The global acrylic acid market, valued at USD 14.10 billion in 2022, is projected to grow significantly, reaching USD 20.42 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 4.2% during the forecast period from 2023 to 2031. The market is being driven by the increasing demand for acrylic acid in the production of superabsorbent polymers, coatings, and adhesives, alongside rising industrial applications and advancements in manufacturing technologies.
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The Report Lists the Main Companies in the Acrylic Acid Market:
- Arkema
- BASF SE
- Dow
- China Petroleum & Chemical Corporation (SINOPEC)
- Formosa Plastic Corporation
- LG Chem
- Merck KGaA
- Mitsubishi Chemical Corporation
- Sasol
- Shanghai Huayi Acrylic Acid Co. Ltd.
- Satellite Chemical Co. Ltd
- Wanhua
- and NIPPON SHOKUBAI CO. LTD.
Market Segmentation and Key Growth Drivers
The acrylic acid market is segmented by type and industry verticals. In terms of type, the market is primarily divided into glacial acrylic acid and other derivatives. Glacial acrylic acid, a key raw material used in the production of superabsorbent polymers (SAPs), holds the largest share in the market due to its widespread application in personal care products such as diapers and sanitary products. The growing demand for these products, driven by an increasing global population and higher standards of living, is fueling the demand for glacial acrylic acid.
The industry verticals driving the acrylic acid market include construction, automotive, textiles, and personal care. The construction industry is a major consumer of acrylic acid, which is used in the production of paints, coatings, and adhesives. With increasing infrastructure development in emerging economies and a growing focus on advanced building materials, the demand for acrylic acid in the construction sector is set to rise.
The automotive industry also contributes to the market, using acrylic acid derivatives for manufacturing automotive coatings and adhesives. The rise of electric vehicles (EVs) and the growing need for lightweight materials and effective adhesives are expected to increase the use of acrylic acid in automotive applications.
Personal care products, especially diapers, feminine hygiene products, and adult incontinence products, are another significant driver of the market, as acrylic acid is a key component in SAPs used in these products. Additionally, textiles, where acrylic acid is used for fabric coatings and finishes, also contribute to market growth.
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Dominated Region: North America
North America is currently the leading region in the global acrylic acid market, driven by strong demand from the construction, automotive, and personal care industries. The United States, as a major producer and consumer of acrylic acid, plays a pivotal role in shaping market trends. The region is also witnessing a rising focus on sustainability and eco-friendly products, which is driving innovation in the acrylic acid space, particularly in the development of bio-based acrylic acid.
Market Dynamics
The acrylic acid market is influenced by various dynamics, including growing industrial demand for superabsorbent polymers, rising urbanization, and increasing consumer spending on personal care products. As the demand for environmentally friendly and sustainable materials increases, bio-based acrylic acid production is gaining traction, offering a greener alternative to conventional petroleum-based acrylic acid.
However, the market faces challenges such as fluctuating raw material prices and the environmental impact of acrylic acid production. The industry’s reliance on propylene as a key raw material has led to concerns about price volatility, especially given the rising energy costs. Additionally, concerns over the environmental impact of acrylic acid manufacturing and disposal are pushing the industry toward the adoption of more sustainable production methods and product formulations.
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