The global acrylic acid market was valued at $12.0 billion in 2020, and is projected to reach $19.2 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030.
Acrylic acid is the building block of chemicals and produced from propylene. There are two types of acrylic acids, namely technical acrylic acid and glacial acrylic acid. Acrylic acid acts as a precursor for many industrial applications such as coatings, adhesives, sealants, dispersants, and thickeners, which are used in many industries such as automobile, building, construction, telecommunication, consumer goods, etc. Commercialization of bio-based acrylic acid would ward-off government issues regarding environmental protection and give a thrust to the acrylic acid market.
Renewable raw derivative types would reduce the dependency on the fossil fuel resources. As the renewable raw derivative types are cheaper than fossil fuel resources, the manufacturing cost of acrylic acid would witness price correction. Due to this reason, there would be proper balance between the demand and supply. Moreover, bio-based acrylic acid minimizes the harmful effects of acrylic acid in the environment that leads to removal of the limitation of using acrylic acid concentration as per the guidelines of the regulatory bodies. This factor provides the companies the platform to use acrylic acid as per the requirement. Due to this reason, bio-based acrylic acid holds tremendous potential for the growth of acrylic acid market in regions such as North America, and Europe, where the market growth limited due to government regulations.
The global acrylic acid market is segmented on the basis of derivative type, end-user, and region. By derivative type, the market is fragmented into acrylic esters, acrylic polymer, and others. Acrylic esters segment further segmented into methyl acrylate, ethyl acrylate, butyl acrylate, and ethylhexyl acrylate. Acrylic polymer segment is further segmented into acrylic elastomers, super absorbent polymers, and water treatment polymers. Others segment is further segmented into ammonium polyacrylate and cyanopolyacrylate. By end-user, the market is divided into diapers, surface coatings industry, adhesives and sealants industry, plastic additives industry, water treatment industry, textiles industry, surfactants industry, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global acrylic acid market include 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, and SIBUR.
The construction industry has faced difficulties as a result of the COVID-19 epidemic, including logistics and shortage of raw derivative type. Attributed to the massive drop in financial markets around the world, it is projected that construction investments have been withdrawn globally. As a result, the demand for acrylic acid has decreased. The restrictions imposed by governments to combat the virus's impacts may result in lack of raw derivative type and people as well as disrupted supply chains, making it more difficult to meet contractual responsibilities. Furthermore, COVID-19 pandemic has forced builders to postpone the projects. These factors will hinder the acrylic acid market growth.
According to the International Finance Corporation, due to the COVID-19 crisis, it is expected to slow down global investments in the water sector. According to a survey conducted by Global Water Leaders Group, the outbreak will reduce industrial water demand by about 27%. As a result, demand for water treatment chemicals is expected to fall in the water sector, which will negatively impact the acrylic acid market.
BY End-user
Acrylic acid is the building block of chemicals and produced from propylene. There are two types of acrylic acids, namely technical acrylic acid and glacial acrylic acid. Acrylic acid acts as a precursor for many industrial applications such as coatings, adhesives, sealants, dispersants, and thickeners, which are used in many industries such as automobile, building, construction, telecommunication, consumer goods, etc. Commercialization of bio-based acrylic acid would ward-off government issues regarding environmental protection and give a thrust to the acrylic acid market.
Renewable raw derivative types would reduce the dependency on the fossil fuel resources. As the renewable raw derivative types are cheaper than fossil fuel resources, the manufacturing cost of acrylic acid would witness price correction. Due to this reason, there would be proper balance between the demand and supply. Moreover, bio-based acrylic acid minimizes the harmful effects of acrylic acid in the environment that leads to removal of the limitation of using acrylic acid concentration as per the guidelines of the regulatory bodies. This factor provides the companies the platform to use acrylic acid as per the requirement. Due to this reason, bio-based acrylic acid holds tremendous potential for the growth of acrylic acid market in regions such as North America, and Europe, where the market growth limited due to government regulations.
The global acrylic acid market is segmented on the basis of derivative type, end-user, and region. By derivative type, the market is fragmented into acrylic esters, acrylic polymer, and others. Acrylic esters segment further segmented into methyl acrylate, ethyl acrylate, butyl acrylate, and ethylhexyl acrylate. Acrylic polymer segment is further segmented into acrylic elastomers, super absorbent polymers, and water treatment polymers. Others segment is further segmented into ammonium polyacrylate and cyanopolyacrylate. By end-user, the market is divided into diapers, surface coatings industry, adhesives and sealants industry, plastic additives industry, water treatment industry, textiles industry, surfactants industry, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global acrylic acid market include 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, and SIBUR.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global acrylic acid market along with the current trends and future estimations
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global acrylic acid industry for strategy building
- A comprehensive market analysis covers factors that drive and restrain the global acrylic acid market growth
- The qualitative data about market dynamics, trends, and developments is provided in the report
IMPACT OF COVID-19 ON THE GLOBAL ACRYLIC ACID MARKET
Superabsorbent polymers (SAP) manufacturers benefitted from a short-term hike in sales as consumers sought to stock up on nappies and other hygiene products owing to national lockdowns implemented due to the COVID-19 pandemic. This was particularly noticeable in the European and American markets, where there was a surge in demand that resulted in a temporary tightening of the system and empty grocery shelves. However, as the supply chain was normalized and buying habits restored to a more typical pattern, the situation was relieved.The construction industry has faced difficulties as a result of the COVID-19 epidemic, including logistics and shortage of raw derivative type. Attributed to the massive drop in financial markets around the world, it is projected that construction investments have been withdrawn globally. As a result, the demand for acrylic acid has decreased. The restrictions imposed by governments to combat the virus's impacts may result in lack of raw derivative type and people as well as disrupted supply chains, making it more difficult to meet contractual responsibilities. Furthermore, COVID-19 pandemic has forced builders to postpone the projects. These factors will hinder the acrylic acid market growth.
