NEW YORK, Aug. 19, 2022 /PRNewswire/ -- As per Zion Market Research study, The global acrylic acid market size was worth USD 12.40 billion in 2021 and is estimated to grow to USD 16.14 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.50 % over the forecast period.
Acrylic Acid Market: Overview
Acrylic acid is an acidic or acrid-smelling chemical substance. Acrylic acid is a feedstock used in the manufacture of acrylate esters. Among the many applications for acrylate ester are paper treatment, plastic additives, textiles, sealants, adhesives, and surface coatings. Furthermore, acrylic acid is used to manufacture hygienic medical equipment, detergents, and wastewater treatment chemicals. Processes for generating acrylic acid from petrochemicals are being developed and commercialized by the industry. Due to strict commercial acrylic acid laws, companies are moving to bio-based ways to create acrylic acid and acrylates from renewable resources such as glycerol and sugar. Renewable feedstock delivers cost-competitive results when compared to petrochemical processes. Asia-Pacific is driving the acrylic acid market. Because of environmental concerns, stringent government restrictions on acrylic acid usage are enforced in places such as North America and Europe, acting as a significant restricting factor for the growth of the acrylic acid market. The commercialization of bio-based acrylic acid and the growing demand for poly (methyl methacrylate) or PMMA resins in different sectors are likely to provide this market with several potential prospects. As a result, acrylic acid producers concentrate on R&D to identify bio-based sources for acrylic acid synthesis.
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Key Industry Insights & Findings of the Acrylic Acid Market Reports:
As per the analysis shared by our research analyst, the Acrylic Acid Market is expected to grow annually at a CAGR of around 4.50 % (2022-2028).
Through the primary research, it was established that the Acrylic Acid Market was valued at approximately USD 12.40 billion in 2021 and is projected to reach roughly USD 16.14 billion by 2028.
Acrylic acid is used to produce a wide variety of goods, including flat sheets, plastic extruded tubes, molded items, paints, and other industrial chemicals.
Paints, surface coatings, emulsion coatings, adhesives, and sealants are examples of applications where the industry has enormous potential.
The ROIC in this area is quite low, averaging around 9%. Furthermore, producing acrylic acid relies heavily on petroleum costs, and crude oil prices are a key influence in altering raw material prices.
They can frequently absorb their weight in fluids, making them excellent for water-absorbing applications such as newborn diapers, adult incontinence pads, absorbent medical dressings, and controlled release medications.
Over the projection period, rising derivatives use in surfactants, coatings, personal care products, and adhesives are predicted to boost regional growth.
Major chemical companies like Mitsubishi Chemical Corporation, Sumitomo Chemical, and others, Asia Pacific has become the largest acrylic acid exporter.
Zion Market Research published the latest report titled "Acrylic Acid Market By Derivative Type (Acrylic Esters, Acrylic polymer, Others), By Formulation (Water-borne Coating, Solvent-borne Coating, Solventless Coating, Powder Coating, Radiation Curable Coating), By End-user (Diapers, Surface Coatings Industry, Adhesives And Sealants Industry, Plastic Additives Industry, Water Treatment Industry, Textiles Industry, Surfactants Industry, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Acrylic Acid Market: Growth Drivers
There is a growing need in the engineering plastics, copolymer, and paints sectors.
Acrylic acid is largely supplied to the engineering plastics, copolymers, paints, and coatings industries as raw ingredients. Acrylic acid is used to produce a wide variety of goods, including flat sheets, plastic extruded tubes, molded items, paints, and other industrial chemicals. Paints, surface coatings, emulsion coatings, adhesives, and sealants are examples of applications where the industry has enormous potential. Global manufacturing revenue growth is substantially impacting the global acrylic acid market, and new product development & innovation are creating new growth prospects.
Acrylic Acid Market: Restraints
Concerns about environmental and health hazards, as well as capital-intensive production hamper market expansion.
The manufacture of acrylic acid is a capital-intensive and sophisticated process. For example, land, labor, and machinery are three primary manufacturing variables necessary to produce acrylic acid. As a result, the initial investment is relatively expensive, as is the amount of money necessary to operate such firms. The rate of growth in return on invested capital (ROIC) has had a significant influence on market revenue growth. According to studies, the ROIC in this area is quite low, averaging around 9%. Furthermore, producing acrylic acid relies heavily on petroleum costs, and crude oil prices are a key influence in altering raw material prices.
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Global Acrylic Acid Market: Opportunities
Growing demand for super absorbent polymers (SAP) in sanitary pads to drive market opportunities.
