The market is segmented by Derivative (Acrylic Ester and Glacial Acrylic Acid), Application (Paints and Coatings, Adhesives and Sealants, Surfactants, Sanitary Products, Textiles, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa).
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The market for acrylic acid is expected to witness a CAGR of around 5% during the forecast period. One of the major factors driving the market studied is the growing applications of super absorbent polymers. However, the increasing propylene cost is likely to restrain the market.
The increasing demand for architectural coatings in Asia-Pacific is also likely to boost the demand for acrylic acid, during the forecast period.
The rising demand for bio-based polymer in healthcare applications is likely to act as an opportunity for market growth in the future.
Asia-Pacific accounted for the market share and it is likely to dominate the market, during the forecast period.
Scope of the Report
The acrylic acid market report includes:
Acrylic Ester (Crude Acrylic Acid)
Glacial Acrylic Acid
Super Absorbent Polymer
Paints and Coatings
Adhesives and Sealants
Rest of Asia-Pacific
Rest of the Europe
Rest of South America
Middle East & Africa
Rest of Middle East & Africa (MEA)
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Key Market Trends
Sanitary Products to Dominate the Market
Superabsorbent polymers (SAP) account for approximately 30% of the total acrylic acid demand in the global scenario. Superabsorbent polymers are prepared by using acrylic acid as a raw material, along with sodium hydroxide, to form poly acrylic acid.
SAPs are the material that possess the ability to absorb and retain large volumes of liquid or aqueous solutions. This makes them ideal for use in water-absorbing applications, such as baby nappies, adult incontinence pads, absorbent medical dressings, and controlled release drugs.
The baby diaper segment consumes nearly 72% of the total superabsorbent polymer demand. Growing population of infants in emerging countries is due to the high fertility rates and lack of education. This is likely to drive the demand for superabsorbent polymers, which, in turn, is likely to drive the demand for acrylic acid.
In addition, adult incontinence products are used in nursing homes and hospitals to provide considerable advantages to both patients and nursing staff. The market for incontinence products has grown significantly, due to the increasing popularity in home care environment in developed regions.
Moreover, governments in developing countries have adopted various initiatives to promote the use of sanitary napkins among women. With an increase in the female population, globally, the use of sanitary napkins is also growing significantly.
Furthermore, several initiatives by governments in different countries involve continuously collaborating with various NGOs and media centers to educate people about personal hygiene management.
Overall, the increasing awareness for hygiene among all population groups is expected to promote the usage of superabsorbent polymers (diapers, pads, and sanitary napkins), which, in turn, may likely to augment the consumption of acrylic acid, during the forecast period.
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Asia-Pacific to Dominate the Market
Asia-Pacific dominated the market, owing 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 paints and coatings in China is also increasing at a strong rate, due to the growing investments in the construction, infrastructure, and automotive industries.
Additionally, China is one of the major consumers of personal hygiene products in the world. The demand for personal hygiene products in the country is attributed to the large number of infant population and an increase in disposable income, which leads to increase in personal and hygiene care spending.
The increasing adhesives production in the country is another factor propelling the demand for acrylic acid and its derivatives in the country.
China is the largest producer and consumer of engineering plastics in the region. In China, the consumption of engineering plastics increased drastically in the recent past, due to the rising population, increasing urbanization, and substitution of many metals by suitable engineering plastics in variable applications.
Hence, owing to the aforementioned factors, acrylic acid is likely to dominate the market during the forecast.
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The market for acrylic acid is partially consolidated, as the market share is divided among a few key companies. Some of the major players of the market include BASF SE, China Petroleum & Chemical Corporation, Arkema, DowDuPont, Dow and Mitsubishi Chemical Corporation, among many others.