Acrylic Acid Market Size Worth USD 22.96 Billion in 2032 | Emergen Research

The global acrylic acid market size was USD 14.70 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.7% during the forecast period. The global acrylic acid market is witnessing steady growth propelled by various factors including the rising demand for superabsorbent polymers, increasing adoption of acrylic acid in the construction industry, and the need for adhesives and sealants. These insights are drawn from a comprehensive market research report that delves into the various drivers, restraints, segment insights, and notable developments within the industry.

Acrylic acid, a highly reactive carboxylic acid, holds significant importance across industries due to its versatile applications in adhesives, surface coatings, cements, and more. The market is primarily driven by the burgeoning demand for paints and coatings, particularly in the construction sector where waterproofing solutions are in high demand.

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The global demand for paints and coatings has been steadily rising, fueled by the construction industry's growth and the need for surface protection. This surge in demand directly translates into increased consumption of acrylic acid, which plays a pivotal role in the production of paints and adhesives.

One of the notable developments in the industry includes a recent contract signed by "TASNEE" represented by Saudi Acrylic Acid Company, indicating a strategic move to enhance productivity and meet the rising demand for acrylic acid derivatives.

However, the market does face certain challenges such as concerns regarding toxicity and occupational hazards associated with acrylic acid. Stringent quality control measures are being implemented to mitigate these risks, although they contribute to operational expenses and pricing difficulties.

Segment-wise, the global acrylic acid market is categorized into product, formulation, application, and end-use segments. Among these, acrylic esters hold the largest revenue share due to their increasing demand in specialized applications like Light Emitting Diode (LED) bulbs and electronic displays.

Water-borne resins, within the formulation segment, are anticipated to witness a fast revenue growth rate owing to their eco-friendly nature and suitability for architectural and industrial coatings. Notable acquisitions and expansions, such as Arkema's acquisition of Polimeros Especiales, further solidify this trend.

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In terms of applications, surface coatings emerge as a significant revenue contributor, driven by the growing adoption of coatings in the building and construction sector. Major players like BASF are expanding their production capacities to cater to the increasing demand for acrylic dispersions in regions like South Asia.

The end-use segment highlights the importance of acrylic acid in various industries including chemicals, polymers, water treatment, and textiles. Particularly, in the water treatment industry, acrylic acid plays a crucial role in improving water quality and reducing contaminants.

The global acrylic acid market is poised for continued growth, propelled by innovation, strategic partnerships, and expanding applications across diverse industries.

Acrylic Acid Top Companies and Competitive Landscape

The global acrylic acid market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective acrylic acid solutions in the market.

Some of the major companies included in the global acrylic acid market report are:

• Arkema
• BASF SE
• China Petroleum and Chemical Corporation
• DOW
• Formosa Plastic Corporation
• LG Chem
• Merck KGaA
• Mitsubishi Chemical Corporation
• Nippon Shokubai Co., Ltd.
• Sasol
• Shangai Huayi Acrylic Acid Co., Ltd.
• Wanhua
• Satellite Chemical Co., Ltd.
• PJSC Sibur Holdings
• Hexion Inc.
• Evonik Industries
• Shandong Haili Chemical Industry Co., Ltd.
• Myriant Corporation
• TASNEE
• Momentive Speciality Chemicals Co.

Acrylic Acid Latest Industry News

• On 26 May, 2023, Nippon Shokubai, a Japanese petrochemical manufacturer began commercial operations of an acrylic acid production plant in Banten, Indonesia, to meet the rising demand for acrylic acid and super polymers. The company launched the 100,000 mt/year plant in April, announcing it on May 24. Nippon Shokubai stated its total acrylic acid production capacity in Indonesia has increased to 240,000 mt/year with the launch of this production facility. This also increases the company's global production capacity to 980,000 tons/year, including 540,000 tons/year in Japan and 440,000 tons/year overseas.

• On 21 November 1, 2022, Arkema announced a breakthrough in its innovative and sustainable products with the mass balance certification of a series of biodistributed acrylic monomers. These monomers enabled Arkema to begin offering specialty acrylic resins and additives with certified biological properties for a wide range of applications.

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Acrylic Acid Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global acrylic acid market on the basis of product, formulation, application, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019-2032)
o Acrylic Esters
1. Methyl
2. Ethyl Arcylate
3. Butyl Acrylate
o Acrylic Polymers
1. Acrylic Elastomers
2. Water Treatment Polymers
3. Others Polymers
• Formulation Outlook (Revenue, USD Billion; 2019-2032)
o Water-borne Resins
o Solvent-borne Resins
o Solventless Resins
o Powder Resins
o Radiation Curable Resins
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Adhesives and Sealants
o Diapers
o Surface Coatings
o Cement Modifiers
o Paper Industry
o Textile
o Anti-salcant
o Adult Incontinence Products
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Chemical Industry
o Polymer Industry
o Water Treatment Industry
o Textile Industry
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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