Key Market Overview:
Acrylic Acid Market size was valued at USD 12.5 Billion in 2022, registering a CAGR of 4.6% during the forecast period (2023-2030), and the market is projected to be worth USD 18.8 Billion by 2030.
Acrylic acid is a colorless liquid with a pungent odor that is primarily used as a chemical intermediate in the production of a wide range of products. It is a highly versatile compound that is used in the manufacture of plastics, coatings, adhesives, textiles, and detergents, among other products. One of the key properties of acrylic acid is its ability to undergo polymerization, which allows it to be used in the production of a wide range of polymers and copolymers. These materials have a variety of applications, including adhesives, coatings, and fibers. Additionally, acrylic acid is also used in the production of superabsorbent polymers, which are commonly used in disposable diapers and other absorbent hygiene products. These materials can absorb many times their weight in liquid, making them ideal for use in applications where moisture absorption is important.
The market is primarily driven by the growth of end-use industries such as automotive, construction, and packaging. Moreover, Asia-Pacific was the largest region and accounted for largest revenue generation in 2022. China was the largest consumer of acrylic acid in the region, followed by Japan, South Korea, and India. The demand for acrylic acid in the region is mainly driven by the growth of the automotive and construction industries.
Acrylic acid-based materials are often used in the manufacturing of products that have a lower environmental impact, such as water-based coatings and adhesives. Since consumers and governments become more concerned about the environmental impact of products, the demand for these materials is increasing and therefore propelling the market growth. Moreover, acrylic acid-based adhesives and sealants are also widely used in the automotive industry boosting the demand for acrylic acid. These materials are used to bond and seal different automotive components, such as body panels, windows, and doors.
Acrylic acid is a chemical that causes groundwater contamination when disposed of improperly. When acrylic acid is disposed into underground strata, it does not bind with the soil and easily enters the groundwater. This has become an important environmental issue, as groundwater contamination results in serious consequences for both human health and the environment. Thereby, restraining the growth of the market.
Advances in nanotechnology are enabling the development of “smart coatings” that can respond to changes in their environment is likely to offer lucrative opportunities to the market. For instance, these coatings are likely to change color in response to temperature changes or pH levels or release active ingredients in response to mechanical stress. Furthermore, the development of bio-based acrylic acid production technologies is also opening up new opportunities for the industry. By using renewable feedstocks such as sugars, waste biomass, and CO2, bio-based acrylic acid is likely to reduce the carbon footprint of the industry and make it more sustainable.
Acrylic Acid Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||18.8 billion|
|CAGR (2023-2030)||4.6 %|
|By Derivative Type||Acrylate Esters (Methyl, Ethyl, Butyl, 2-Eh2-Ethylhexanol, and Others), Polymers (Elastomers, Superabsorbent Polymers, Water Treatment Polymers), and Others|
|By Application||Surfactants and Surface Coatings, Personal Care Products, Textiles, Adhesives and Sealants, Organic Chemicals, Water Treatment, Water Filtration, and Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Players||BASF SE, Arkema Group, LG Chem Ltd., Shanghai Huayi Acrylic Acid Co. Ltd., NIPPON SHOKUBAI CO., LTD., Evonik Industries AG, The Dow Chemical Company (now Dow Inc.), Mitsubishi Chemical Corporation, PJSC Sibur Holding, and Sasol Limited|
By Derivative Type
The derivative type segment is classified into acrylate esters, polymers, and others. The acrylate esters segment dominated the acrylic acid market in terms of revenue share in 2022. This is due to the wide range of applications of acrylate esters including surface coatings, adhesives, and textiles. In addition, their ability to impart toughness, adhesion, and weather resistance to coatings, adhesives, and other materials, also increases the demand for acryl esters in the market.
Moreover, the polymers segment is projected to witness the fastest growth in the acrylic acid market over the forecast period. Polymers derived from acrylic acid are used in a wide range of applications, including adhesives, plastics, fibers, and elastomers. Acrylic polymers are valued for their excellent weather ability, transparency, and resistance to heat and chemicals. They are used in a variety of industries, including automotive, construction, and packaging.
Based on the application segment, the market is categorized into surfactants and surface coatings, personal care products, textiles, adhesives and sealants, organic chemicals, water treatment, water filtration, and others. The surfactants and surface coatings segment holds the largest share of the acrylic acid market in terms of revenue. This is attributed to the widespread use of surfactants and coatings in a variety of industries, including household and personal care products, as well as industrial applications. Acrylic acid is a key raw material for the production of surfactants and coatings, and its high reactivity and versatility make it an ideal component in these products.
Additionally, the adhesives and sealants segment is anticipated to register the fastest CAGR in the acrylic acid market over the forecast period due to the increasing demand for high-performance adhesives and sealants in various end-use industries, such as construction, automotive, and aerospace. Acrylic acid-based polymers and copolymers are widely used in the production of adhesives and sealants due to their excellent bonding strength, flexibility, and durability.
According to region, the acrylic acid market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific held the largest share of the acrylic acid market in 2022 owing to the presence of rapidly growing economies, such as China and India. The increasing demand for acrylic acid in various end-use industries, such as automotive, construction, and textiles, in this region, is driving the market growth. Additionally, favorable government policies, investments in research and development, and increasing foreign direct investments are also contributing to the growth of the acrylic acid market in the Asia Pacific.
Furthermore, Europe is expected to witness significant growth over the forecast period. This is due to the presence of key players and the increasing demand for acrylic acid in end-use industries such as automotive, textiles, and coatings. Additionally, the presence of strict environmental regulations and increased focus on sustainability are driving the demand for bio-based acrylic acid in this region.
Acrylic Acid Market Competitive Landscape:
The acrylic acid market is highly competitive comprising numerous players operating in the industry. The players are focusing on strategic initiatives, such as mergers and acquisitions, partnerships, collaborations, new product launches, and capacity expansions to strengthen their market position and expand their global presence.
The following are the major key players operating in the acrylic acid market:
- BASF SE
- Arkema Group
- LG Chem Ltd.
- Shanghai Huayi Acrylic Acid Co. Ltd.
- NIPPON SHOKUBAI CO., LTD.
- Evonik Industries AG
- The Dow Chemical Company (now Dow Inc.)
- Mitsubishi Chemical Corporation
- PJSC Sibur Holding
- Sasol Limited
- In April 2022, Wanhua Chemical Group planned to invest USD 3.6 billion in constructing a new chemical complex in China. The complex is expected to be operational by 2024 and will be capable of producing various products, including propylene oxide, polyether polyols, acrylic acid, polypropylene, and other chemicals.
- In February 2022, Mitsubishi Chemical Corporation and its subsidiary Mitsubishi Chemical Methacrylate developed a new manufacturing technology for producing MMA (methyl methacrylate) monomers. This new technology utilizes plant-derived materials and the companies have already started the process of designing a pilot plant to test the technology.
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