Acrylic Acid Market

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

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.

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