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Acrylic acid is a colourless organic liquid widely used as a monomer for manufacturing variety of polymer compounds. These are highly reactive, volatile and flammable liquids. Acrylic esters are one of the most important derivatives of acrylic acids. These are further used to manufacture various polymer products that have healthy demand in the market. Polyacrylic acids are the other important derivative of acrylic acid. These are predominantly used to manufacture superabsorbent polymers.
Superabsorbent polymers account for more than one-third share in the global acrylic acid market. The demand for these polymers is strongly backed by baby diapers, training pants, adult incontinence & other personal care products. Rising population is further driving demand for these products and indeed acrylic acid.
Key Market Driver -
The rising demand for superabsorbent polymers to drive the market for acrylic acids.
Key Market Restraint -
Implementation of stringent environmental regulations to confine the market growth.
However, the implementation of stringent environmental norms is expected to slow-down the market growth. Acrylic Esters are dominantly used in the manufacturing of various solvents and chemicals that are highly volatile. These chemicals and materials are further used in paints, coatings and associated industries. High VOC content in paints & coatings has always been trouble for end-users. Lawmakers are introducing strict environmental and safety regulations on the use of these high VOC chemicals in paints, coatings, adhesives, and other products to safeguard end-users. This has led to the usage of water-based solvents and reduce the consumption of acrylic acid-based products. This is expected to restrict market growth over the forecast period.
On the basis of type, the acrylic acid market is segmented into crude acrylic acid and glacial acrylic acid. Based on the derivatives, the acrylic acid market is classified into acrylate esters (methyl acrylate, ethyl acrylate, butyl acrylate and others), and polyacrylic acids (superabsorbent polymers, acrylic elastomers, water treatment polymers and others). On the basis of applications, the market is classified into acrylate esters (surface coatings, adhesive & sealants, textile, plastic additives, paper and others) and glacial acrylic acid (superabsorbent polymers, acrylic acid polymers and copolymers, detergent co-builders, water treatment, paper and others).
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The global acrylic acid market is fairly fragmented with a large number of key players operating in the market. Some of the prominent manufacturers in the global acrylic acid market include- BASF SE, Dow Chemical Company, Arkema, American Acryl LLP, LG Chem, Formosa Plastics, Saudi Acrylic Acid, NIPPON SHOKUBAI CO., LTD, Evonik Industries, Zhejiang Satellite Petrochemical Co., Ltd, Wanhua Group, Jiangsu sanmu group Co, Ltd., Shanghai Huayi Acrylic Acid Co., Ltd. and others.
On a geographical basis, the acrylic acid market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific dominates the global acrylic acid market firmly followed by North America. China accounts for more than half of the Asia-Pacific consumption. South Korea, Taiwan, Indonesia, Malaysia are some of the other prominent consumer of the acrylic acid in the region. North America accounts for second-largest share in the market on the back major downstream products manufacturers. North America demand is predominantly driven by the US with Canada accounting for only a minor share. The demand in the region is expected to increase at moderate rates due to slow-down in the regional economy and sufficient maturity in the market. Europe region too, is expected to witness sluggish growth due to changing trade and environmental policies.
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The growth in demand in the more mature region like western Europe is expected to remain low over the forecast period. However, the eastern and central European region may provide sound growth opportunities. The turbulence in the socio-political conditions in Middle East & Africa region may impact the regional market growth over the forecast period. GCC countries, Egypt and South Africa drive the majority of the demand for acrylic acid in the region. Latin America market is dominated by Mexico and Brazil. Emerging economies such as Chile is expected to boost the demand for acrylic acid to some extent. However, the instability in the political and economic conditions in the region may hamper the market growth over the forecast period.
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