Acrylic Acid Market Size, Share, Growth Analysis, By Type (Acrylic Esters, Acrylic Polymer), By Technology (Propylene-based Process, Bio-based Acrylic Acid), By End Use, By Region - Industry Forecast 2024-2031
China Petroleum & Chemical Corporation(SINOPEC)(China)
Formosa Plastics Corporation(Taiwan)
Mitsubishi Chemical Corporation(Japan)
Shanghai Huayi Acrylic Acid Co. Ltd.(China)
Satellite Chemical Co. Ltd.(China)
Wanhua Chemical Group Co., Ltd.(China)
Eastman Chemical Company(United States)
Sumitomo Chemical Co., Ltd.(Japan)
Rohm and Haas Company(United States)
Evonik Industries AG(Germany)
Tosoh Corporation(Japan)
Kemira Oyj(Finland)
Kuraray Co., Ltd.(Japan)
ADEKA Corporation(Japan)
DIC Corporation(Japan)
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Global Acrylic Acid Market size was valued at USD 13.1 billion in 2022 and is poised to grow from USD 13.7 billion in 2023 to USD 19.3 billion by 2031, growing at a CAGR of 4.4% during the forecast period (2024-2031).
The demand for acrylic acid is experiencing significant growth, driven primarily by increased infrastructural and building activities that require paints, coatings, sealants, and adhesives. This trend also extends to the personal care sector, where ultra-absorbent polymers derived from acrylic acid are pivotal in hygiene products such as diapers and sanitary items. As a foundational element in acrylate esters used in coating formulations, acrylic acid remains integral to the paints and coatings industry. Additionally, consumer demand for products like adhesives and textiles is increasing, fueled by rising disposable incomes. With the expansion of end-use industries including packaging, automotive, textiles, and construction, combined with technological advancements reducing production costs, the acrylic acid market is poised for robust growth, particularly in developing regions experiencing rapid urbanization.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Acrylic Acid market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Acrylic Acid Market Segmental Analysis
Global Acrylic Acid Market is segmented by Type, Technology, End Use and Region. Based on Type, the market is segmented into Acrylic Esters, Acrylic Polymer, and Others. Based on Technology, the market is segmented into Propylene-based Process, Bio-based Acrylic Acid, and Acrolein-based Process. Based on End Use, the market is segmented into Surfactants & Surface Coatings, Organic Chemicals, Adhesives & Sealants, Textiles, Water Treatment, Personal Care Products, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Global Acrylic Acid Market
The global acrylic acid market is being significantly propelled by the surging demand for superabsorbent polymers (SAPs), which have become increasingly vital in the production of personal care products like diapers, adult incontinence items, and feminine hygiene products. As hygiene awareness grows alongside population expansion, the need for SAPs continues to rise, subsequently boosting the acrylic acid industry. This essential raw material is crucial for the manufacturing of SAPs, further establishing a strong link between the two markets. Consequently, the acrylic acid sector is set to benefit from this heightened demand driven by the need for effective absorbent solutions in various personal care applications.
Restraints in the Global Acrylic Acid Market
The Global Acrylic Acid market faces significant restraints stemming from environmental and regulatory concerns. The utilization of potentially hazardous chemicals in acrylic acid production raises questions about sustainability and pollution management. Stringent environmental regulations and compliance demands in major markets may hinder market growth, particularly if manufacturers encounter challenges in adopting cleaner production methods or if such regulations incur higher operational costs. These factors could limit the ability of manufacturers to scale their operations, thereby impacting the overall growth potential of the acrylic acid market as they strive to meet regulatory standards while maintaining profitability.
Market Trends of the Global Acrylic Acid Market
The global acrylic acid market is witnessing a significant shift towards bio-based production, fueled by rising consumer demand for sustainable and environmentally friendly products. As industries focus on reducing their carbon footprint, renewable feedstocks such as maize, glycerol, and glucose are becoming the preferred inputs for acrylic acid manufacturing. This transition is driven by advancements in green chemistry and bioengineering technologies, which enhance production efficiency and lower environmental impact. Consequently, manufacturers are adapting to this trend to meet regulatory pressures and consumer expectations, indicating a robust growth trajectory in the bio-based acrylic acid segment, ultimately reshaping the market landscape.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Driver & Opportunities
Restraints & Challenges
Porters Analysis & Impact
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2023
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Technological Advancement
Regulatory Landscape
Case Studies
Patent Analysis
Acrylic Acid Market Size by Type & CAGR (2024-2031)
Market Overview
Acrylic Esters
Acrylic Polymer
Others
Acrylic Acid Market Size by Technology & CAGR (2024-2031)
Market Overview
Propylene-based Process
Bio-based Acrylic Acid
Acrolein-based Process
Acrylic Acid Market Size by End Use & CAGR (2024-2031)
Market Overview
Surfactants & Surface Coatings
Organic Chemicals
Adhesives & Sealants
Textiles
Water Treatment
Personal Care Products
Others
Acrylic Acid Market Size & CAGR (2024-2031)
North America, (Type, Technology, End Use)
US
Canada
Europe, (Type, Technology, End Use)
UK
Germany
Spain
France
Italy
Rest of Europe
Asia-Pacific, (Type, Technology, End Use)
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America, (Type, Technology, End Use)
Brazil
Rest of Latin America
Middle East & Africa (Type, Technology, End Use)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2023
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2021-2023)
Key Company Profiles
BASF SE (Germany)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Arkema (France)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Nippon Shokubai Co., Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
LG Chem (South Korea)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
The Dow Chemical Company (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
China Petroleum & Chemical Corporation (SINOPEC) (China)