Abstract
Summary
The Acrylic acid market is projected to grow from USD 11.7 billion in 2023 to USD 13.8 billion by 2028, at a CAGR of 3.3% during the forecast period. The demand for acrylic acid from sectors like paints and coatings, adhesives, textiles, and superabsorbent polymers for hygiene products is one of several drivers driving the market. The market is expanding as a result of rising applications in chemical synthesis, a move towards environmentally friendly products, expanding economies, and rising demand in emerging markets.
“By derivative, acrylic polymers to have the second highest market share in 2022.”
Acrylic polymers are anticipated to secure the second-highest market share in the acrylic acid market due to their versatile properties and wide-ranging applications. These polymers exhibit exceptional adhesion, durability, and weather resistance, making them highly desirable for various industries, including water treatment, baby diapers, personal care etc. The adaptability of acrylic polymers to different formulations and their compatibility with various substrates contribute to their significant market presence, positioning them as a preferred choice for numerous end-use applications.
“By acrylic ester application, surface coatings accounted for the maximum share in 2022.”
Due to their adaptable qualities that help create better paint and coating formulas, surface coatings have emerged as the major application segment for acrylic acid esters. Because of their superior adherence, toughness, and weather resistance, acrylic acid esters are frequently utilized in making surface coatings in consumer products, construction, and automotive industries. Because of their propensity to impart gloss, color retention, and corrosion protection, as well as the fact that they mix well with a variety of other chemicals, acrylic acid esters are widely used in surface coatings, cementing their dominance in the field of applications for acrylic acid.
“By acrylic polymer application, Adult Incontinence & Other Personal Care Products to have the highest CAGR during the forecast period.”
The Adult Incontinence & Other Personal Care Products segment is experiencing rapid growth within the acrylic acid polymers market due to shifting demographics, increasing population, and growing awareness about personal hygiene. As healthcare and well-being gain prominence, the demand for high-performance and absorbent materials in adult incontinence products is escalating. Acrylic acid polymers offer superior absorbency and comfort, making them ideal for applications in adult diapers, sanitary napkins, and other personal care items.
“Asia Pacific accounted for the highest market share in the Acrylic acid market in 2022.”
The Asia Pacific Acrylic acid market is witnessing growth propelled by factors. Rapid industrialization, urbanization, and population growth have spurred demand for products such as paints, coatings, adhesives, textiles, and superabsorbent polymers used in hygiene products. Asia Pacific is home to several major economies with robust manufacturing capabilities, making it a manufacturing hub for various industries. This proximity to production facilities reduces shipping costs and enables efficient supply chain management. The presence of major manufacturing hubs, increasing investments in various industries, and favorable government policies supporting economic development contribute to the region's dominance. Additionally, rising consumer awareness about personal care and hygiene products further propels the demand for superabsorbent polymers, enhancing the overall market growth in Asia Pacific.
By Company: Tier1: 40%, Tier 2: 25%, Tier3: 4: 35%
By Designation: C-Level: 35%, Director Level: 30%, Others: 35%
By Region: North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5%.
Companies Covered: BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), and The Dow Chemical Company (Midland, Michigan), and others are covered in the acrylic acid market.
