Acrylic Acid Market Overview and Key Trends: Market Valuation to Reach USD 12.0 Billion by 2022-2030

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Acrylic Acid Market
Acrylic Acid Market

Market Overview:

The Acrylic Acid Market is estimated to be valued at US$12.0 billion in 2021 and is expected to exhibit a CAGR of 4.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Acrylic acid is a key raw material used in the production of various products such as adhesives, coatings, textiles, and personal care products. The increasing demand for these products across various industries, including automotive, construction, and healthcare, is driving the growth of the acrylic acid market. Acrylic acid offers advantages such as excellent adhesive properties, high resistance to chemicals, and versatility in usage. The rising applications of acrylic acid in industries such as packaging, electronics, and furniture are further propelling market growth.

Market Key Trends:

One key trend observed in the acrylic acid market is the growing demand for superabsorbent polymers (SAPs). SAPs are polymers that have the ability to absorb and retain large amounts of liquid. They are widely used in the manufacturing of diapers, adult incontinence products, and feminine hygiene products. The increasing population, rising disposable income, and changing lifestyles have led to a surge in the demand for these products, thereby driving the demand for acrylic acid as a raw material. Additionally, the growing awareness about hygiene and the need for better comfort in personal care products are contributing to the market growth of SAPs. Market players are focusing on developing innovative SAPs with improved absorbency and performance to cater to the changing consumer demands. This trend is expected to continue driving market growth in the acrylic acid market.

Segment Analysis:

The global acrylic acid market can be segmented based on application into superabsorbent polymers, coatings, adhesives & sealants, textiles, and others. Among these segments, the superabsorbent polymers segment dominates the market and is expected to continue its dominance during the forecast period.

Superabsorbent polymers are extensively used in the manufacturing of diapers, adult incontinence products, and female hygiene products. The increasing global population, rising disposable incomes, and changing lifestyles have led to an increased demand for hygiene products, thereby driving the growth of the superabsorbent polymers segment. Moreover, the growing awareness about personal hygiene and the rising demand for eco-friendly products have further contributed to the domination of this segment.

Key Takeaways:

The global Acrylic Acid Market Size is projected to witness significant growth, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period of 2022 to 2030. This growth can be attributed to various factors, such as the increasing demand for superabsorbent polymers in the hygiene industry, the expanding textile industry, and the growing use of coatings and adhesives in the construction and automotive sectors.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the acrylic acid market. This growth can be attributed to the rapid industrialization and urbanization in countries like China, India, and Japan. The rising population, increasing disposable incomes, and growing demand for consumer goods in these countries have contributed to the expansion of various end-use industries, thereby driving the demand for acrylic acid.

Key players operating in the acrylic acid market include Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. These key players focus on strategic initiatives such as mergers and acquisitions, partnerships, and product innovation to strengthen their market position and meet the increasing demand for acrylic acid globally.

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