Acrylic Acid Market Analysis
The global acrylic acid market is likely to touch USD 18,300 million at a 5.1% CAGR between 2016-2022, as per the recent Market Research Future (MRFR) report. Acrylic acids, simply put, are organic compounds that have a specific tart or acrid smell. A major part of acrylic acid compounds is utilized as feedstocks for obtaining acrylate esters. Acrylic esters have wide applications in adhesives and sealants, paper treatment, plastic additives, textiles, and others. Some of its key characteristics include tackiness, durability, glass transition temperatures, and hardness. Acrylates are widely used in thickeners, flocculants, dispersants, and detergents.
Acrylic acid is a versatile raw material, especially in the chemical industry. It is used in the production of various products that are utilized in the construction industry chiefly on account of its weather-resistant coating. They are made into coatings that have high weather resistance, which is highly applicable for the construction industry.
Numerous factors are adding to the global acrylic acid market growth. These factors, according to the recent MRFR report, include increasing use of bio-based polymers in various healthcare applications, growing adhesives, and sealants industry, increasing use of acrylic-based products, especially in emerging economies, and demand for superabsorbent polymers. Additional factors adding market growth include increasing use of acrylic acid in diapers and surface coatings coupled with burgeoning demand from the construction industry.
On the contrary, strict government rules towards human health and environmental safety are factors that may restrict the global acrylic acid market growth during the forecast period.
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Acrylic Acid Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global acrylic acid market based on type and application.
By type, the global acrylic acid market is segmented into water treatment polymers, superabsorbent polymers, elastomers, 2-ethylhexyl acylate, butyl acrylate, ethyl acrylate, methyl acrylate, and others.
By application, the global acrylic acid market is segmented into adult incontinence products, anti-scalant, textile, paper industry, cement modifiers, surface coating, diapers, adhesives and sealants, and others. Of these, diapers will have a major share in the market during the forecast period.
Acrylic Acid Market Regional Analysis
By region, the global acrylic acid market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), the Middle East and Africa, and Latin America. Of these, the APAC region will lead the market during the forecast period. China as well as India are the major contributors in the region as it accounts for about 70% of the demand. Factors adding to the growth of the acrylic acid market in the region include increasing consumption of derivatives in personal care products, surfactants, adhesives, and coatings. Rising geriatric population in Canada and the US are boosting the demand for adult incontinence products, thus resulting in increased SAP consumption. Mexico is predicted to have a high demand for rapid growth in different end use industries, including personal care, adhesives and sealants, and surfactants. Intensive research and development by leading regional companies for developing bio-based alternatives are also likely to boost the market growth.
The global acrylic acid market in North America is predicted to hold the second-largest share during the forecast period for its increasing demand in baby products and the construction industry.
The global acrylic acid market in Europe, Latin America, and the Middle East will have smaller shares over the forecast period.
Acrylic Acid Market Key Players
Leading players profiled in the global acrylic acid market report include Lubrozol Corporation, SIBUR, Myriant Corporation, Dow Chemical Company, and BASF SE. Industry players have incorporated specific strategies to stay ahead in the competition, such as extensive research and development activities, joint ventures, collaborations, mergers and acquisitions, partnerships, and new product launches and innovations, and many others.
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