Acrylic Acid Market Trends

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