Market Research Future (MRFR)’s report reveals that the Global Acrylic Acid Market is set to register a healthy CAGR of 5.14% during the forecast period 2016 to 2022. The market is estimated to grow from USD 13,599.9 Mn in 2015 to USD 18,315.3 Mn by the end of 2022. The superabsorbent polymer is one of the key areas of focus in the Acrylic Acid Market due to tremendous demand from diapers and agricultural industries. It is likely to boost the market growth over the next few years.
Acrylic Acid has developed applications in the construction industry in the form of protective coatings, weathering resistance, and road making, among others which have augured well for the market players. The strong value maintained by the construction industry in the developed and developing nations are encouraging the proliferation of the market. The trend is anticipated to perpetuate over the assessment period. Additionally, the extensive demand for water-based adhesives, having acrylic acid as a key ingredient, is projected to have a positive impact on the rapid expansion of the market.
The stringent laws enforced to contain the harmful effects of the product on the environment is a strong challenge faced by the industry leaders. However, it has also opened avenues of innovation and adoption of Bio-Based Acrylic Acid. The Bio-Based Acrylic Acid Market values around USD 9 Bn currently and is thriving at 4% CAGR. However, the rise in the price of raw materials used for acrylic acid has led to a substantial increase in the cost of Acrylic Acid. The inflated price of the raw materials remains an impediment to the market expansion.
Global Market for Acrylic Acid-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on Type and Application.
By Type, the Acrylic Acid Market has been segmented into superabsorbent polymers, methyl acrylate, ethyl acrylate, water treatment polymers, 2-ethylhexyl acrylate, elastomers, butyl acrylate, and others. Among these, the superabsorbent polymers segment held the most significant share of the market in 2015. It is likely to retain a prominent share of the market during the forecast period thriving at a healthy CAGR. The growth is attributable to the increasing demand for the production of diapers, female hygiene products, and agricultural products.
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By Application, the market is segmented into surface coatings, adhesive & sealants, agriculture, plastic sheets, diapers, cement modifiers, and others. Among these, the diapers segment accounted for the maximum market share in 2015 and is expected to exhibit substantial growth over the assessment period. The factors responsible for encouraging the proliferation of the segment include growing attention towards baby hygiene, increasing disposable income, and rapid urbanization.
Regional Outlook:
By Region, the Global Acrylic Acid Market has been segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia Pacific is currently the largest market for acrylic acid and is estimated to expand at a relatively higher CAGR of 5.39% through the projection period. The segment accounted for 35% share of the market in 2015 and is projected to reach a valuation of USD 6,520.9 Mn towards the end of 2022. The increasing demand from end-user industries for applications in the production processes of diapers, adhesives, kinds of coatings, plastic compounds, elastic materials, paper coating, personal care products, and cement modifiers among others is anticipated to drive the market growth. Additionally, the presence of fast-developing economies such as India and China are likely to favor the Acrylic Acid Market expansion in Asia Pacific. The demand generated in the booming agricultural sector for superabsorbent polymers is another significant factor influencing the growth of the regional market positively.
North America is the second largest market for Acrylic Acid and is anticipated to grow significantly in the foreseeable future. The factors responsible for aiding the market proliferation in the region are huge penetration of the product in applications such as diapers, adhesives, paints, and paper coating. Europe, Latin America, and the Middle East & Africa are forecasted to expand steadily at a moderate pace through the review period.
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