Report ID:
SQMIG15A2445 |
Region:
Global |
Published Date: November, 2024
Pages:
174
|Tables:
0
|Figures:
0
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.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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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.
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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.
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Drivers
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.
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
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.
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.
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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
Recent Developments
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 |
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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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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Report ID: SQMIG15A2445
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