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 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Acrylic acid is an organic compound with the formula CH2=CHCO2H. It is a colorless liquid with a disagreeable odor. Acrylic acid and its derivatives are primarily used in the production of polymers such as acrylate esters, acrylic fibers, and polyacrylates. It finds wide application in adhesives, personal care products, surface coatings, superabsorbent polymers and water treatment chemicals.

Market key trends:

One of the key trends in the acrylic acid market is the growing demand from the detergents industry. Acrylic acid is used to produce surfactants, which are further used in various detergent formulations. Surfactants made from acrylic acid provide excellent cleaning and sudsing properties. The detergents industry has been growing at a steady rate over the past few years driven by rising population and increasing per capita consumption of detergents in developing economies. This is expected to drive the demand for acrylic acid for surfactant production during the forecast period. Other trends include increasing acrylic acid consumption in the water treatment chemicals industry and the adoption of low-cost and eco-friendly production processes by manufacturers.

SWOT Analysis

Strength: Acrylic acid has strong demand from superabsorbent polymers and surface coatings industries. It is used to produce a diverse range of products including adhesives, sealants, and paints & coatings.

Weakness: Fluctuations in crude oil prices directly impact acrylic acid prices. Strict environmental regulations regarding manufacturing emissions could increase production costs.

Opportunity: Growing construction and automotive industries especially in Asia Pacific are expanding the application scope of acrylic acid in various coatings. The development of bio-based and sustainable technologies to produce acrylic acid provides new opportunities.

Threats: Easy availability of substitute products such as polyvinyl acetate and polyurethane poses competition to acrylic acid. Trade disputes among major economies could disrupt the supply chain.

Key Takeaways

The Global Acrylic Acid Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing usage of water-based coating technologies. Acrylic acid is a crucial monomer employed in manufacturing water-based coatings used in architectural and automotive applications.

Regional analysis: Asia Pacific dominates the global market and is estimated to grow at the fastest rate during the forecast period. Expanding construction activities along with a surge in automotive production in China, India, Japan, and South Korea is fueling the demand for acrylic acid in the region. The market is shifting from developed regions of North America and Europe toward emerging economies of Asia Pacific.

Key players operating in the acrylic acid market are Arkema, BASF SE, China Petroleum & Chemical Corporation, Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. These key players are focusing on capacity expansion and new product launches to strengthen their positions in the high-growth Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it