According to the International Finance Corporation, due to the COVID-19 crisis, it is expected to slow down global investments in the water sector. According to a survey conducted by Global Water Leaders Group, the outbreak will reduce industrial water demand by about 27%. As a result, demand for water treatment chemicals is expected to fall in the water sector, which will negatively impact the acrylic acid market.
By Derivative Type
- Acrylic Esters
- Acrylic polymer
- Others
BY End-user
- Diapers
- Surface Coatings Industry
- Adhesives And Sealants Industry
- Plastic Additives Industry
- Water Treatment Industry
- Textiles Industry
- Surfactants Industry
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
KEY MARKET PLAYERS
- Mitsubishi Chemical Holdings Corporation
- Arkema SA
- BASF SE
- The Dow Chemical Co
- The Lubrizol Corporation
- Evonik, Industries Ag
- LG Chem Ltd
- Myriant Corporation
- Formosa Plastic Group
- SIBUR
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Acrylic Acid Market, by Derivative Type
Chapter 5: Acrylic Acid Market, by End-User
Chapter 6: Acrylic Acid Market, by Region
Chapter 7: Competitive Landscape
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new published report titled, “Acrylic acid Market by Derivative Type and End-User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global acrylic acid market size was valued at $12.0 billion in 2020, and is projected to reach $19.2 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030.Acrylic acid is an organic compound, which acts as a precursor for various chemical processes and an intermediary for industrial processes such as surface coating, paper treatment, plastic additives, textiles, sealants, and adhesives. Furthermore, it is also used to make plastics, molding powder for signs, construction units, decorative emblems and insignias, polymer solutions for coatings applications, emulsion polymers, paint formulas, leather finishing, and paper coatings, among other things. It is also used in medicine and dentistry for dental plates, artificial teeth, and orthopedic cement. Acrylic acid monomer is commonly utilized in latex applications to improve stability and avoid premature coagulation, leading to breaking of emulsion in coating applications.
The global acrylic acid market is expected to grow at a considerable rate with the rising demand in emerging economies for superabsorbent polymers, water treatment processes, and surface coating applications. Acrylic-based adhesives and sealants have high bond strength and excellent resistance for absorbing water and solvents, thus finding application in the medical and construction sector. However, volatile prices of raw derivative type and stringent regulations pertaining to environmental protection hinder its market growth.
On the basis of derivative type, the acrylic polymer segment dominated the global acrylic acid market in 2020, and is expected to maintain its dominance during the forecast period, owing to increasing adoption of superabsorbent polymers by the manufacturers of disposable diapers.
On the basis of end-user, the diapers segment dominated the global acrylic acid market in terms of revenue, in 2020, owing to rapid rise in consumers’ disposable income and growth in urbanization are driving the adoption of acrylic based diapers in emerging and developed economies.
Major players operating in the global acrylic acid market include 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, and SIBUR.
Key Findings Of The Study
- On the basis of derivative type, the acrylic polymer segment emerged as the global leader by acquiring more than 470% of the market share in 2020
- On the basis of end-user, the diapers segment emerged as the global leader by acquiring more than 270% of the market share in 2020
- On the basis of region, Asia-Pacific is the major consumer of acrylic acid among other regions. It accounted for around 537% of the global market share in 2020
- Impact Of Covid-19 On The Global Acrylic Acid Market
Superabsorbent polymers (SAP) manufacturers benefitted from a short-term hike in sales as consumers sought to stock up on nappies and other hygiene products owing to national lockdowns implemented due to the COVID-19 pandemic. This was particularly noticeable in the European and American markets, where there was a surge in demand that resulted in a temporary tightening of the system and empty grocery shelves. However, as the supply chain was normalized and buying habits restored to a more typical pattern, the situation was relieved.
The construction industry has faced difficulties as a result of the COVID-19 epidemic, including logistics and shortage of raw derivative type. Attributed to the massive drop in financial markets around the world, it is projected that construction investments have been withdrawn globally. As a result, the demand for acrylic acid has decreased. The restrictions imposed by governments to combat the virus's impacts may result in lack of raw derivative type and people as well as disrupted supply chains, making it more difficult to meet contractual responsibilities. Furthermore, COVID-19 pandemic has forced builders to postpone the projects. These factors will hinder the acrylic acid market growth.
According to the International Finance Corporation, due to the COVID-19 crisis, it is expected to slow down global investments in the water sector. According to a survey conducted by Global Water Leaders Group, the outbreak will reduce industrial water demand by about 27%. As a result, demand for water treatment chemicals is expected to fall in the water sector, which will negatively impact the acrylic acid market.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 382 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 12 billion |
| Forecasted Market Value ( USD | $ 19.2 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
