The global 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 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Acrylic acid is a colorless liquid with a pungent odor, and it is primarily used in the production of superabsorbent polymers (SAP). These SAPs have the ability to absorb and retain large amounts of liquid, making them ideal for use in baby diapers, adult incontinence products, and feminine care products. The growing population, rising awareness about hygiene, and increasing disposable income are driving the demand for such products, thereby fueling the growth of the acrylic acid market.
Market Key Trends:
One key trend in the acrylic acid market is the rising demand for eco-friendly and sustainable products. With increasing environmental concerns, manufacturers are focusing on developing bio-based acrylic acid and SAPs. These bio-based products are derived from renewable sources such as sugars and vegetable oils, reducing the carbon footprint and dependency on fossil-fuels. This trend aligns with the growing demand for sustainable products from consumers and the implementation of strict environmental regulations by governments worldwide.
In addition, the acrylic acid market is witnessing a shift towards the Asia Pacific region. The region has a large population base, rising disposable income, and growing industrialization, which is driving the demand for acrylic acid and its derivatives. Furthermore, favorable government policies, investments in infrastructure development, and increasing consumer awareness about personal hygiene are contributing to the market growth in this region.
Overall, the acrylic acid market is anticipated to witness high growth due to the increasing demand for superabsorbent polymers and the shift towards eco-friendly products. The Asia Pacific region is expected to dominate the market during the forecast
Political: The political factors in the acrylic acid market include regulations and policies implemented by government bodies regarding safety standards, environmental protection, and trade barriers. For instance, stringent regulations on emissions and waste disposal may increase production costs and restrict market growth. Additionally, trade disputes and tariffs between countries can affect the import and export of raw materials and finished products.
Economic: Economic factors influencing the acrylic acid market include GDP growth, inflation rates, exchange rates, and disposable income. A steady economic growth indicates increased consumer spending power, leading to higher demand for acrylic acid in various industries such as textiles, adhesives, and coatings. However, fluctuations in exchange rates can impact the cost of raw materials and affect profit margins.
Social: The social factors include changing consumer preferences and lifestyle trends. Increased awareness about eco-friendly products and sustainability may drive the demand for bio-based acrylic acid. Furthermore, the growing population and urbanization contribute to the demand for construction and automobile industries, driving the need for acrylic acid in adhesive and coating applications.
Technological: Technological factors in the acrylic acid market include advancements in production processes, research and development activities, and innovation. Improved manufacturing techniques, such as bio-based or renewable production methods, can enhance the sustainability of acrylic acid production. Additionally, technological advancements in end-user industries like textiles and automotive can influence the demand for acrylic acid-based products.
The global Acrylic Acid Market Share is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, from 2022 to 2030. This growth can be attributed to various factors such as the increasing demand for acrylic acid in industries like textiles, adhesives, and coatings. Additionally, the rising focus on eco-friendly and sustainable products is expected to drive the demand for bio-based acrylic acid.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the acrylic acid market. This can be attributed to factors like urbanization, industrialization, and increasing disposable income in countries like China and India. These countries have a vast consumer base, which drives the demand for acrylic acid-based products in various applications.
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 contribute to market growth through their technological advancements, research and development activities, and strategic collaborations to expand their market presence.