According to ChemAnalyst report, “Acrylic Acid Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, the Acrylic Acid market is expected to grow at a healthy CAGR of 5.96% during the forecast period on account of its increasing demand for manufacturing Acrylate Esters, which are the key raw materials for manufacturing of paints, coatings, adhesives, acrylic textiles and other products which are widely used in the construction sector.
The major demand driving factor of Acrylic Acid is the growing manufacturing of superabsorbent polymers (SAPs) which hold nearly 40% share in the Acrylic Acid demand. SAPs are used in manufacturing several personal care products such as baby diapers, feminine hygiene pads etc. owing to their ability to soak large amount of liquid. The report analyses that increasing demand for personal care products due to COVID-19 outbreak has strongly driven the growth of the Acrylic Acid market in 2020. Acrylic Acid is an exceptionally reliable choice for building and construction industry due to its increased usage in various applications such as floor polish formulations, paints, and others. Acrylic Acid is also used in oil & water treatment chemicals, detergent intermediates, and water absorbent polyacrylic acid polymers. These factors would bolster the demand prospects for Acrylic Acid in the forecast period.
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Acrylic Acid is being industrially produced through catalytic oxidation of Propylene, which is a petroleum derivative while some producers are working on alternative routes such as bio-based route using glycerol as a feedstock, which is yet to be adapted globally. Recently, in 2020, the Procter & Gamble Co. and Cargill collaborated to develop bio-based Acrylic Acid production technology to devise cost-effective methods with minimum greenhouse gas emissions.
The report has considered the impact of novel coronavirus on the Acrylic Acid market, taking into consideration the demand supply imbalance created due to the unprecedented crisis. The Acrylic Acid market growth witnessed slight downward shift in 2020, as several countries adopted strict lockdown measures to curb the spreading of COVID-19, consequently leading to raw material disruptions and reduced offtake from the downstream acrylic ester industries. Acrylic Acid prices were subjected to acute volatility during FY20 under the influence of unstable raw materials and feedstock availability issues due disrupted trade amid COVID-19 outbreak in 2020.
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Key players
- BASF SE
- The Dow Chemical Company
- Nippon Shokubai Co. Ltd.
- Arkema
- LG Chem Ltd.
- Zhejiang Satellite Petrochemical Co., Ltd.
- Shanghai Huayi Acrylic Acid
- Sinopec Beijing Eastern Petrochemicals
- Taixing Jurong Chemical Co. Ltd. and others.
Regionally, Asia-Pacific dominates the Acrylic Acid market due to hefty investments in the construction and paints & coatings industry with favourable policies across economies like China and India. China is the world's leading producer and consumer of Acrylic Acid and being the world’s largest country by population, holds vast potential towards accelerating the growth of Acrylic Acid market. Rapidly expanding population and construction activities in the counties like South Korea, Taiwan and China would further drive the Asia Pacific market growth in the forecast period.
“Because Acrylate Ester production holds the largest demand share of the Acrylic Acid market, ChemAnalyst estimates that growth of the global acrylate ester industry (which is expected to grow by about 6% per year in the upcoming years), would strongly drive the Acrylic Acid market. It seems that due to high demand for water-based coatings in the buildings and other growing construction projects, the overall Acrylic Acid consumption would grow tremendously. Also, a strong shift in the consumer preference for personal hygiene products since the COVID-19 outbreak would spur the market growth worldwide. These factors would keep supporting the Acrylic Acid market in the long run. The pandemic has triggered strong inter-country political clashes while there has been a global shift in the trade preferences and hence significant changes in the supply chains and overall Acrylic Acid prices. These factors are strong determinants of the future risks involved and potentially new markets which may originate in the forecast years, seeking opportunity amidst the COVID-19 crisis.”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
