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The market dynamics of the acrylic acid industry are shaped by a diverse set of factors that collectively influence its supply, demand, and pricing trends. Acrylic acid, a crucial chemical compound, is a key raw material in the production of superabsorbent polymers, coatings, adhesives, and textiles. One of the primary drivers of the acrylic acid market is its widespread use in various end-use industries. The demand for superabsorbent polymers in the hygiene products sector, such as diapers and adult incontinence products, significantly contributes to the overall demand for acrylic acid. Additionally, the coatings and adhesives industries rely on acrylic acid for its versatility in enhancing product performance and durability.
Geographical considerations play a significant role in shaping the market dynamics of acrylic acid. The Asia-Pacific region, particularly China, stands out as a major contributor to the global acrylic acid supply and demand. The region's robust manufacturing base and expanding industries, coupled with the increasing population and rising disposable incomes, contribute to the growing demand for acrylic acid-based products. Moreover, the Middle East and North America also play vital roles in the acrylic acid market dynamics, with key production facilities and a steady demand from diverse industries.
Technological advancements and innovations are key drivers influencing the acrylic acid market dynamics. Ongoing research and development efforts focus on improving production processes, developing new applications, and enhancing the overall efficiency of acrylic acid-based products. Innovations in polymerization techniques and sustainable manufacturing practices are gaining traction as environmental considerations become more prominent in the industry.
Environmental concerns are increasingly shaping the acrylic acid market dynamics. Stringent regulations and a growing emphasis on sustainability are driving manufacturers to adopt eco-friendly practices in the production of acrylic acid. The industry is witnessing a shift towards bio-based acrylic acid, derived from renewable resources, as a more sustainable alternative to traditional petrochemical-based acrylic acid.
Market dynamics are also influenced by the competitive landscape within the acrylic acid industry. The presence of both global multinational corporations and regional players fosters competition, prompting companies to invest in research and development, strategic partnerships, and mergers and acquisitions. The level of competition often influences pricing strategies and the development of specialized acrylic acid formulations to cater to specific industry needs.
Consumer preferences and trends in end-use industries further impact the acrylic acid market dynamics. As consumers increasingly prioritize eco-friendly and sustainable products, industries utilizing acrylic acid are adapting their formulations and manufacturing processes to meet these demands. The trend towards water-based coatings and adhesives, which often incorporate acrylic acid, reflects the changing preferences in the market.
Global economic conditions and macroeconomic factors contribute to the overall market dynamics of acrylic acid. Economic growth, trade policies, and currency fluctuations influence the purchasing power of consumers and businesses, affecting the demand for acrylic acid-based products. Additionally, economic factors can impact the availability and pricing of raw materials, further influencing market dynamics.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By Type, Application and Region |
Acrylic Acid Market Highlights:
Acrylic Acid Market Overview
Acrylic Acid Size was valued at USD 11.30 billion in 2023. The Acrylic Acid industry is projected to grow from USD 11.76 Billion in 2024 to USD 15.96 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.89% during the forecast period (2024 - 2032). Acrylic acid is an organic liquid that is colorless and has a strong odor. It is commonly used as a monomer in the synthesis of a wide range of polymer compounds. This liquid is extremely reactive, volatile, and flammable. One of the most important derivatives of acrylic acids is acrylic esters. It is used in many industries, including food processing, pharmaceuticals, cosmetics, paints, coatings, adhesives, papermaking, textiles, rubber, plastics, cement, detergents, and water treatment.
The global acrylic acid market is being propelled by rising demand for polymers, paints and coatings, and personal care products. The growing demand for superabsorbent polymers in the personal care industry, expansion of the construction industry, and rising demand for water-based adhesives are some of the major factors driving growth in this market. Surging demand for acrylic acid from emerging economies such as India and China is also fueling the global acrylic acid market's expansion.
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced in 2023 that it has reached an agreement with Air Liquide Engineering & Construction to acquire the rights to license and market ester grade acrylic acid technology as well as light and heavy acrylates process technology. The expansion broadens Lummus' portfolio of propylene production and derivative products, giving clients more alternatives for upstream and downstream operations.
Nippon Shokubai, a Japanese company, has opened its new acrylic acid (AA) factory in Indonesia and signed an initial agreement with local producer Chandra Asri Petrochemical to investigate green chemical business potential. The new 100,000 tonne/year AA facility in Cilegon, Banten province, operated by its subsidiary Nippon Shokubai Indonesia, increases its overall AA capacity in the southeast Asian country to 240,000 tonnes/year.
