Acrylic Acid Market Overview:
Global Acrylic Acid Market is set to register a healthy CAGR of 5.14% during the forecast period 2018 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.
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.
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.
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Acrylic Acid Market Key Players:
Acrylic Acid Market Includes are BASF SE, The Dow Chemical Company, Arkema SA, Evonik Industries, Nippon Shokubai Co. Ltd, Taixing Jurong Chemical Co Ltd, PJSC Sibur Holding, LG Chemicals, Shenyang Chemical Co Ltd, Mitsubishi Chemical, and Hexion Inc.
Acrylic Acid Market 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 2017. 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.
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 2017 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.
Acrylic Acid Market Regional Analysis:
Asia Pacific is the largest and the fastest growing industry for acrylic acid. Countries like China, India, Thailand and Indonesia are expected to grow at rapid pace due to increased spending on R&D facility along with economic development. Robust industry growth and extensive demand of acrylic acid in surface coatings and diapers is driving the regional market growth. Favourable government regulations and growing agriculture expenditure in China and India is anticipated to drive the market growth. China is one of the major construction industries in Asia Pacific. Rising infrastructural development especially for tourism and easy trading activities is likely to boost the acrylic acid market. China accounted for the largest market share of 58.00% in 2016, with a market value of USD 2,635.5 Mn and is projected to grow at the highest CAGR of 5.53% during the forecast period.
The Europe market too is favorable for phenolic resins owing to factors such as well-established infrastructure, availability of skilled workforce, high level of economic stability, investment in R&D, however, the market can be influenced due to shift in base of industries from Europe to emerging economies like Asia. The Middle East & Africa market is not so consolidated due to poor socio-economic conditions and a lack of skilled workforce.
Acrylic Acid Market Competitive Analysis:
Acrylic Acid Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. Majority of the company participants in the acrylic acid market has adopted the strategy named acquisition, agreement, collaboration, expansion, investment, partnership, product launch, and regulations.
As the propylene price are increasing and the supply is diminishing rapidly, companies are trying to collaborate with propylene raw material suppliers and innovating new product such as bio acrylic acid in order to avoid raw material hassles. With advanced technology and innovative products offerings, manufactures are maintaining sustainable profits across the value chain. Major companies are extending their market share through expansion and agreement with distributors to meet the global demand.
Acrylic Acid Market Table of Content:
1 Report Prologue
2 Market Introduction
3 Market Insights
4 Research Methodology
5 Market Dynamics
Acrylic Acid Market Table of Content to be Continue……,
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