Market Synopsis:
As per Market Research Future (MRFR)’s analysis, Acrylic Acid Market Analysis is projected to be worth USD 19.2 billion by 2030, registering a CAGR of 4.80% during the forecast period (2022 - 2030). The growth of the construction industry has been estimated to have a favorable influence on the expansion of the acrylic acid market in the upcoming years. It is extensively used in paints coatings and adhesives which are abundantly used in the construction sector. Furthermore, the governments of the developing regions are taking initiatives to ensure infrastructural development and shelter for the unprivileged class of people. This is likely to expedite the expansion of the acrylic acid market indirectly over 2022.
The stabilization of the global economy has influenced the growth of the end-user industries and is likely to keep benefitting the market in the foreseeable future. In addition, the increasing demand for diapers is a major factor for the growth of the acrylic acid market as it is the core constituent of the production process. On the flip side, the inflated cost of raw materials used for the manufacturing of acrylic acid is poised to hinder the expansion of the market over the next couple of years.
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Market Segmentation:
By type, the acrylic acid market has been segmented into methyl acrylate, ethyl acrylate, superabsorbent polymers, elastomers, water treatment polymers, 2-Ethylhexyl acrylate, butyl acrylate, and others.
By application, the acrylic acid market has been segmented into surface coatings, adhesive sealants, agriculture, plastic sheets, diapers, cement modifiers, and others.
Regional Analysis:
The geographical analysis of the global acrylic acid market spans across Asia Pacific, North America, Europe, Latin America, and the Middle East Africa. Asia Pacific is expected to emerge as the largest market for acrylic acid striking a CAGR of 5.39% during the assessment period. The regional market’s value is poised to touch USD 6,520.9 Mn market at the end of 2022. The main factor driving the growth of the region is the towering demand from the end-user industries. Furthermore, the region is likely to unleash attractive opportunities and facilitate the setting up of manufacturing facilities in the upcoming years. This, in turn, has been prognosticated to drive the growth of the market across the review period. Furthermore, the presence of fast-developing economies with rapid urbanization and industrialization is poised to catapult the acrylic acid market on an upwards trajectory.
North America, which is the second-largest market, is expected to exhibit substantial growth over the assessment period. The product has developed core applications such as diapers, adhesives, paints, and paper coating. The growth of the end-user industries has been projected to expedite the growth of the acrylic acid market in the forthcoming years.
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Competitive Dashboard:
The key players contributing most significantly towards the growth of the acrylic acid market are BASF SE (Germany), LG Chemicals (South Korea), and Nippon Shokubai Co. Ltd (Japan). Other major players profiled in the report are Arkema (France), PJSC Sibur Holding (Russia), Evonik Industries (Germany), Hexion Inc (US), the Dow Chemical Company (US), Shenyang Chemical Co. Ltd (China), Jiangsu Jurong Chemical Co. Ltd (China), and Mitsubishi Chemical (Japan).
Industry News:
In October 2018, Nippon Shokubai Co., Osaka, Japan, has announced its Indonesian subsidiary, PT. Nippon Shokubai Indonesia, (NSI)’s plan of building an acrylic acid production plant in Indonesia.
In September 2018, Bharat Petroleum Corp Ltd (BPCL), India, has sanctioned an amount of Rs 11,130 crore for the setting up a petrochemical unit at Kochi refinery in Kerala.
In May 2018, Mitsubishi Chemical Corporation (MCC), Tokyo, and Indian Oil Corporation Limited (IOC) have signed an agreement for the manufacturing of acrylic acid and acrylic acid ester in India.
In April 2018, researchers at the Friedrich-Alexander-University have announced the development of a new bio-based production process of acrylic acid leveraging liquid phase dehydration of fermented lactic acid.
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