Competitive Landscape
The noteworthy companies in the Acrylic Acid Market are:
- BASF SE
- The Dow Chemical Company
- Arkema SA
- Evonik Industries
- Nippon Shokubai Co. Ltd
- Taixing Jurong Chemical Co Ltd
- PJSC Sibur Holding, LG Chemicals
- Shenyang Chemical Co Ltd
- Mitsubishi Chemical, and Hexion Inc
COVID-19 Analysis
The current disease outbreak has interrupted the supply chains in critical regions persuaded by the deterioration in demand owing to vagueness in the global capital markets. The acrylic acid industry is reeling from the hard hit by the COVID-19 outbreak on many fronts, such as lower demand and productivity, operational & supply chain disruptions, possibly dwindling credit markets, and their workforce's condition. The companies should expect that widening outbreaks of COVID-19 may affect workers in the market, which may need to be considered before outsourcing some corporate functions. Companies in regions struck severely by the pandemic may face trials in concluding financial statements with processes halted. With the economic disruption showing indeterminate severity, some companies may be realizing the prospect of activating events for long-lived asset damages and escalating concerns over the restructuring actions, recoverability of receivables, and liquidity problems.
Market Dynamics
Drivers
Increasing Use of Superabsorbent Polymers in Various Applications
The developing demand for superabsorbent polymers in the personal care industry is anticipated to drive global acrylic acid market share growth through the forecast period.
Growth of the Construction Industry
The resumption of services in the construction industry is anticipated to create an optimistic outlook for the acrylic acid market size.
Rising Demand for Water-Based Adhesives
The use of water-based adhesives has risen due to the surge in applications, which is estimated to create a pronounced effect on market expansion strategies.
Opportunities
Increase in the Use of Bio-Based Acrylic Acid
Intensive R&D by regional companies to develop bio-based alternatives due to the Augmented regulatory stress on companies is projected to spur the market.
Increasing Demand from Emerging Economies
The emerging economies are seeing development in key sectors that involve the use of acrylic acids to bolster the global market.
Restraints
Rising Environment Concerns
The environmental repercussions of acrylic acid are estimated to encumber global market development in the forecast period.
Rise In Price Of Raw Materials
The raw materials needed to manufacture acrylic acid are likely to get more expensive owing to the restrictions placed in the current pandemic.
Segment Overview
By Type
The superabsorbent polymer segment is projected to enhance the overall market share in the impending period.
By Application
The diapers segment is forecasted to create promising momentum in the impending period.
Regional Analysis
Asia Pacific to Control Majority Stake
The Asia Pacific acrylic acid market led the global market with national markets like China and India, controlling 70% of the regional demand. Escalating derivatives use in personal care products, surfactants, coatings, and adhesives are anticipated to push the acrylic acid market trends in the forecast period.
North America is Projected to Shape Global Market
The exhaustive R&D by resident companies to advance bio-based alternatives is anticipated to deliver acrylic acid market share development prospects. The collective elderly population in the U.S. and Canada are anticipated to push the adult incontinence products demand, leading to amplified superabsorbent polymer consumption. Mexico is also foreseen to list elevated demand due to speedy growth in several end-use industries such as adhesives & sealants and personal care. With the strong regulations on organic compounds in North America, their growth is limited because of the likely drawbacks. The manufacturers intend to locate eco-based origins for nurturing the market size & manufacture. Moreover, the advanced demand for PMMA resins among end-users will create favorable prospects for investors.
Recent Developments
BASF and SINOPEC recently broke ground in Nanjing for the expansion of their Verbund site, which is operated by BASF-YPC Co., a 50-50 joint venture of both companies. The expansion includes new capacities for several downstream chemical plants and a new tert-butyl acrylate plant to meet the growing demand from various industries in the Chinese market. The partners will increase production capacity for purified ethylene oxide, ethanolamines, propionic acid, and propionic aldehyde, as well as develop the most recent tert-butyl acrylate plant.
The first shipment of 2-Ethyl Hexyl Acrylate from BPCL’s Propylene Derivative Petrochemical (PDP) complex at Kochi Refinery has been dispatched. 2-Ethyl Hexyl Acrylate is used as a raw material in the production of adhesives, coatings, construction materials, acrylic rubber, and emulsions. It is the sixth and final of BPCL Kochi Refinery's niche petrochemical products. The complex, which cost 6,000 crores rupees, includes a world-scale Acrylic Acid Unit, Acrylates Unit, and Oxo-Alcohol Unit.
Report Overview
By Type
- Methyl Acrylate
- Ethyl Acrylate
- Butyl Acrylate
- 2-Ethylhexyl Acrylate
- Elastomers
- Superabsorbent Polymers
- Water Treatment Polymers
- Others
By Application
- Adhesives & sealants
- Diapers
- Surface Coating
- Cement Modifiers
- Paper Industry
- Textile
- Anti-Scalant
- Adult Incontinence Products
- Others
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