Acrylic Acid Market Size, Share, Growth Analysis, By Derivative Type (Acrylic Esters, Acrylic Polymer), By End Use (Personal Care Products, Adhesives & Sealants), By Production Technology (Propylene-based Process, Bio-based Acrylic Acid), By Region -Industry Forecast 2024-2031


Report ID: SQMIG15A2445 | Region: Global | Published Date: November, 2024
Pages: 174 |Tables: 0 |Figures: 0

Acrylic Acid Market Insights

Global Acrylic Acid Market size was valued at USD 13.18 Billion in 2022 and is poised to grow from USD 13.81 Billion in 2023 to USD 20.10 Billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

The demand for acrylic acid is on the rise due to the steep growth in infrastructural and building activities since paints, coatings, sealants, and adhesives are required. Hygiene products significantly rely on personal care business through ultra-absorbent polymers based on acrylic acid. Highly absorbent polymers, which are greatly used in adult incontinence products, sanitary napkins, and diapers, are mainly comprised of acrylic acid as the raw material. As acrylic acid is used to prepare the critical ingredients, the acrylate esters in the formulation of most coating formulas, it is one of the biggest users in the paints and coatings sector. Consumer products containing acrylic acid derivatives, such as adhesives and sealants, textiles, and personal care items, are used at higher rates in direct response to increases in disposable incomes. Acrylic acid demand is on the rise since there are several end-use industries-mentioned above such as packaging, automotive, textiles, and construction-that are expanding. Superabsorbent polymers based on acrylic acid have been gaining increasing use in diapers and adult incontinence products. They are integral to these end applications because of their better ability to absorb and retain vast quantities of moisture. Technical advances are steadily lowering the cost of production and reducing the energy intensity of acrylic acid manufacturing processes. The acrylic acid market growth is quite high in developing markets due to a rapid pace of urbanization and industrialization.

Market Snapshot - (2024-2031)

Global Market Size

Largest Segment

Fastest Growth

Growth Rate

CAGR

Global Acrylic Acid Market ($ Bn)
Country Share for Asia-Pacific (%)

To get more reports on the above market click here to Buy The Report

Acrylic Acid Market Segmental Analysis

The global acrylic acid market is segmented into derivative type, production technology, end use, and region. By derivative type, the market is classified into acrylate esters, glacial acrylic acid, and others. Depending on the production technology, it is divided into propylene-based process, bio-based acrylic acid, and acrolein-based process. According to end use, the market is categorized into surfactants & surface coatings, organic chemicals, adhesives & sealants, textiles, water treatment, personal care products, and others. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Analysis by Derivative Type

As per the acrylic acid market forecast, in 2023, acrylate esters constituted the largest demand contributor to acrylic acid, capturing a significant market share of 56.8%. Their wide use in various segments such as paints and coatings, adhesives, and textiles are a few factors responsible for the same. They are well-suited for coating applications as their exceptional flexibility significantly improves film formation, adhesion, and durability. The automobile industry requires acrylic esters for making coatings of high-quality that work at high performance while being resistant to weathering and environmental degradation. In addition, acrylate esters are widely used in the construction industry where they produce weather-resistant paints and coatings with the intention of increasing the strength and protection of infrastructure, buildings, and other structures that usually experience hostile environments.

However, based on the acrylic acid market analysis, during the projection period, glacial acrylic acid is expected to grow at a remarkable CAGR of 3.7%. Precursor in the production of SAPs-mostly used in feminine hygiene products, adult incontinence products, and diapers-constitutes the main importance driving this expansion. Further driving this segment are the increasing population of the globe and awareness regarding sanitation and hygiene; such increased usage of glacial acrylic acid benefits from more use. Demand for SAPs is also anticipated to increase due to increasing levels of urbanization and disposable incomes, especially in emerging nations, which will help in supporting the positive acrylic acid market outlook for glacial acrylic acid.

Analysis By End Use

Personal care products were the largest category for market revenue, accounting for 31.8% in 2023. That's because of their significant application in SAPs, which hold up exceptionally well in diapers, adult incontinence products, and feminine hygiene products. SAPs' extraordinary ability to absorb and retain massive quantities of liquid make them hold up exceptionally well in diapers, adult incontinence products, and feminine hygiene products. This rapid growth of world population, especially in emerging countries, has created huge demand for these hygiene products. With these increased disposable incomes, especially in the emerging economies, personal care products and services are becoming more and more accessible and in demand. Due to the rapid growth in the importance attached to personal hygiene and health issues awareness, the market for SAPs-and therefore the market for personal care-is also anticipated to expand significantly over the next few years.

