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Overview
Acrylic Acid Market is forecast
to reach $20.2 billion by 2025, after growing at a CAGR of 5.2% during 2020-2025. The
increasing demand for superabsorbent polymers is the key driver for the global acrylic
acid market. Superabsorbent polymers are used in diapers and other applications
where a relatively small volume of absorbent material is required to absorb
large amounts of liquid. The growing global population and increasing awareness
of diapers and the importance of sanitary care among urban parents are likely
to drive the global market for acrylic acid over the forecast period. The report covers Acrylic Acid Market size by Derivative type and application, Acrylic Acid Market share by top 5 companies and also the market share by start-ups during the forecast period.
Report Coverage
The report: “Acrylic Acid Market – Forecast (2020-2025)”, by IndustryARC, covers
an in-depth analysis of the following segments of the Acrylic Acid Market.
Key Takeaways
·
Asia-Pacific dominates the Acrylic Acid market
owing to increasing demand from applications such as automotive and aviation
industries.
·
Manufacturers are using bio-based techniques to
produce unsaturated carboxylic acid and acrylates from renewable resources such
as sugar, glycerol, etc. due to the rising oil prices globally.
·
Increased regulatory pressure on companies has
led to bio-acrylic acid development. Major producers including BASF, Dow
Chemicals, Cargill, and Novozyme have invested with their conventional
counterpart in the production of bio-based products at competitive prices.
·
OPX Biotechnologies, a manufacturer of bio-based
chemicals have successfully developed a low-cost bio-acrylic acid route using
dextrose and sucrose as raw materials.
Derivative Types - Segment Analysis
The acrylate esters segment held the
largest share in the Acrylic Acid market in 2019. Acrylate esters such as
methyl acrylate, ethyl acrylate, butyl acrylate and others, are commonly used for coating binders, gun
towers, bomber noses, aircraft canopies, cosmetics, etc. These are used in
applications where aging & weathering resistance, transparency and color
stability are needed. They are popular for their durability, superior
technology, and chemical purity, which drive their demand.
Application - Segment Analysis
The personal care products
segment holds the largest share in the acrylic acid market in 2019. Super
absorbent polymers are commonly used by personal care products such as diapers
and adult incontinence products. In these applications, the growing demand for
superabsorbent polymers is expected to drive demand. With the recent rise in
economic conditions across Asia and Central & South America's emerging
economies, demand for personal care products such as body wash, hair wash,
cleaners, and more has reflected high demand. This will drive the use of
acrylic acid in the manufacture of personal care products across these areas.
Geography - Segment Analysis
APAC dominated the Acrylic Acid market with a share of
more than 49%, followed by North America and Europe. It is driven primarily by the region's rising construction industry,
which has increased demand for different weather resistant coating products. In
developing countries like China, India, Japan, and South Korea, the
construction industry has risen steadily over the past few years and is likely
to remain a leading contributor to the regional economy over the forecast
period. As a result, the increasing urbanization in Asia Pacific is likely to
be a major driver for the region's acrylic acid market. Asia Pacific's
increasing infant population is also likely to drive demand for superabsorbent
polymers made from acrylic acid, which is likely to be a major driver in the
forecast period for the global acrylic acid industry.
Drivers – Acrylic Acid Market
- Growth in construction industry
Acrylic acid is
a highly versatile raw material and is used in the production of a number of
products used in the construction industry. The main use of acrylic acid
derivatives in the construction industry is as a weather-resistant coating.
Thus, the growing construction industry has emerged as the leading driver of
the global acrylic acid market over the forecast period.
Challenges – Acrylic Acid Market
- Fluctuations in the cost of propylene
Propylene is a key raw material used in the production of
acrylic acid. It is derived from petroleum and reliant on the fluctuations in
the oil and gas industry. The annual average oil price rose to $71.31 per
barrel, from $54.19 per barrel in 2017. This will negatively affect the acrylic
acid market growth.
Market Landscape
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Acrylic Acid Market. In
2019, the market of Acrylic Acid has been consolidated by the top five players
accounting for xx% of the share. Major players in the Acrylic Acid Market are Dow
Chemical Company, BASF SE, Arkema SA, The Lubrizol Corporation, LG Chem Ltd.,
Evonik Industries AG, PJSC SIBUR Holding, Myriant Corporation, SunVic Chemical
Holdings Limited, Hexion Inc., among others.
Acquisitions/Technology Launches
- In January 2019, BASF and Adani Group has signed an agreement, to evaluate a major joint investment in the acrylics value chain in India.
- In December 2017, LG Chem Ltd announced to invest $278.32 million to increase acrylic acid and superabsorbent polymer production capacity.