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    Acrylic Acid Market Forecast & Growth | 2022-2028

    Acrylic Acid Market Forecast & Growth | 2022-2028
    Report code - SR2506 Delivery - 2 Weeks
    Acrylic Acid Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportu See more...

    "The acrylic acid market was estimated at US$ 12.5 Billion in 2021 and is expected to grow at a CAGR of 4.5% during 2022-2028 to reach US$ 16.3 Billion by 2028".

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    Market Dynamics

    Introduction 

    Acrylic acid is a clear, colorless liquid with a strong, pungent odor. It is an organic compound with the chemical formula C3H4O2 and is used in the production of a wide range of products, including plastics, coatings, adhesives, and textiles.

    Acrylic Acid Market Report Overview

    Market Size in 2028

    USD 16.3 Billion

    Market Size in 2021

    USD 12.5 Billion

    Market Growth (2022-2028)

    CAGR of 4.5%

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

     

    Market Drivers

    The key drivers for the growth of the acrylic acid market include increasing demand from end-use industries such as automotive, construction, packaging, and textiles. The growth in these industries is primarily driven by rising population, urbanization, and economic growth in developing countries. In addition, the increasing demand for superabsorbent polymers in the personal care and hygiene industry is also driving the growth of the acrylic acid market.

    On the other hand, the high cost of production and raw materials, environmental regulations, and volatility in crude oil prices are some of the major factors that may restrain the growth of the acrylic acid market. However, the development of bio-based acrylic acid and the increasing focus on sustainability are expected to create new opportunities for market growth in the coming years.

    Overall, the acrylic acid market is expected to continue its growth trajectory in the coming years, driven by the increasing demand from end-use industries and the development of sustainable and bio-based acrylic acid products.

    COVID-19 Impact

    The COVID-19 pandemic has had a mixed impact on the acrylic acid market. The market experienced a decline in demand during the initial stages of the pandemic, as many industries were forced to shut down or reduce operations due to lockdowns and restrictions. However, the market quickly rebounded due to the increasing demand for acrylic acid-based products such as hand sanitizers and disinfectants.

    The pandemic has also led to changes in consumer behavior, with a growing emphasis on hygiene and cleanliness. This has resulted in an increased demand for personal care and hygiene products, such as diapers, sanitary napkins, and adult incontinence products, all of which use acrylic acid in their production. On the other hand, the pandemic has also caused disruptions in the supply chain, particularly in the transportation of raw materials and finished products. This has led to a shortage of some raw materials used in the production of acrylic acid, causing some companies to reduce their production capacity.

    Additionally, the pandemic has resulted in a slowdown in the construction and automotive industries, two major end-users of acrylic acid. This has impacted the demand for acrylic acid-based products used in these industries, such as coatings and adhesives. Overall, while the pandemic has had some negative impacts on the acrylic acid market, the growing demand for personal care and hygiene products has helped to offset some of the losses, and the market is expected to continue its growth trajectory in the long term.

    Investments in the acrylic acid market

    Investments in the acrylic acid market have been increasing in recent years, driven by the growing demand for acrylic acid-based products and the development of sustainable and bio-based acrylic acid. Here are some examples of investments in the acrylic acid market:

    • Expansion: BASF, one of the world's leading chemical companies, has invested in expanding its production capacity for acrylic acid and superabsorbent polymers (SAPs) at its site in Antwerp, Belgium. The expansion is expected to increase BASF's production capacity by 30,000 tons per year, allowing it to meet the growing demand for SAPs in the personal care and hygiene industry.
    • Expansion: Dow Chemical, a leading chemical company, has announced plans to build a new acrylic acid and esters plant in Texas, USA. The plant is expected to have an annual production capacity of 160,000 metric tons and will help to meet the growing demand for acrylic acid-based products in North America.
    • Product Development: Arkema, a French specialty chemicals company, has invested in the development of bio-based acrylic acid. The company has developed a process for producing acrylic acid from renewable raw materials such as glycerin, a by-product of biodiesel production. The bio-based acrylic acid is expected to have lower greenhouse gas emissions and a lower environmental impact than traditional acrylic acid.
    • Expansion: Nippon Shokubai, a Japanese chemical company, has announced plans to build a new acrylic acid plant in the United States. The plant is expected to have an annual production capacity of 100,000 tons and will help to meet the growing demand for acrylic acid-based products in North America.
    • Product Development: LG Chem, a South Korean chemical company, has invested in the development of superabsorbent polymers (SAPs) made from bio-based acrylic acid. The company has developed a process for producing SAPs from corn-based bio-acrylic acid, which is expected to have a lower environmental impact than traditional SAPs.

    These are just a few examples of investments in the acrylic acid market, demonstrating the growing interest in this sector and the potential for further growth in the future.

    Segment Analysis

    By Derivative Type

    "Acrylic esters are the largest segment of the acrylic acid market"

    The market is segmented into Acrylic Esters, Acrylic Polymer, and Others. Acrylic esters are the largest segment of the acrylic acid market, accounting for the majority of the market share. Acrylic esters are derivatives of acrylic acid that are used in the production of a wide range of products, including adhesives, coatings, and textiles. They are valued for their ability to enhance the performance of these products, including their adhesion, flexibility, and durability. Some common types of acrylic esters include methyl, ethyl, butyl, and 2-ethylhexyl acrylate.

