Acrylic Acid Market Research- 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.
Introduction
Acrylic acid is an organic compound with the chemical formula C₃H₄O₂, consisting of a carboxyl group attached to an ethene backbone. It is a colorless liquid with a strong, acrid odor and is highly reactive due to its unsaturated carboxylic acid structure. Acrylic acid is primarily used in the production of polymers, resins, coatings, adhesives, and superabsorbent materials, particularly in hygiene products like diapers. Its ability to undergo polymerization makes it a crucial raw material in various industrial applications, including paints, textiles, and water treatment chemicals. However, it is also corrosive and requires careful handling to prevent skin and respiratory irritation.
Market Dynamics
Acrylic acid is an organic compound with a tart or acrid odor. Acrylic acid is used as a feedstock for the production of acrylate esters. Acrylate ester has various applications including Paper treatment, plastic additives, textiles, sealants, adhesives, and surface coatings. In addition, acrylic acid is also utilized in the production of sanitary medical devices, detergents, and wastewater treatment chemicals. Industries are developing and commercializing processes for producing acrylic acid from petrochemicals. Due to stringent regulations on commercial usage of acrylic acid, producers are turning to bio-based techniques to produce acrylic acid and acrylates from renewable resources such as glycerol and sugar. When compared to petrochemical techniques, renewable feedstock produces cost-competitive results.
The acrylic acid market is driven by rising demand for superabsorbent polymers and widespread acceptance of acrylic-based products in emerging economies such as Asia-Pacific. Stringent government regulations are implemented on the use of acrylic acid because of environmental concerns in regions such as North America and Europe, which acts as a major restraining factor for the growth of the acrylic acid market. The commercialization of bio-based acrylic acid, as well as the increased demand for poly (methyl methacrylate) or PMMA resins in various industries are expected to get a number of growth opportunities for this market. Hence, the producers of acrylic acid focus on R&D to find bio-based sources for the production of acrylic acid.
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.
Comprehensive competitive analysis and profiles of major market players, such as 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, are considered in the report.
Acrylic acid market, by 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.
By Derivative Type
Acrylic Polymer is projected as the most lucrative segment.
Acrylic acid Market, by 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.
By End-user
Diapers is projected as the most lucrative market.
Acrylic acid Market, by Region
The Asia-Pacific region accounted for the largest share of the acrylic acid market in 2020. The Asia-Pacific market for acrylic acid is expected to grow at the highest CAGR, in terms of both volume and value, emerging economies such as China, India, and others, generate a very high demand for acrylic acid owing to a relatively large adult population.
By Region
Asia-Pacific is projected as the most lucrative segment.
Recent Key Strategies and Developments
In January 2024, Arkema secured ISCC+ certification for its acrylic acid and ester production facility in Taixing, Jiangsu Province, China, advancing its efforts to decarbonize the acrylic production chain.
In May 2023, NIPPON SHOKUBAI CO. LTD announced the inauguration of a new acrylic acid facility by its subsidiary, PT. NIPPON SHOKUBAI, in Cilegon, Banten, Indonesia. The facility boasts an annual production capacity of 100,000 metric tonnes.
In March 2023, BASF SE commenced construction of an acrylic acid complex at the Zhanjiang Verbund site in China. The facility will include production plants for glacial acrylic acid (GAA), butyl acrylate (BA), and 2-ethylhexyl acrylate (2-EHA), with an annual capacity of approximately 400,000 metric tons of BA and 100,000 metric tons of 2-EHA.
Key Benefits For Stakeholders
- The report provides in-depth analysis of the global market along with the current trends and future acrylic acid market 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 market for strategy building.
- A comprehensive market analysis covers the factors that drive and restrain the global acrylic acid market growth.
- The qualitative data about market dynamics, acrylic acid market trends, and developments is provided in the report.
Acrylic Acid Market, by Derivative Type Report Highlights
| Aspects | Details |
 By Derivative type |
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 By Formulation |
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 By End-user |
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 By Region |
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 By Key Market Players |
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Analyst Review
The global acrylic acid market is being driven by rising demand for superabsorbent polymers, rising use of acrylic-based products in emerging economies, and ongoing development in industries such as adhesives and sealants. Stringent government regulations and volatile raw derivative prices are two factors that are limiting the market's expansion. Furthermore, the growing use of PMMA (Poly-methyl-methacryatel) resins and the commercialization of bio-acrylic acid are offering numerous opportunities for the market.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
Rapid increase in adhesives and sealants industries is expected to boost the acrylic acid market growth.
The market value of global acrylic acid market in 2021 is expected to be $12.0 billion and projected to rise to $19.2 billion in 2030.
The leading players in the market 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 diapers industry is projected to increase the demand for acrylic acid market
The global acrylic acid market is segmented on the basis of derivative type, end-user and region.
Increased demand for superabsorbent polymers
Due to COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
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