Growing demand for acrylic acid in polymers, adhesives, elastomers, paints and wastewater treatment is driving the revenue growth of the acrylic acid market.
NEW YORK, WASHINGTON, USA, June 28, 2022 /EINPresswire.com/ — The global acrylic acid market is expected to reach $26.04 billion by 2030, according to a new report from Reports and Data. Rising demand in the personal care market for superabsorbent polymers is expected to fuel the growth over the projected period. Expanding usage is also likely to shape the manufacturing market for surfactants, surface coatings, adhesives and sealants. Growing demand for glacial acrylic acid (GAA) in the manufacture of superabsorbent polymers (SAPs) is expected to be the major driver for accelerating market growth. Increasing SAP reach in niche segments involving adult incontinence, water treatment additives, and radiation treated coatings is expected to play a significant role in driving market growth in emerging economies in Asia – Pacific and Central and South America.
Driving forces for growth are increasing demand for superabsorbent polymers, widespread acceptance of acrylic-based products in developing countries like Asia-Pacific, and rise in industrial sectors such as adhesives and sealants . Industries designs and sells petrochemical technologies for its manufacture. Instead of raising oil prices globally, producers are using bio-based methods to generate this unsaturated carboxylic acid and acrylates from natural materials such as glycerol, sugar, and other things. Renewable feedstocks offer favorable cost outcomes to compete with petrochemical routes.
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Due to growing environmental concerns in regions such as North America and Europe, strict regulatory controls are imposed on the use of this organic compound to preserve the atmosphere and discourage occupational exposure. Its development is limited due to possible restrictions. Manufacturers are focusing on research and development to discover the bio-based roots to drive the market growth.
Nippon Shokubai Co.Ltd
Mitsubishi Chemical Corporation
Mitsui Chemicals Inc.
LG Chemicals Ltd.
LyondellBasell Industries Holdings BV
Formosa Plastics Corporation
Sumitomo Chemical Co., Ltd.
The impact of COVID-19:
The demand around the organic chemistry sector will register a decline in development, although the need for certain chemicals that find end-user implementations in healthcare and food is increasing. Additionally, China, the world’s largest chemical maker, reported a massive drop in production in the first quarter of 2020 amid the progress of the COVID-19 pandemic. This has contributed to an imbalance in the economy of supply and demand, causing suppliers and consumers everywhere to try to negotiate supply contracts.
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Other key findings from the report suggest
Acrylic esters were the main products consumed in 2019, with an overall market share of 48.62%. Growing demand for derivatives such as ethyl acrylate, butyl acrylate and 2-EHA is expected to propel product growth in paints, coatings and fabrics.
Personal care products was the major end-use sector and constituted 30% of the overall market value in 2019. Rising demand for adult incontinence products is expected to push this category during the forecast period due to the increase in the geriatric population in Europe and Japan, coupled with the increase in the population of baby boomers in the United States
North America and Europe have established markets, which have a strong focus on the production of bio-based acrylic acid. Companies like
Novozymes, Cargill, BASF and OPX Bio have successfully implemented bio-based components at pilot scale and are moving towards commercial ventures.
APAC is expected to intensify with an estimated CAGR of 5.6%; Due to the boom in the adhesives and sealants industry, the demand in emerging countries such as China and India is increasing. The government has taken steps to support the manufacturing strategies that have contributed to the rapid development of the country’s sector, which will have a direct effect on regional growth.
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For the purposes of this report, Reports and Data has segmented the global acrylic acid market on the basis of product, acrylic polymer, application, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Engineering plastics and copolymer
Paints and emulsion coatings
Hygienic medical products
End-Use Channel Outlook (Revenue, USD Billion; 2019-2030)
Paints and chemical industries
Health and hospitals
Regional Outlook (Revenue, USD Billion; 2019-2030)
Middle East and Africa
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