by Acrylic acid is an organic compound that is widely used to produce polymers and coatings. It is the main raw material for superabsorbent polymers (SAPs) which find numerous applications in baby diapers, adult incontinence products and hygiene products. Acrylic acid is also used as a co-monomer in the production of water soluble polymers used in water treatment. These polymers help in clarification and sludge conditioning in municipal and industrial wastewater treatment. The rising health concerns and strict environmental regulations have boosted the demand for efficient water treatment solutions globally.
The global acrylic acid market is estimated to be valued at US$ 13.18 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for water treatment from municipal and industrial sectors remains the key driver bolstering the growth of acrylic acid market. Acrylic acid-based polymers play a crucial role in sludge dewatering and purification in wastewater treatment plants. These polymers help produce clear effluent streams that meet stringent discharge quality standards. Moreover, rising health awareness and focus on sanitation have augmented the consumption of superabsorbent polymers in hygiene products. However, volatility in crude oil prices which is the primary feedstock for acrylic acid production can hamper the market growth over the forecast period.
SWOT Analysis
Strength: Acrylic acid has replaced other raw materials owing to its enhanced properties such as transparency, impact and weather resistant. Acrylic acid is used for producing water based coatings and adhesives which have high demand in construction industry. The use of acrylic acid in super absorbent polymers for hygiene products will propel the market growth.
Weakness: Stringent government regulations regarding emissions during acrylic acid production may hamper the growth. Alternative raw materials can replace acrylic acid in certain applications. Fluctuating crude oil prices directly impacts the acrylic acid prices.
Opportunity: Growing construction activities in Asia Pacific provides growth opportunities. Increasing demand for hygiene products and adhesives from developing countries will boost the acrylic acid consumption. Adoption of bio-based acrylic acid mitigates environmental concerns.
Threats: Overcapacity may lead to decline in prices. Economic slowdowns impact the end-use industries negatively. Trade war among major countries create uncertainties.
Key Takeaways
The Global Acrylic Acid Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region is expected to dominate the global acrylic acid market during the forecast period. Low labor costs, growing construction activities and rapid industrialization has boosted the acrylic acid demand in the region. China held dominant share of the Asia Pacific acrylic acid market owing to large manufacturing base of end-use industries.
Key players operating in the Acrylic Acid market are Abbott, BD, Cardinal Health, Johnson & Johnson, Medtronic, 3M, Steris, Teleflex. Mergers and acquisitions along with expansion of production facilities are the key strategies adopted by major players to gain competitive advantage. For instance, in 2021, 3M completed acquisition of Noventic’s drug delivery business to enhance its medical device portfolio.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
