According to a new report published by UnivDatos Markets Insights, the Acrylic Acid Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Derivatives (Acrylic Esters, Acrylic Polymers, and Others); Application (Paints & Coating, Adhesive & Sealants, Sanitary Products, Textile, and Others); Region/Country.
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The acrylic acid market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the acrylic acid market. The acrylic acid market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the acrylic acid market at the global and regional levels.
Market Overview
Acrylic acid is a highly reactive carboxylic acid that has the ability to react with itself to produce polyacrylic acid under certain circumstances. Also, acrylic acid is a colorless liquid with a distinctive acrid order with a flash point of 1300 F and a boiling point of 2860 F. In recent times, acrylic acid has witnessed significant demand on the account of plastic production as it is primarily used for polymer production. Additionally, acrylic acid is used to form copolymers and homopolymers with vinyl monomers and esters. Acrylic acid is widely used to produce sealants, surfactants, and adhesives. Acrylic acid observes significant demand due to the variety of applications such as architectural coatings as it provides a wide range of color options to the customers with super coating and finishing and in the automotive industry as paints and coating are the essential parts of the vehicle it is expected that the increasing demand for the automotive vehicle around the world supports the growth of the acrylic acid market globally.
The Acrylic Acid Market is expected to grow at a steady rate of around 5% owing to the growing demand for super absorbent polymers in sanitary applications coupled with the increasing demand from the construction & building industry with electronic industry and others. Major companies in the market are collaborating with each other to develop acrylic acid by various methods, for instance, IFPEN, Axens, and Cargill collaborate to form advanced lactic to acrylic acid technologies.
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Some of the major players operating in the market include BASF S.E., The Dow Chemical Co., LG Chem Ltd., Taixing Jurong Chemical Co Ltd, Formosa Plastic Group, Sasol Ltd., Mitsubishi Chemical Holdings Corp., Nippon Shokubai Co. Ltd, PJSC Sibur Holding, and Hexion Inc.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the acrylic acid industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for acrylic acid manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China is one of the significant players in the market. China's supply shortages have triggered a chain reaction throughout the world.
The global acrylic acid market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is categorized into paints & coating, adhesive & sealants, sanitary products, textile, and others. The sanitary product accounted for the significant CAGR during the forecast period owing to the growing population coupled with rapid urbanization and increasing disposable income of the individual which support the changes in the individual lifestyle. For instance, there are approximately 40 crores of menstruating girls and women in India out of which less than 20% of the population have access to sanitary products. The growing awareness of sanitary products and menstruating hygiene would support the market growth.
· Based on derivatives, the market is segmented into acrylic esters, acrylic polymers, and others. The acrylic polymer segment registered significant market growth during the forecast period due to the growing adoption of the superabsorbent polymer in the manufacturing of disposable diapers. In addition, the utilization of the acrylic polymer in sealants, textile fiber, adhesive, coating & paints is supposed to support the market growth of the acrylic polymer. Furthermore, the industry is expected to witness a demand due to the use of acrylic polymer for water treatment and co-builder for detergent.
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Acrylic Acid Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing population and urbanization backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Also, the use of acrylic acid in the derivative industries such as paints & coating, construction, and personal care industries and demand for the engineering plastics and polymers support the acrylic acid growth in the region. For instance, according to the CEFIC (European Chemical industry Council), the sale of the chemical was valued at 3,471 billion Euro for the year 2020. The increasing demand for plastic in the end-user industries such as automotive industries, packaging, housing, pharmaceuticals, and innovative product launch by the FMCG companies with many others is deriving the growth for acrylic acid.
The major players targeting the market include
· BASF S.E.
· The Dow Chemical Co.
· LG Chem Ltd.
· Taixing Jurong Chemical Co Ltd
· Formosa Plastic Group
· Sasol Ltd.
· Mitsubishi Chemical Holdings Corp.
· Nippon Shokubai Co. Ltd
· PJSC Sibur Holding
· Hexion Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the acrylic acid market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the acrylic acid market?
• Which factors are influencing the acrylic acid market over the forecast period?
• What are the global challenges, threats, and risks in the acrylic acid market?
• Which factors are propelling and restraining the acrylic acid market?
• What are the demanding global regions of the acrylic acid market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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