Research Coverage
The market study covers the acrylic acid market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on derivative, application, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the acrylic acid market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall acrylic acid market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Rapid expansion of superabsorbent polymers sector, increasing application in chemical synthesis), restraints (Environmental concerns and health hazards), opportunities (Increasing demand in emerging economies) and challenges (Improper waste disposal of end products, Fluctuations in raw material prices) influencing the growth of the acrylic acid market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the acrylic acid market
• Market Development: Comprehensive information about lucrative markets – the report analyses the acrylic acid market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the acrylic acid market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like BASF SE (Germany), Arkema (France), Nippon Shokubai Co., Ltd. (Japan), LG Chem (South Korea), and The Dow Chemical Company (Midland, Michigan), and among others in the acrylic acid market. The report also helps stakeholders understand the pulse of the acrylic acid market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 INTRODUCTION 33
1.1 STUDY OBJECTIVES 33
1.2 MARKET DEFINITION 33
1.3 STUDY SCOPE 34
1.3.1 REGIONS COVERED 34
1.3.2 YEARS CONSIDERED 35
1.4 CURRENCY CONSIDERED 35
1.5 UNITS CONSIDERED 35
1.6 LIMITATIONS 35
1.7 STAKEHOLDERS 36
1.8 INCLUSIONS AND EXCLUSIONS 36
1.9 SUMMARY OF CHANGES 37
2 RESEARCH METHODOLOGY 38
2.1 RESEARCH DATA 38
2.1.1 SECONDARY DATA 39
- 2.1.1.1 Key data from secondary sources 39
2.1.2 PRIMARY DATA 39
- 2.1.2.1 Key data from primary sources 40
- 2.1.2.2 Breakdown of primary interviews 40
2.2 MARKET SIZE ESTIMATION 41
2.3 DATA TRIANGULATION 42
2.4 ASSUMPTIONS 44
2.5 RESEARCH LIMITATIONS 44
2.6 GROWTH RATE ASSUMPTION 45
2.7 IMPACT OF RECESSION 45
3 EXECUTIVE SUMMARY 46
4 PREMIUM INSIGHTS 50
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ACRYLIC ACID MARKET 50
4.2 ASIA PACIFIC: ACRYLIC ACID MARKET, BY DERIVATIVE AND COUNTRY (2022) 51
4.3 ACRYLIC ACID MARKET, BY COUNTRY 52
5 MARKET OVERVIEW 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 54
- 5.2.1.1 Rise in demand from paints & coatings sector 54
- 5.2.1.2 Increasing demand for superabsorbent polymers 55
- 5.2.1.3 Expanding application in chemical synthesis 55
- 5.2.1.4 Shift from solvent-based coatings to acrylic emulsions 55
5.2.2 RESTRAINTS 56
- 5.2.2.1 Environmental concerns and health hazards 56
- 5.2.2.1.1 Clean Air Act 1990 56
- 5.2.2.1.2 Acute toxicity and air exposure limits 56
- 5.2.2.1.3 Health hazards 56
- 5.2.2.1.4 Pulmonary edema 56
- 5.2.2.1 Environmental concerns and health hazards 56
5.2.3 OPPORTUNITIES 57
- 5.2.3.1 Commercial production of bio-based acrylic acid 57
- 5.2.3.2 Increasing demand in emerging economies 57
5.2.4 CHALLENGES 57
- 5.2.4.1 Improper waste disposal of end products 57
- 5.2.4.2 Strong competition among market players 58