Superabsorbent polymers (SAPs) are ideal for sanitary items and diapers. They can frequently absorb their weight in fluids, making them excellent for water-absorbing applications such as newborn diapers, adult incontinence pads, absorbent medical dressings, and controlled release medications. In the worldwide situation, SAPs account for around 30% of total acrylic acid consumption. Acrylic acid and sodium hydroxide are used as raw ingredients to make polyacrylic acid, which is then used to make superabsorbent polymers.
Global Acrylic Acid Market: Segmentation
The global acrylic acid market is segregated based on derivative type, formulation, end-user, and region.
Based on derivative type, the market is segmented into acrylic ester, acrylic polymer, and others. Because of the rising usage of superabsorbent polymers by disposable diaper manufacturers, the acrylic polymer segment led the worldwide acrylic acid market in 2021 and is likely to retain its dominance over the forecast period.
Based on formulation, the global acrylic acid market is classified into water-borne coating, solvent-borne coating, solventless coating, powder coating, and radiation curable coating. In 2021, the solvent-borne coating category was expected to maintain its revenue share. The solvent-borne coating is an ester of acrylic acid that finds widespread use in plastics and polymers. Ethyl Acrylate is an organic compound utilized in polymer synthesis that is used as a raw ingredient in the manufacturing of high-density polyethylene (HDPE), low-density polyethylene (LDPE), and medium-density polyethylene (MDPE) (MDPE).
Based on end-user, the market is segmented into diapers, surface coatings industry, adhesives and sealants industry, plastic additives industry, water treatment industry, textiles industry, surfactants industry, and others. In 2021, the engineering plastics and copolymer segment will account for a greater revenue proportion. Acrylic acid is widely used as a raw ingredient in producing technical plastics and copolymers. Polypropylene (PP) and acrylic acid are blended to produce flat sheets, plastic extruded tubes, and molded items. Because acrylic acid is transparent and discoloration resistant, it is commonly used as a raw material in producing transparent plastic goods such as film, sheets, and tubes. Acrylic acid may also be used to make copolymers using process suspension polymerization.
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List of Key Players in Acrylic Acid Market:
Mitsubishi Chemical Holdings Corporation
The Dow Chemical Co.
The Lubrizol Corporation
LG Chem Ltd.
Formosa Plastic Group
Key questions answered in this report:
What are the growth rate forecast and market size for Acrylic Acid Market?
What are the key driving factors propelling the Acrylic Acid Market forward?
What are the most important companies in the Acrylic Acid Market Industry?
What segments does the Acrylic Acid Market cover?
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Market size value in 2021
USD 12.40 Billion
Revenue forecast in 2028
USD 16.14 Billion
CAGR of almost 4.50 % 2022-2028
2016 – 2021
2022 – 2028
By Product Type, By Application, And By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Mitsubishi Chemical Holdings Corporation, Arkema S.A., BASF SE, The Dow Chemical Co., The Lubrizol Corporation, Evonik, Industries Ag, LG Chem Ltd., Myriant Corporation, Formosa Plastic Group, Sibur.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Avail of customized purchase options to meet your exact research needs.
BASF and SINOPEC recently broke ground in Nanjing to develop their Verbund facility, which is run by BASF-YPC Co., a 50/50 joint venture between the two firms. To fulfill the increased demand from diverse businesses in the Chinese market, the expansion comprises expanded capacity for multiple downstream chemical facilities and a new tert-butylacrylate factory. The partners want to expand the capacity for pure ethylene oxide, ethanolamines, propionic acid, and propionicaldehyde and build the most modern tert-butylacrylate factory.
Asia-Pacific dominated the acrylic acid market in 2021.
The Asia Pacific dominated the acrylic acid market with the highest estimated demand share. For the same year, China and India accounted for most regional demand. Over the projection period, rising derivatives use in surfactants, coatings, personal care products, and adhesives are predicted to boost regional growth. In the acrylic acid market, Asia Pacific had the highest revenue share. The region's primary drivers are a rapid investment in chemical technology, increasing oil refining capacity, and fierce competition. Acrylic acid consumption in the region is driven by domestic demand for technical plastics, polymers, paints, and other goods. Because of major chemical companies like Mitsubishi Chemical Corporation, Sumitomo Chemical, and others, Asia Pacific has become the largest acrylic acid exporter. Several major acrylic acid companies are extending their regional operations to enhance their market share. Furthermore, governments in several countries, like China, Japan, and India, support forming export-oriented manufacturing enterprises to spur economic growth.
Global Acrylic Acid Market is segmented as follows:
Acrylic Acid Market: By Derivative Type Outlook (2022-2028)
Acrylic Acid Market: By Formulation Outlook (2022-2028)
Radiation Curable Coating
Acrylic Acid Market: By End-user Outlook (2022-2028)
Surface Coatings Industry
Adhesives And Sealants Industry
Plastic Additives Industry
Water Treatment Industry
Acrylic Acid Market: By Region Outlook (2022-2028)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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