The global Polyacrylamide Market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Polyacrylamide is a polymer which finds extensive applications in water treatment, oil & gas extraction, paper manufacturing, cosmetics, and others due to its superior characteristics such as forming a three-dimensional molecular structure when dissolved in water making it an effective chemical for soil conditioning and water filtration.
Market key trends:
One of the key trends gaining traction in the polyacrylamide market is its rising demand from the oil & gas industry. Polyacrylamide finds application in enhanced oil recovery processes where it is injected into reservoirs to increase oil extraction rate. It increases oil production by thickening the injected water which sweeps larger areas of the reservoir. The increasing exploration and production activities to meet the growing energy demand worldwide has been fueling the consumption of polyacrylamide in oil & gas industry.
The global Polyacrylamide Market Size is segmented by type into ionic and non-ionic polyacrylamide. Among these, the non-ionic polyacrylamide segment dominates the market and accounts for around 60% share due to its ability to control water flow in applications such as paper finishing, mining and waste water treatment.
The global polyacrylamide market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing demand from wastewater treatment industry.
Asia Pacific is expected to be the fastest growing as well as dominating regional market over the forecast period owing to high economic growth and substantial investments in infrastructure development in countries such as China and India.
Key players operating in the polyacrylamide market include Anhui Jucheng Fine Chemical Co, Ltd. (CJCC), Ashland Inc., BASF SE, Kemira, SNF Group, Black Rose Industries Ltd., Shandong Polymer Bio-Chemicals Co., Ltd., Xitao Polymer Co., Ltd., ZL EOR Chemicals Ltd., Dongying Kechuang Biochemical Industrial Co., Ltd.
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