- 5.2.4.3 Fluctuations in raw material prices, high transportation costs, and reactivity hazards 58
5.3 VALUE CHAIN ANALYSIS 59
5.4 SUPPLY CHAIN ANALYSIS 60
5.5 PORTER’S FIVE FORCES ANALYSIS 60
5.5.1 THREAT OF NEW ENTRANTS 62
5.5.2 THREAT OF SUBSTITUTES 62
5.5.3 BARGAINING POWER OF BUYERS 62
5.5.4 BARGAINING POWER OF SUPPLIERS 62
5.5.5 INTENSITY OF COMPETITIVE RIVALRY 63
5.5.6 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 63
5.6 TARIFF AND REGULATORY LANDSCAPE 64
5.7 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 66
5.8 TECHNOLOGY ANALYSIS 68
5.8.1 NEW CATALYST TECHNOLOGY TURNS CORN INTO ACRYLIC ACID 68
5.8.2 NEW TECHNOLOGIES - ACRYLIC RESINS 69
5.9 ACRYLIC ACID MARKET ECOSYSTEM 69
5.10 KEY CONFERENCES & EVENTS IN 2023-2024 70
5.11 TRADE ANALYSIS (IMPORT AND EXPORT) 71
5.11.1 IMPORT SCENARIO 71
5.11.2 EXPORT SCENARIO 72
5.12 PATENT ANALYSIS 73
5.12.1 INTRODUCTION 73
5.12.2 METHODOLOGY 73
5.12.3 DOCUMENT TYPE 73
5.13 CASE STUDY ANALYSIS 75
5.14 PRICING ANALYSIS 76
5.14.1 AVERAGE SELLING PRICE, BY REGION 76
5.14.2 AVERAGE SELLING PRICE, BY ACRYLIC ACID DERIVATIVE 76
5.15 MACROECONOMIC OVERVIEW 77
5.15.1 INTRODUCTION 77
5.15.2 TRENDS AND FORECAST OF GDP 77
5.16 KEY STAKEHOLDERS AND BUYING CRITERIA 78
5.16.1 KEY STAKEHOLDERS IN BUYING PROCESS 78
5.16.2 BUYING CRITERIA 79
6 ACRYLIC ACID MARKET, BY DERIVATIVE 80
6.1 INTRODUCTION 81
6.1.1 ACRYLIC ESTERS 82
- 6.1.1.1 Methyl acrylate 83
- 6.1.1.2 Ethyl acrylate 83
- 6.1.1.3 Butyl acrylate 84
- 6.1.1.4 2-Ethylhexyl acrylate 84
- 6.1.1.5 Other acrylic esters 84
- 6.1.1.5.1 Specialty acrylate 84
- 6.1.1.5.2 Benzyl acrylate 84
- 6.1.1.5.3 Hydroxypropyl acrylate 84
6.1.2 ACRYLIC POLYMERS 84
- 6.1.2.1 Acrylic elastomers 85
- 6.1.2.2 Superabsorbent polymers 85
- 6.1.2.3 Water treatment polymers 85
6.1.3 OTHER DERIVATIVES 86
- 6.1.3.1 Ammonium polyacrylate 86
- 6.1.3.2 Polycyanoacrylate 86
7 ACRYLIC ACID MARKET, BY APPLICATION 87
7.1 INTRODUCTION 88
7.2 ACRYLIC ESTERS MARKET, BY APPLICATION 89
7.2.1 SURFACE COATINGS 90
7.2.2 ADHESIVES & SEALANTS 90
7.2.3 PLASTIC ADDITIVES 91
7.2.4 DETERGENTS 91
7.2.5 TEXTILES 91
7.2.6 OTHER APPLICATIONS 91
7.3 ACRYLIC POLYMERS AND OTHER DERIVATIVES MARKET, BY APPLICATION 92
7.3.1 DIAPERS & TRAINING PANTS 94
7.3.2 ADULT INCONTINENCE & OTHER PERSONAL CARE PRODUCTS 94
7.3.3 WATER TREATMENT (DISPERSANTS, ANTI-SCALANTS, AND THICKENERS) 94
7.3.4 OTHER APPLICATIONS 94
8 ACRYLIC ACID MARKET, BY REGION 95
8.1 INTRODUCTION 96
8.2 ASIA PACIFIC 98
8.2.1 RECESSION IMPACT 98
8.2.2 CHINA 103
- 8.2.2.1 Surface coatings application to be largest consumer of acrylic esters 103
8.2.3 JAPAN 105
- 8.2.3.1 Increasing demand for adult diaper and incontinence products to drive market 105
8.2.4 INDIA 108
- 8.2.4.1 India to register highest CAGR in acrylic acid market during forecast period 108
8.2.5 SOUTH KOREA 110
- 8.2.5.1 Increasing demand from diaper and textile sectors to support market growth 110
8.2.6 REST OF ASIA PACIFIC 113
8.3 NORTH AMERICA 115
8.3.1 RECESSION IMPACT 115
8.3.2 US 119
- 8.3.2.1 Expanding residential sector to fuel market growth 119
8.3.3 CANADA 122
- 8.3.3.1 Government initiatives in construction sector to support acrylic acid market growth 122
