Acrylic Acid Market Expected to Surpass $19.7 Billion in Revenue
Acrylic Acid Market 2022
Acrylic Acid Market 2022
Sales of acrylic acid will see healthy growth with an expanding range of applications, the polymer industry will remain at the forefront of demand: PMR study. The market report forecasts the upcoming market scenario based on product type, acrylic esters application, acrylic polymers application and region. The global acrylic acid market is expected to be valued at around US$19.7 billion in value by the end of 2022, and is expected to grow at a healthy CAGR of around 5% over the next decade.
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A recent market study by Persistence Market Research on the Global Acrylic Acid Market provides comprehensive insights and data through an organized market research methodology. The Acrylic Acid market report includes 2014-2018 global industry analysis and 2019-2029 forecast.
Increase in surface coating application to increase acrylic acid demand
The paints and coatings industry has experienced robust growth across the globe. There has been a significant increase in the demand for paints and coatings in various regions, especially in South Asia and East Asia due to rapid industrial and construction activities. Governments of developing countries such as China and India are also investing in improving the country’s infrastructure, which is a major driver of the demand for paints and coatings, resulting in an increase in the demand for acrylic acid from the paints and coatings industry. Additionally, the use of acrylic acid for coatings in textiles is propelling the demand for acrylic acid from the textile industry.
Acrylic Acid Market: Competition Landscape
Mitsubishi Chemical Holdings Corporation, BASF SE, Dow Chemicals, NIPPON SHOKUBAI CO., LTD, Arkema, Formosa Plastic Corp., LG Chem, The Lubrizol Corporation and Evonik Industries AG are some of the key players identified in the acrylic acid market.
Growing demand for adhesives and sealants for various applications
Applications of acrylic acid and its derivatives such as methacrylate as an adhesive are growing in the automotive industry and other end-use industries due to its properties such as stability, excellent strength and resistance. Thus, the adhesives and sealants segment is expected to be a major factor in driving the demand for acrylic acid and its derivatives such as esters and other markets during the forecast period. Strict regulations regarding the manufacture of light vehicles have also increased the use of advanced adhesive materials, which has propelled the acrylic acid market.
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Growing demand for super absorbent polymers
Superabsorbent polymers are widely consumed in the manufacture of baby diapers, feminine hygiene products and adult incontinence products, due to the increase in demand for acrylic acid from the superabsorbent polymer industry , as acrylic acid is used in the formulation of superabsorbent polymers.
Application in agriculture pushing acrylic acid market
Acrylic acid also used in the agricultural industry. It is harmless, non-polluting, and has super ability to absorb and preserve water, while the absorbed water cannot be extracted simply physically, and can release water repeatedly. Price reduction, broader product portfolio with long shelf life and long-term supply relationships with chemical companies to create competitive advantage in the market.
Long-term partnerships with major end-use industries drive market growth
Global manufacturers of acrylic acid and its derivatives enter into long-term supply contracts with major end-users, such as PMMA manufacturers, paints and coatings industries, and adhesives manufacturers. Manufacturers also enter into direct supply contracts with end users, such as electronics manufacturers, major construction companies, and automotive OEMs, which positively impacts the acrylic acid market. Manufacturers also enter into partnerships with local distributors, mainly in developing countries in Asia-Pacific, such as India, which are solely dependent on the import of these chemicals.
Increase in applications of acrylic acid in medical industry propelling market growth
In the medical industry, acrylic acid is used in the manufacture of tubing and cuvette connectors. Acrylic acid is also used in the manufacture of test kits, syringes and fluid silos etc. Thus, an increase in spending in the healthcare sector is likely to boost the demand for acrylic acid from the medical equipment manufacturing industry.
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