Acrylic Acid Market Overview:
According to the research report, the global Acrylic Acid Market was valued at USD 11.13 billion in 2023 and is expected to reach USD 17.25 billion by 2032, to grow at a CAGR of 5.0% during the forecast period.
The acrylic acid market is experiencing steady growth due to its widespread use in producing acrylic esters, superabsorbent polymers, and adhesives. Its versatility makes it a key ingredient in industries such as construction, textiles, and personal care.
Key Market Drivers:
- Rising Demand for Superabsorbent Polymers (SAPs): SAPs, used in hygiene products like diapers and adult incontinence products, are driving the demand for acrylic acid.
- Growth in Construction and Coatings Industries: The use of acrylic acid derivatives in paints, sealants, and adhesives is boosting its demand in infrastructure and renovation projects.
- Expanding Applications in Personal Care Products: Acrylic acid’s role in formulating gels, lotions, and personal hygiene products is contributing to market growth.
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Key Companies in Acrylic Acid Market:
- BASF SE
- Lucite International
- Dow Chemical
- Mitsubishi Chemical Corporation
- LG Chem
- Cargill Incorporated
- The Lubrizol Corporation
- Nippon Shokubai Co.
- Arkema S.A.
- SNP Inc.
- Ashland
- and Kemira Oyi.
Industry Developments
Manufacturers are focusing on capacity expansions and the development of bio-based acrylic acid to meet the rising demand while addressing environmental concerns. Innovations in production technologies are enhancing cost efficiency and product quality. Strategic collaborations between chemical companies and end-user industries are fostering the development of application-specific solutions.
Challenges and Opportunities
Challenges include volatile raw material prices and environmental concerns associated with conventional production processes. However, these issues present opportunities for innovation in sustainable production methods, including bio-based acrylic acid. The growing focus on green building materials and the increasing adoption of eco-friendly personal care products offer significant growth potential for the market.
Acrylic Acid Market Segmentation:
Polaris Market Research has segmented the acrylic acid market report based on deployment mode, offering, application, organization size, and vertical. This segmentation provides comprehensive insights into market trends and opportunities for stakeholders.
Acrylic Acid, Derivative Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Acrylate Esters
- Glacial Acrylic Acid
- Other Acrylic Acid Products
Acrylic Acid, Application Outlook (Revenue – USD Billion, 2019 – 2032)
- Paints and Coatings
- Adhesives and Sealants
- Surfactants
- Sanitary Products
- Textiles
- Other Applications
In conclusion, the acrylic acid market is poised for sustained growth, driven by its diverse applications and rising demand across multiple industries. Innovations in sustainability and strategic partnerships will be essential to address challenges and unlock market opportunities.