Acrylic Acid Market Competitive Landscape, Growth, Size, Trends, Share, Forecasts by 2032

Straits Research, a global leader in market research and consulting, today released its Acrylic Acid Market Report, which indicates a strong growth trajectory for the global acrylic acid market. Valued at USD 14.10 billion in 2022, the market is expected to grow steadily, reaching USD 20.42 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period from 2023 to 2031.

Market Definition and Overview

Acrylic acid is a key organic compound used in the production of various industrial products such as paints and coatings, adhesives, textiles, and sanitary products. The compound is primarily used in the manufacturing of superabsorbent polymers (SAP), which are widely used in diapers and other sanitary applications. Additionally, acrylic acid is a precursor to other essential derivatives, including methyl acrylate, butyl acrylate, and ethyl acrylate, which are crucial in the production of resins, coatings, and textiles.

The increasing demand for acrylic acid across diverse applications, from construction and automotive to personal care and healthcare, is driving the global market forward. With ongoing advancements in production technologies and the rise of eco-friendly and sustainable solutions, the acrylic acid market is poised for continuous expansion in the coming years.

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Key Trends in the Acrylic Acid Market

1. Increasing Demand for Superabsorbent Polymers: The rise in consumer demand for sanitary products, especially diapers, is one of the primary drivers behind the growth of the acrylic acid market. Superabsorbent polymers, which rely heavily on acrylic acid, are used in these products due to their high absorbency and effective moisture retention properties. This growing demand in the personal care and healthcare sectors is expected to continue driving acrylic acid consumption.

2. Sustainability Initiatives and Green Chemistry: As sustainability becomes a more critical focus across industries, the acrylic acid market is experiencing a shift toward greener production methods. Companies are investing in bio-based acrylic acid and cleaner production processes that reduce environmental impact. Innovations in bio-derived acrylic acid from renewable resources are paving the way for eco-friendly alternatives in various applications.

Market Drivers

1. Growing Demand from Paints and Coatings Industry: Acrylic acid is widely used in the production of paints and coatings, which are crucial for numerous industries, including automotive, construction, and consumer goods. With rising construction activities and the increasing need for durable, high-performance coatings, the demand for acrylic acid in this sector is expected to remain robust.

2. Rising Application in Adhesives and Sealants: Acrylic acid-based adhesives and sealants are used extensively in industries such as automotive, construction, and electronics. The increasing need for stronger and more efficient adhesives, particularly in the automotive and construction industries, is driving the demand for acrylic acid derivatives such as butyl acrylate and methyl acrylate.

Market Opportunities

1. Expansion in Emerging Markets: As economies in Asia-Pacific continue to grow rapidly, the demand for acrylic acid is expected to rise, particularly in emerging markets like China, India, and Southeast Asia. The automotive, construction, and textiles industries in these regions offer substantial growth opportunities for the acrylic acid market.

2. Advancements in Bio-based Acrylic Acid: The shift toward sustainability presents an exciting opportunity for innovation within the acrylic acid industry. Advances in biotechnology and the development of bio-based acrylic acid offer opportunities to reduce reliance on petroleum-based raw materials, thus enhancing the market's appeal to environmentally conscious consumers and companies.

Market Segmentation

The acrylic acid market is segmented by derivative and application. These segments offer insight into the primary drivers of growth and innovation within the market:

1. By Derivative:

   • Methyl Acrylate
   • Butyl Acrylate
   • Ethyl Acrylate
   • 2-Ethylhexyl Acrylate
   • Glacial Acrylic Acid
   • Superabsorbent Polymer

2. By Application:

   • Paints and Coatings
   • Adhesives and Sealants
   • Surfactants
   • Sanitary Products
   • Textile
   • Other Applications

For more detailed segmentation, visit: https://straitsresearch.com/report/acrylic-acid-market/segmentation

Regional Insights

The Asia-Pacific region dominates the acrylic acid market, driven by the high demand for acrylic acid derivatives in industries such as construction, automotive, and textiles. As major manufacturing hubs, countries like China and India are key contributors to the market’s growth in the region. The rapid industrialization and urbanization in this region continue to fuel demand for acrylic acid in various applications, including coatings, adhesives, and superabsorbent polymers.

In addition to Asia-Pacific, North America is expected to be the fastest-growing region for acrylic acid, driven by technological advancements in production methods, as well as the increasing demand from the automotive, construction, and healthcare industries. The U.S. market is particularly focused on eco-friendly and sustainable acrylic acid production methods, contributing to significant market growth in this region.

Key Players in the Acrylic Acid Market

Several global players dominate the acrylic acid market, competing on the basis of product quality, sustainability, and technological innovation. Key players include:

1. Arkema
2. BASF SE
3. Dow
4. China Petroleum & Chemical Corporation (SINOPEC)
5. Formosa Plastic Corporation
6. LG Chem
7. Merck KGaA
8. Mitsubishi Chemical Corporation
9. Sasol
10. Shanghai Huayi Acrylic Acid Co. Ltd.
11. Satellite Chemical Co. Ltd.
12. Wanhua
13. NIPPON SHOKUBAI CO. LTD.

These players are adopting strategies such as mergers and acquisitions, capacity expansion, and innovation in product development to maintain their market leadership.

Conclusion

The Acrylic Acid Market is poised for substantial growth, driven by increasing demand from the paints and coatings, adhesives, and superabsorbent polymer sectors. With a projected market size of USD 20.42 billion by 2031, the market is expanding at a CAGR of 4.2% during the forecast period (2023–2031). Technological advancements in bio-based acrylic acid and growing industrial applications, particularly in Asia-Pacific and North America, offer exciting opportunities for businesses in the sector.

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