The acrylic acid market is projected to register a CAGR of over 5% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19. However, in 2021, the demand for laundry care products increased due to the increased awareness and consciousness regarding personal hygiene and clean surroundings. Acrylic acid is used in the production of liquid laundry detergent, thereby stimulating the demand for the acrylic acid market.
- Over the short term, the rising applications of acrylic acid-based super absorbent polymers and the increasing demand for architectural coatings in the Asia-Pacific region are expected to drive the market's growth.
- The rising demand for bio-based polymers in healthcare applications is likely to act as an opportunity for market growth in the future. However, the increasing cost of propylene raw materials may hinder the market’s growth.
- Asia-Pacific accounted for the largest market share, and it is likely to dominate the market during the forecast period.
Key Market Trends
Increasing Demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application
- Superabsorbent polymers (SAPs) are desirable for sanitary products and diapers. They can often absorb their weight in liquid, making them ideal for use in water-absorbing applications, such as baby diapers, adult incontinence pads, absorbent medical dressings, and controlled release drugs.
- SAPs account for approximately 30% of the total acrylic acid demand in the global scenario. Superabsorbent polymers are prepared using acrylic acid and sodium hydroxide as raw materials to form polyacrylic acid.
- The feminine hygiene market, which includes tampons, sanitary napkins, menstrual cups, and vaginal health products, makes up a significant share of the superabsorbent polymers market. For instance, around USD 23.63 billion worth of sanitary napkins were sold globally in 2021.
- Governments in several countries, in collaboration with various non-profit organizations (NGOs), are undertaking initiatives to spread awareness among women about feminine hygiene, particularly in developing economies. Thus, increased sales of sanitary napkins are likely to fuel the market for acrylic acid.
- Overall, the increasing awareness about hygiene among all population groups is expected to promote the usage of superabsorbent polymers (diapers, pads, and sanitary napkins), which may augment the consumption of acrylic acid during the forecast period.
China to Dominate the Market in the Asia-Pacific Region
- Asia-Pacific dominated the market due to the high demand from countries like China, India, and Japan.
- China is the largest consumer of acrylic acid in the Asia-Pacific region, and its demand is expected to grow further in the coming years due to several factors. The demand for adhesives, paints, and coatings in China is also increasing at a strong rate due to the growing investments in the construction and infrastructure sectors.
- Additionally, China is one of the major consumers of personal hygiene products globally. The country’s demand for personal hygiene products is attributed to a large infant population and an increasing disposable income, leading to an increase in personal and hygiene care spending. Thus, this factor is anticipated to boost the market for acrylic acid.
- China was the largest passenger cars manufacturer globally, reporting an estimated 20.15 million units produced in 2021. The number of units manufactured in China was well ahead of the production volumes of other countries. Thus, the increased automotive production is likely to fuel the market for acrylic acid used to manufacture automotive paints and coatings.
- Hence, owing to these factors, China is likely to dominate the acrylic acid market during the forecast period.
The acrylic acid market is partially consolidated, as the market share is divided among a few key companies. Some of the key players in the market (not in a particular order) include BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Arkema, Dow, and Mitsubishi Chemical Corporation.
- The market estimate (ME) sheet in Excel format
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1.2 Scope of the Study
4.1.1 Increasing Demand for Architectural Coatings in Asia-Pacific
4.1.2 Increasing Applications of Super Absorbent Polymers
4.2.1 Rising Environment Concerns and Health Hazards
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1.1 Methyl Acrylate
5.1.2 Butyl Acrylate
5.1.3 Ethyl Acrylate
5.1.4 2-Ethylhexyl Acrylate
5.1.6 Super Absorbent Polymers
5.2 By Application
5.2.1 Paints and Coatings
5.2.2 Adhesives and Sealants
5.2.4 Sanitary Products
5.2.6 Other Applications (Cement Modifiers, Paper Industry)
126.96.36.199 South Korea
188.8.131.52 ASEAN Countries
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 BASF SE
6.4.3 China Petroleum & Chemical Corporation (SINOPEC)
6.4.5 LG Chem
6.4.6 Merck KGaA
6.4.7 Mitsubishi Chemical Corporation
6.4.8 Nippon Shokubai Co. Ltd
6.4.10 Shanghai Huayi Acrylic Acid Co. Ltd
A selection of companies mentioned in this report includes:
- BASF SE
- China Petroleum & Chemical Corporation (SINOPEC)
- LG Chem
- Merck KGaA
- Mitsubishi Chemical Corporation
- Nippon Shokubai Co. Ltd
- Shanghai Huayi Acrylic Acid Co. Ltd