8.3.4 MEXICO 125
- 8.3.4.1 Acrylic esters to account for major share of overall market during forecast period 125
8.4 EUROPE 127
8.4.1 RECESSION IMPACT 128
8.4.2 GERMANY 131
- 8.4.2.1 Presence of highly developed chemical industry to support market growth 131
8.4.3 FRANCE 134
- 8.4.3.1 Growing investment in plastic industry to drive demand 134
8.4.4 NETHERLANDS 136
- 8.4.4.1 Strategic location in European chemical industry to support market 136
8.4.5 BELGIUM 138
- 8.4.5.1 Increasing exports to support market growth 138
8.4.6 REST OF EUROPE 141
8.5 MIDDLE EAST & AFRICA 143
8.5.1 RECESSION IMPACT 143
8.5.2 SOUTH AFRICA 144
- 8.5.2.1 Increasing demand for surface coatings to boost market growth 144
8.5.3 SAUDI ARABIA 146
- 8.5.3.1 Acrylic esters segment to dominate overall market during forecast period 146
8.5.4 EGYPT 149
- 8.5.4.1 Increasing exports of chemicals to boost market for acrylic acid 149
8.5.5 REST OF MIDDLE EAST & AFRICA 151
8.6 SOUTH AMERICA 157
8.6.1 RECESSION IMPACT 157
8.6.2 BRAZIL 161
- 8.6.2.1 Brazil to be dominant market for acrylic acid in South America 161
8.6.3 ARGENTINA 163
- 8.6.3.1 Unfavorable economic conditions likely to cause sluggish market growth 163
8.6.4 REST OF SOUTH AMERICA 166
9 COMPETITIVE LANDSCAPE 169
9.1 OVERVIEW 169
9.2 MARKET SHARE ANALYSIS 171
9.3 REVENUE ANALYSIS OF TOP PLAYERS 171
9.4 COMPANY EVALUATION MATRIX 172
9.4.1 STARS 172
9.4.2 EMERGING LEADERS 172
9.4.3 PARTICIPANTS 172
9.4.4 PERVASIVE PLAYERS 172
9.5 COMPANY FOOTPRINT 173
9.6 SME EVALUATION MATRIX, 2022 174
9.6.1 PROGRESSIVE COMPANIES 174
9.6.2 RESPONSIVE COMPANIES 174
9.6.3 DYNAMIC COMPANIES 174
9.6.4 STARTING BLOCKS 174
9.7 COMPETITIVE BENCHMARKING 176
9.8 COMPETITIVE SCENARIO 176
9.8.1 DEALS 177
9.8.2 PRODUCT LAUNCHES 181
9.8.3 OTHER DEVELOPMENTS 181
10 COMPANY PROFILE 185
10.1 KEY PLAYERS 185
10.1.1 BASF SE 185
10.1.2 ARKEMA 192
10.1.3 NIPPON SHOKUBAI CO., LTD 198
10.1.4 LG CHEM 203
10.1.5 DOW CHEMICAL COMPANY 209
10.1.6 MITSUBISHI CHEMICAL CORPORATION 215
10.1.7 SASOL LTD 219
10.1.8 EVONIK INDUSTRIES AG 222
10.1.9 MERCK KGAA 226
10.1.10 SUMITOMO CORPORATION 229
10.2 ADDITIONAL PLAYERS 232
10.2.1 SATELLITE CHEMICAL CO., LTD 232
10.2.2 SYNTHOMER PLC 233
10.2.3 SHANGHAI HUAYI ACRYLIC ACID CO., LTD 234
10.2.4 SIBUR HOLDING PJSC 235
10.2.5 WANHUA CHEMICAL GROUP CO., LTD 236
10.2.6 TOAGOSEI CO., LTD 237
10.2.7 SINOCHEM GROUP CO., LTD 238
10.2.8 LUBRIZOL CORPORATION 239
10.2.9 POLYSCIENCES, INC 240
10.2.10 JURONG GROUP 241
10.2.11 MOMENTIVE PERFORMANCE MATERIALS 242
10.2.12 SOLVAY 243
10.2.13 RÖHM GMBH 243
10.2.14 KAMSONS CHEMICALS PVT. LTD 244
10.2.15 GELLNER INDUSTRIAL LLC 245
11 ADJACENT & RELATED MARKET 246
11.1 INTRODUCTION 246
11.2 LIMITATIONS 246
11.3 BIO-ACRYLIC ACID MARKET 246
11.3.1 MARKET DEFINITION 246
11.3.2 MARKET OVERVIEW 247
11.4 BIO-ACRYLIC ACID MARKET, BY TYPE 247
11.5 BIO-ACRYLIC ACID MARKET, BY APPLICATION 248
11.6 BIO-ACRYLIC ACID MARKET, BY REGION 249
12 APPENDIX 250
12.1 DISCUSSION GUIDE 250
12.2 CUSTOMIZATION OPTIONS 254
12.3 RELATED REPORTS 254
12.4 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 255
12.5 AUTHOR DETAILS 257