The global acrylic acid market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Acrylic acid is an organic compound produced from catalytic oxidation of propylene. It is largely used in making a number of chemical intermediates, such as acrylic esters. Acrylic esters are the largest end use for acrylic acid followed by polyacrylates. The esters are largely colourless liquids used in the manufacture of surface coatings/paints and resins, adhesives, plastics, textiles while polyacrylates are used as thickeners, dispersants and rheology controllers. Acrylic acid is also used as a co-monomer with acrylamide in anionic polyacrylamide and to produce hydroxyacrylates for use in industrial coating formulations.
Rising demand of acrylic esters from various industries such as paint, adhesives, textiles and other industries is likely to drive the acrylic acid market. As acrylic acid is a major raw material for acrylic esters production, demand for acrylic esters is expected to fuel the growth of this market. Demand from paint, adhesives, textiles and other industries are actually increasing because of growing population and extra income in developing countries. Additionally, demand for polyacrylates is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets like paints and coatings industries. This demand is growing at a higher rate, which in turn will boost consumption of acrylic acid. Demand for acrylic acid as co-monomer to produce hydroxyacrylates is increasing from the industrial coating industry, which in turn will increase demand for acrylic acid.
Drivers and Restraints of Acrylic Acid Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for acrylic acid market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Acrylic acid is exposed to a probability of volatility in supply and price of propylene as it is a major feedstock. Global economic slowdown has been a challenge for the downstream growth of acrylic acid. Especially, slow growth of Chinese and Indian economy will hinder the growth of global acrylic acid market.
Acrylic Acid Market by Region
Asia was the largest consumer of acrylic acid and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, South Korea and Japan were the largest consumers of acrylic acid in this region. Growing demand for paint, adhesives, textiles and other industries will drive acrylic acid market in Asia. Consumption of acrylic acid in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from paint, adhesives, textiles industries. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include BASF SE, LG Chem, Jiangsu Jurong Chemical Co. Ltd., Mitsubishi Chemical Corporation, Formosa Plastics, Sasol, Nippon Shokubai Co. Ltd, Shanghai Huayi Acrylic Acid Co. Ltd, DowDuPont and Arkema.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth