Author: Himanshu Patni
22 December 2023
Acrylic acid is a highly reactive carboxylic acid that has the ability to react with itself to produce polyacrylic acid under certain circumstances. Also, acrylic acid is a colorless liquid with a distinctive acrid order with a flash point of 1300 F and a boiling point of 2860 F. In recent times, acrylic acid has witnessed significant demand on the account of plastic production as it is primarily used for polymer production. Additionally, acrylic acid is used to form copolymers and homopolymers with vinyl monomers and esters. Acrylic acid is widely used to produce sealants, surfactants, and adhesives.
The Acrylic Acid Market is expected to grow at a steady rate of around 5% during the forecast period (2022-2028) owing to the growing demand for super absorbent polymers in sanitary applications coupled with the increasing demand from the construction & building industry with electronic industry and others. Major companies in the market are collaborating with each other to develop acrylic acid by various methods, for instance, IFPEN, Axens, and Cargill collaborate to form advanced lactic to acrylic acid technologies.
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Based on derivatives, the market is segmented into acrylic esters, acrylic polymers, and others. The acrylic polymer segment registered significant market growth during the forecast period due to the growing adoption of the superabsorbent polymer in the manufacturing of disposable diapers. In addition, the utilization of the acrylic polymer in sealants, textile fiber, adhesive, coating & paints is supposed to support the market growth of the acrylic polymer. Furthermore, the industry is expected to witness a demand due to the use of acrylic polymer for water treatment and co-builder for detergent.
Based on application, the market is categorized into paints & coating, adhesive & sealants, sanitary products, textile, and others. The sanitary product accounted for the significant CAGR during the forecast period owing to the growing population coupled with rapid urbanization and increasing disposable income of the individual which support the changes in the individual lifestyle. For instance, there are approximately 40 crores of menstruating girls and women in India out of which less than 20% of the population have access to sanitary products. The growing awareness of sanitary products and menstruating hygiene would support the market growth.
For a better understanding of the market adoption of the acrylic acid industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing population and urbanization backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Also, the use of acrylic acid in the derivative industries such as paints & coating, construction, and personal care industries and demand for the engineering plastics and polymers support the acrylic acid growth in the region. For instance, according to the CEFIC (European Chemical industry Council), the sale of the chemical was valued at 3,471 billion Euro for the year 2020. The increasing demand for plastic in the end-user industries such as automotive industries, packaging, housing, pharmaceuticals, and innovative product launch by the FMCG companies with many others is deriving the growth for acrylic acid.
Some of the major players operating in the market include BASF S.E., The Dow Chemical Co., LG Chem Ltd., Taixing Jurong Chemical Co Ltd, Formosa Plastic Group, Sasol Ltd., Mitsubishi Chemical Holdings Corp., Nippon Shokubai Co. Ltd, PJSC Sibur Holding, and Hexion Inc.
For a detailed analysis of the Global Acrylic Acid Market browse through – https://univdatos.com/report/acrylic-acid-market/
Global Acrylic Acid Market Segmentation
Market Insight, by Derivatives
· Acrylic Esters
· Acrylic Polymers
· Others
Market Insight, by Application
· Paints and Coating
· Adhesive and Sealants
· Sanitary Products
· Textile
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· BASF S.E.
· The Dow Chemical Co.
· LG Chem Ltd.
· Taixing Jurong Chemical Co Ltd
· Formosa Plastic Group
· Sasol Ltd.
· Mitsubishi Chemical Holdings Corp.
· Nippon Shokubai Co. Ltd
· PJSC Sibur Holding
· Hexion Inc.
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