    Acrylic polymers are another important segment of the acrylic acid market. They are used in the production of a variety of products, including plastics, coatings, and adhesives. The others segment of the acrylic acid market includes a variety of other derivative types, including butadiene, acrylamide, and acrylonitrile. These derivatives are used in a variety of products, such as water treatment chemicals, plastics, and synthetic rubber.

    By Application Type

    "Adhesives and sealants segment is one of the largest application segments for acrylic acid"

    The market is segmented into Adhesives and Sealants, Surface Coating, Plastic Additives, Surfactants, Water Treatment, Diapers, Textiles, and Others. The adhesives and sealants segment is one of the largest application segments for acrylic acid. Acrylic acid is used in the production of pressure-sensitive adhesives, which are used in a variety of industries such as packaging, automotive, and construction. The other segment includes a variety of other applications, including oilfield chemicals, paper and pulp, and personal care products.

    Regional Analysis

    "Asia-Pacific region is the largest market for acrylic acid"

    The global acrylic acid market can be segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

    • North America: The North American market for acrylic acid is driven by the growth of end-use industries such as automotive, construction, and textiles. The United States is the largest market for acrylic acid in the region, followed by Canada.
    • Europe: The European market for acrylic acid is driven by the increasing demand for sustainable and bio-based acrylic acid products. Germany is the largest market for acrylic acid in the region, followed by France and the United Kingdom.
    • Asia-Pacific: The Asia-Pacific region is the largest market for acrylic acid, driven by the growth of end-use industries such as automotive, construction, and textiles. China is the largest market for acrylic acid in the region, followed by Japan and South Korea.
    • Middle East & Africa: The Middle East & Africa market for acrylic acid is driven by the growth of the construction industry in the region. The United Arab Emirates is the largest market for acrylic acid in the region, followed by Saudi Arabia and South Africa.
    • South America: The South American market for acrylic acid is driven by the growth of the automotive industry in the region. Brazil is the largest market for acrylic acid in the region, followed by Mexico and Argentina.

    Overall, the Asia-Pacific region is the largest market for acrylic acid, with China being the major contributor to the growth of the market. The growth of the market in this region is primarily driven by the increasing demand from end-use industries and the availability of low-cost raw materials.

    Key Players

    The following are the key players in the Acrylic Acid Market (arranged alphabetically)

    • Arkema S.A.
    • BASF SE
    • Cargill
    • Evonik, Industries Ag
    • Formosa Plastic Group
    • LG Chem Ltd.
    • Metabolix
    • Mitsubishi Chemical Holdings Corporation
    • Myriant Corporation
    • Nippon Shokubai Co., Ltd.
    • Novomer
    • Shanghai Huayi Acrylic Acid Co. Ltd.
    • SIBUR
    • The Dow Chemical Co.
    • The Lubrizol Corporation

    Companies are focusing on various strategies such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position. For example, in 2018, BASF SE and SINOPEC signed a Memorandum of Understanding to expand their existing partnership in China, with a focus on acrylic acid and its downstream derivatives. Similarly, in 2020, Dow Chemical Company announced a strategic partnership with Saudi Aramco to construct a world-scale acrylic acid and esters facility in Saudi Arabia.

    In addition, these companies are also investing in research and development to develop sustainable and bio-based acrylic acid and its derivatives to cater to the growing demand for eco-friendly products. For instance, Nippon Shokubai Co., Ltd. has developed a new technology to produce bio-based acrylic acid using plant-derived glycerin as a feedstock.

    Overall, the acrylic acid market is highly competitive, with key players focusing on innovation and sustainability to maintain their market position and cater to the growing demand from end-use industries.

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Acrylic Acid Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Acrylic acid is a clear, colorless liquid with a strong, pungent odor. It is an organic compound with the chemical formula C3H4O2 and is used in the production of a wide range of products, including plastics, coatings, adhesives, and textiles.

    The market is expected to grow at a CAGR of 4.5% during 2022-2028.

    The market size was estimated at US$ 12.5 Billion in 2021 and is projected to reach US$ 16.3 Billion by 2028.

    Some of the key players in the Acrylic Acid market include Arkema S.A., BASF SE, Cargill, Evonik, Industries Ag, Formosa Plastic Group, LG Chem Ltd., Metabolix, Mitsubishi Chemical Holdings Corporation, Myriant Corporation, Nippon Shokubai Co., Ltd., Novomer, Shanghai Huayi Acrylic Acid Co. Ltd., SIBUR, The Dow Chemical Co., The Lubrizol Corporation.

    The Asia-Pacific region is the largest market for acrylic acid, with China being the major contributor to the growth of the market. The growth of the market in this region is primarily driven by the increasing demand from end-use industries and the availability of low-cost raw materials.

    The key drivers for the growth of the acrylic acid market include increasing demand from end-use industries such as automotive, construction, packaging, and textiles. The growth in these industries is primarily driven by rising population, urbanization, and economic growth in developing countries. In addition, the increasing demand for superabsorbent polymers in the personal care and hygiene industry is also driving the growth of the acrylic acid market.

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