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This comprehensive report provides readers with an exhaustive understanding of the acrylic acid market across different geographies, product types and applications. Detailed insights into key drivers, restraints and opportunities influencing the growth of the market are also provided in the report.
NEWARK, Del., May 30, 2022 /PRNewswire/ -- According to a recent study by Future Market Insights, the acrylic acid market is expected to reach US$ 22.6 Billion by 2032, up from US$ 14.6 Billion in 2022, expanding at a CAGR of 4.5%. Rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market over the analysis period.
Acrylic acid-based polymers have replaced conventionally used materials in major end-use industries, such as automotive, building and construction, electronics, and others. Acrylic acid-based elastomers such as AEM (Ethylene Acrylic Elastomers), are used as an alternative to synthetic rubber in various applications, such as an automotive gasket, hoses, and others.
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In addition, owing to the improved properties of AEM, such as strength, and resistance, among others, there is an increasing demand for acrylic acid from the polymer industry during the forecast period. Additionally, the rise in demand for methacrylate-based polymers for the manufacturing of lighting fixtures, glazing, automotive rear lights, and electronic displays has witnessed significant growth, which in turn, represents prominent growth in the acrylic acid market.
Key Takeaways from the Market Study
- Global acrylic acid market was valued at US$ 14.6 Billion by 2022-end
- The U.S to account for the highest value share of US$ 7.8 Billion of global market demand for acrylic acid in 2032
· From 2015 to 2021, acrylic acid demand expanded at a CAGR of 5.2%
- By Product, the acrylate esters category constitutes the bulk of Acrylic Acid Market with a CAGR of 4.6%.
'Increasing demand for Super Absorbent Polymers (SAP) in Sanitary Pads Application, is one of the major factors that is anticipated to propel the industry growth over the forecast period,' remarks an FMI analyst.
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Competitive Landscape
Players in the global acrylic acid market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some recent developments among the key players are:
- In August 2021, BASF and SINOPEC decided to expand their Verbund site operated by BASF-YPC Co. Ltd, a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants, including a new tert-Butyl acrylate plant to support the growing Chinese market.
- In October 2020, Arkema successfully started a its new 90,000-ton acrylic acid reactor at its Clear Lake site in Texas to attract consumers from paints, super-absorbents, water treatment, and adhesives markets in North America.
- In August 2018, BASF PETRONAS Chemicals announced the expansion of the production capacities of its acrylic acid and butyl acrylate plants in Kuantan, Malaysia.
Key Players
- BASF SE
- Dow Chemical
- Lucite International
- LG Chem
- Mitsubishi Chemical Corporation
- Cargill, Incorporated
- Nippon Shokubai Co., Ltd.
- SNP Inc.
- The Lubrizol Corporation
- Formosa Plastic Corporation
- Arkema S.A.
- Ashland
- Kemira Oyi
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Key Segments Covered in The Acrylic Acid Market Study
Acrylic Acid Market by Product:
- Acrylate Esters
- Glacial Acrylic Acid
- Other Acrylic Acid Products
Acrylic Acid Market by End-Use Industry:
- Acrylic Acid for Surfactants
- Acrylic Acid for Organic Chemicals
- Acrylic Acid for Adhesives & Sealants
- Acrylic Acid for Textiles
- Acrylic Acid for Water Treatment
- Acrylic Acid for Personal Care Products
- Acrylic Acid for Other End-Use Industries
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Acrylic Acid Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
TOC continued..!
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Know More about What the Acrylic Acid Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Acrylic Acid Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Acrylic Acid Market, the market is segmented on the basis of product, and end-use industry across five major regions.
About the Chemicals & Materials Division at Future Market Insights
The chemicals & materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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