- Other Acrylic Esters
-
Acrylic Polymers
- Water Treatment Polymers
- Super Absorbent Polymer
- Acrylic Elastomers
-
Others
- Ammonium Polyacrylate
- Polycyanoacrylates
Acrylic Esters Market by Application
- Surface Coatings
- Adhesives & Sealants
- Plastic Additives
- Detergents
- Textiles
- Others
Acrylic Polymers & Other Derivatives Market by Application
- Diapers & Training Pants
- Adult Incontinence & Other Personal Care Products
- Water Treatment (Dispersants, Anti-scalants, and Thickeners)
- Others
Acrylic Acid Market by Region
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- South America
The market has been further analyzed for the key countries in each of these regions.
Recent Developments
- In July 2022, LG Chem and GS Caltex initiated the creation of a white bio ecosystem by commencing the construction of a 3HP pilot plant for eco-friendly bio raw materials.
- In July 2022, Arkema announced its intention to acquire Polimeros Especiales, a prominent producer of emulsion resins based in Mexico. This strategic acquisition was done to enhance Arkema's presence in the fast-growing market for solvent-free waterborne acrylic resins. By incorporating Polimeros Especiales' expertise and capabilities, Arkema aimed to bolster its position in the market and meet the increasing demand for sustainable and eco-friendly resin solutions in Mexico.
- In November 2022, Arkema and Nippon Shokubai American Industries, Inc. (NAII), in collaboration with its joint venture American Acryl L.P. located in Bayport, Texas, took significant steps towards advancing the decarbonization of energy sources. They solidified their commitment by entering into a long-term power purchase agreement with EDF Energy Services, LLC (EDF), ensuring that 100% of their anticipated annual energy consumption is supplied by wind power. This move reflects their dedication to sustainable practices and reducing their environmental impact in the production of acrylic monomers.
Frequently Asked Questions (FAQ):
What are the major drivers driving the growth of the acrylic acid market?
The Acrylic acid market is expected to witness significant growth in the future due to a rise in demand from the paints and coatings sector, increasing demand of superabsorbent polymers and increasing application in chemical synthesis.
What is the major challenge in the acrylic acid market?
The major challenge in the acrylic acid market is the improper waste disposal of end products.
What are the restraining factors in the acrylic acid market?
The major restraining factor faced by the acrylic acid market is the environmental concerns and health hazards.
What is the key opportunity in the acrylic acid market?
The increasing demand in emerging economies is a major opportunity in the acrylic acid market.
What are the applications where acrylic acid materials are used?
Acrylic acid materials are majorly used in paint and coating industry, textile industry, diapers and training pads among others. .
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This research involved the use of extensive secondary sources and databases, such as Factiva and Bloomberg, to identify and collect information useful for a technical and market-oriented study of the acrylic acid market. Primary sources included industry experts from related industries and preferred suppliers, manufacturers, distributors, technologists, standards & certification organizations, and organizations related to all segments of the value chain of this industry. In-depth interviews have been conducted with various primary respondents, such as key industry participants, subject matter experts (SMEs), executives of key companies, and industry consultants, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects.
Secondary Research
In the secondary research process, various sources such as annual reports, press releases, and investor presentations of companies, white papers, and publications from recognized websites and databases have been referred to for identifying and collecting information. Secondary research has been used to obtain key information about the industry's supply chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market-and technology-oriented perspectives.
Primary Research
The acrylic acid market is comprised of several stakeholders in the supply chain, which includes suppliers, processors, and end-product manufacturers. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, vice presidents, and CEOs of companies in the acrylic acid market. Primary sources from the supply side include associations and institutions involved in the acrylic acid industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents
Notes: Other designations include product, sales, and marketing managers.
Tiers of the companies are classified based on their annual revenues as of 2021, Tier 1 = >USD 5 Billion, Tier 2 = USD 1 Billion to USD 5 Billion, and Tier 3= <USD 1 Billion.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the global acrylic acid market. The research methodology used to estimate the market size includes the following:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value, were determined through primary and secondary research.
- All percentage share splits and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players, along with extensive interviews with key officials, such as directors and marketing executives.
Market Size Estimation: Bottom-Up Approach and Top-Down Approach
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Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market was split into several segments and subsegments. To complete the overall market size estimation process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size has been validated by using both the top-down and bottom-up approaches.
Market Definition
The acrylic acid market refers to the industry that produces and supplies acrylic acid and its derivatives. Acrylic acid is an organic substance well-known for its adaptability and wide-ranging industrial uses. It is a clear liquid with a distinctive acrid odor that is a crucial precursor in the creation of many different polymers, including superabsorbent polymers used in diapers, adhesives, coatings, textiles, and more. Due to its reactivity and capacity for polymerization, acrylic acid is a key component in the production of a variety of products vital to daily life and different industries.
Key Stakeholders
- Raw material suppliers
- Acrylic acid products manufacturers
- Government & regulatory bodies
- Research organizations
- Associations and industry bodies
- End users
- Traders and distributors
Report Objectives
- To define, describe, and forecast the global acrylic acid market in terms of value and volume.
- To provide insights regarding the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze and forecast the market based on the derivative, and by application.
- To forecast the market size, in terms of value and volume, with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape.
- To strategically profile key players in the market
- To analyze competitive developments in the market, such as new product launches, capacity expansions, and mergers & acquisitions
- To strategically profile the leading players and comprehensively analyze their key developments in the market.
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of the Asia Pacific Acrylic acid market
- Further breakdown of the Rest of Europe's Acrylic acid market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Acrylic Acid Market