Contrarily, the adhesives & sealants segment is one of the highly valued sectors in various industries during the projection period, as it has been growing at a robust CAGR of 4.5%. The resilience of acrylic adhesives against environmental factors, coupled with their flexibility and excellent bonding abilities, along with resistance to heat, moisture, and UV radiation, makes them valued assets in versatile sectors for excellent bonding. In the automotive, construction, and general industrial field, such adhesives find excellent applications as they work quite adequately under trying conditions. The demand for adhesives and sealants is also increasing meteorically on account of the construction industry that has become keener on long-lasting quality products, and the increased need for car parts and accessories that make it continue running.

Global Acrylic Acid Market By Derivative Type

To get detailed analysis on other segments, Request For Free Sample Report

Acrylic Acid Market Regional Insights

Asia-Pacific recorded the highest overall revenue share of 40.0% in 2023. Factors include industrialization and urbanization alongside booming disposable incomes of the growing middle class in the region, contributing to its superior position. The demand for products based on acrylic acid in the region increases because the construction, automotive, and personal care industries are booming in China, India, and Japan. Growing urban infrastructure and more consumer goods, paints, coatings, and adhesives are driving growth in the regional acrylic acid industry. Steady growth in the usage of SAPs in personal hygiene products also helps in acrylic acid regional growth.

North America is estimated to remain the largest market through the forecast period, with growing expansion at a CAGR of 3.6% from 2024 to 2031. The strong rise of important end-use sectors such as personal care, automotive, and construction primarily accounts for the increase. Large enterprises are based in North America, where the production base of acrylic acid and its derivatives is established. New applications of acrylic acid that are bio-based are also supported by strong R&D ecosystems in the United States and Canada. The market trend is expedited further due to the demands of high-performance coatings, adhesives, and superabsorbents in personal care products.

Global Acrylic Acid Market By Geography
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Acrylic Acid Market Dynamics

Drivers

  • Higher Demand for Super Absorbent Polymers (SAPs)

Superabsorbent polymers (SAPs) are gaining market momentum due to the increasing global demand for personal care products such as diapers, adult incontinence products, and feminine hygiene products. The acrylic acid industry is also rising with the growing demand for SAPs due to increased population and hygienic consciousness. Acrylic acid is a crucial raw material in the production of SAPs.

  • Rapid Urbanization and Industrialization in Developing Markets

Asia-Pacific countries such as China and India are urbanizing and industrializing rapidly. Consumption of acrylic acid-based products in the consumer goods, automotive, and construction sector is rising with this rise. This is bringing about growth in the market since the advancement of the housing and infrastructure of the metropolitan regions is increasing demand of acrylic acid paints, coatings, adhesives, etc.

Restraints

  • Environmental and Regulatory Concerns

The employment of potentially hazardous chemicals in the production process of acrylic acid raises sustainability and pollution concerns. Strict environmental regulations and compliance requirements in the key markets could limit the expansion of the market, primarily if manufacturers are faced with issues regarding the transition into cleaner production processes or if these regulations escalate the cost of running operations.

  • Price Volatility in Raw Material

The production of acrylic acid is mainly done with the use of propylene and other feedstocks based on petrochemistry. As such, it is sensitive to the raw material cost of this market. Interruptions in the supply chains, as well as the fluctuating prices of oil and gas, may cause unstable prices and lesser profitability for the market.

Request Free Customization of this report to help us to meet your business objectives.

Acrylic Acid Market Competitive Landscape

Companies within the acrylic acid market are investing heavily in R&D and technology breakthroughs and green production technologies such as bio-based acrylic acid to continue their leading position in the market. Competitiveness in the market is driven by product innovation and price sensitivity from the increasing demand for acrylic acid derivatives within various industries, including personal care, automotive, and construction.

Top Player’s Company Profile

  • Vigon International, LLC.
  • SMC
  • BASF SE
  • Arkema
  • LG Chem Ltd.
  • Shanghai Huayi Acrylic Acid Co., Ltd
  • NIPPON SHOKUBAI CO., LTD.
  • Dow
  • Sinopec
  • Formosa Plastics Corporation, U.S.A
  • Sasol
  • Wanhua
  • SIBUR
  • Mitsubishi Chemical Holdings Corporation
  • Myriant Corporation

Recent Developments

  • Arkema announced that it has been granted the ISCC+ accreditation in the acrylic manufacturing chain's decarbonation process for its acrylic acid and ester production plant based in Taixing, Jiangsu Province, China. The company made this announcement in January 2024.
  • Japan's Nippon Shokubai announced in May 2023 PT. NIPPON SHOKUBAI INDONESIA begun construction of an acrylic acid AA factory at Cilegon, Indonesia. The 100,000 MT/Y plant will cost the firm approximately $200 million USD.
  • BASF SE started building an acrylic acid complex in March 2023 at its Verbund site in Zhanjiang, China. The plants producing 2-ethylhexyl acrylate (2-EHA), butyl acrylate (BA), and glacial acrylic acid (GAA) are part of the complex. The plant will be expected to produce around 400,000 tons of BA and 100,000 tons of 2-EHA per annum.

