Super Absorbent Polymers Market Size and Share: A Detailed Industry Assessment

Super Absorbent Polymers Market Size and Share: A Detailed Industry Assessment

Super absorbent polymers, also known as sodium polyacrylate, are porous polymers that can absorb and retain large amounts of liquid relative to their size. They are widely used in personal care products such as baby diapers and adult incontinence products to improve absorbency. Super absorbent polymers provide outstanding absorbency, allow management of body fluids, and offer a dry feeling. The growing adult population suffering from urinary incontinence is driving the demand for adult incontinence products which utilize super absorbent polymers. The global Super Absorbent Polymers Market is estimated to be valued at US$ 8.6 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising prevalence of urinary incontinence among the geriatric population presents a major market opportunity for super absorbent polymers. According to the National Association for Continence, it is estimated that 25 million Americans experience urinary incontinence with women being twice as likely as men to experience this condition. Additionally, nearly 40-50% of women above the age of 65 and 10-30% of men in the same age group experience urinary incontinence. The increasing elderly demographics globally will drive the demand for adult incontinence products that utilize super absorbent polymers. Developing advanced super absorbent polymer formulations for improved absorbency and comfort could help companies capitalize on this growing market opportunity.

Porter’s Analysis

Threat of new entrants: The super absorbent polymers market requires high capital investments for setting up manufacturing facilities and R&D infrastructure. The market also has well-established distribution channels and supplier networks controlled by major players, creating barriers for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many manufacturers providing super absorbent polymers. However, switching costs are low.

Bargaining power of suppliers: A few acrylic acid producers control the supply of key raw materials for super absorbent polymers manufacturing. This gives them significant bargaining power over manufacturers.

Threat of new substitutes: There exist bio-based and other novel substitutes for super absorbent polymers. However, their performance is still not at par with conventional super absorbent polymers.

Competitive rivalry: The global market is consolidated with the top five players accounting for over 50% share. Intense competition exists in terms of pricing, product quality, and expansion of production capacities.

SWOT Analysis

Strengths: Demand is driven by rising use in hygiene products like diapers and feminine hygiene items. Population growth favors market expansion.

Weaknesses: Fluctuations in raw material prices impact the overall costs. Environmental concerns due to difficulties in polymer recycling.

Opportunities: Emerging applications in agriculture, construction, packaging and healthcare present new growth avenues.

Threats: Stagnant birth rates in developed nations may limit hygiene product demand. Strict environmental regulations increase compliance costs.

Key Takeaways

The global super absorbent polymers market is expected to witness high growth over the forecast period on account of expanding applications in hygiene products, agriculture and healthcare industries.

Regional analysis reveals Asia Pacific will continue leading market demand over the next six years on back of improving lifestyles along with increasing birth rates especially in China and India. Production capacities are also being expanded across countries to ensure supply security and counter trade risks. North America and Europe constitute other major markets and have witnessed significant technological advancement in super absorbent polymers synthesis.

Key players operating in the super absorbent polymers market are Nippon Shokubai Co Ltd, Evonik Industries AG, BASF SE, LG Chem and Sumitomo Seika Chemicals Co Ltd. Nippon Shokubai dominates the global market with its comprehensive product range and long-standing R&D efforts. BASF and Evonik also enjoy leading positions through strategic expansions, acquisitions and new products targeting hygiene and agriculture applications.