Acrylic Acid Key Market Trends

  • Transition to Bio-based Acryl Acid: Bio-based acrylic acid is gaining increasing popularity as a product from renewable feedstocks including maize, glycerol, and glucose. This trend takes place in response to increased pressure on consumers and firms to be sustainable. The pace of growth therefore rests on the increases for green chemistry and bioengineering technologies.
  • Innovation in Adhesives and High-Performance Coatings: The acrylic acid industry exhibits a great demand for complex coatings and adhesives mainly due to the construction and automotive industries. Developments in acrylic formulations, new to the market, provide enhanced qualities that include increased durability, UV stability, and higher weather resistance. Thus, it is responsive to emerging sectors looking for high-performance more sustainable products as the above developments continue to expand the use of acrylic acid in coatings and adhesives.

Acrylic Acid Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, growth in the acrylic acid market is expected to be gradual with increased demand coming from major industries that include coatings, building, personal care, and automobiles. The need for hygiene products across the globe is further a key growth inducer for superabsorbent polymers, or SAPs. The rapid industrialization process in the emerging nations, especially in Asia-Pacific, also favors the market due to an increased demand for goods based on acrylic acid. However, the dynamics of the market can be affected by factors such as volatility in raw material prices, compliance to regulatory requirements, and environmental concerns. To be competitive, firms are focusing on markets such as bio-based acrylic acid and high-performance applications in coatings and adhesives. The acrylic acid market is expected to be driven by growing trends along with robust drivers.

Report Metric Details
Market size value in 2022 USD 13.18 Billion
Market size value in 2031 USD 20.10 Billion
Growth Rate 4.8%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Billion
Segments covered
  • Derivative Type
    • Acrylic Esters, Acrylic Polymer, and Others
  • Production Technology
    • Propylene-based Process, Bio-based Acrylic Acid, and Acrolein-based Process
  • End Use
    • Surfactants & Surface Coatings, Organic Chemicals, Adhesives & Sealants, Textiles, Water Treatment, Personal Care Products, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Vigon International, LLC.
  • SMC
  • BASF SE
  • Arkema
  • LG Chem Ltd.
  • Shanghai Huayi Acrylic Acid Co., Ltd
  • NIPPON SHOKUBAI CO., LTD.
  • Dow
  • Sinopec
  • Formosa Plastics Corporation, U.S.A
  • Sasol
  • Wanhua
  • SIBUR
  • Mitsubishi Chemical Holdings Corporation
  • Myriant Corporation
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Acrylic Acid Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Acrylic Acid Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Acrylic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Acrylic Acid Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Acrylic Acid Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Acrylic Acid Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW

REQUEST FOR SAMPLE

Want to customize this report?
REQUEST FREE CUSTOMIZATION

FAQs

Global Acrylic Acid Market size was valued at USD 13.18 Billion in 2022 and is poised to grow from USD 13.81 Billion in 2023 to USD 20.10 Billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

Companies within the acrylic acid market are investing heavily in R&D and technology breakthroughs and green production technologies such as bio-based acrylic acid to continue their leading position in the market. Competitiveness in the market is driven by product innovation and price sensitivity from the increasing demand for acrylic acid derivatives within various industries, including personal care, automotive, and construction. 'Vigon International, LLC.', 'SMC', 'BASF SE', 'Arkema', 'LG Chem Ltd.', 'Shanghai Huayi Acrylic Acid Co., Ltd', 'NIPPON SHOKUBAI CO., LTD.', 'Dow', 'Sinopec', 'Formosa Plastics Corporation, U.S.A', 'Sasol', 'Wanhua', 'SIBUR', 'Mitsubishi Chemical Holdings Corporation', 'Myriant Corporation'

Higher Demand for Super Absorbent Polymers (SAPs)

Transition to Bio-based Acryl Acid: Bio-based acrylic acid is gaining increasing popularity as a product from renewable feedstocks including maize, glycerol, and glucose. This trend takes place in response to increased pressure on consumers and firms to be sustainable. The pace of growth therefore rests on the increases for green chemistry and bioengineering technologies.

Asia-Pacific recorded the highest overall revenue share of 40.0% in 2023. Factors include industrialization and urbanization alongside booming disposable incomes of the growing middle class in the region, contributing to its superior position. The demand for products based on acrylic acid in the region increases because the construction, automotive, and personal care industries are booming in China, India, and Japan. Growing urban infrastructure and more consumer goods, paints, coatings, and adhesives are driving growth in the regional acrylic acid industry. Steady growth in the usage of SAPs in personal hygiene products also helps in acrylic acid regional growth.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Acrylic Acid Market

Report ID: SQMIG15A2445

sales@skyquestt.com
USA +1 351-333-4748

BUY NOW GET FREE SAMPLE