The new report by Expert Market Research titled, ‘Global Acrylic Acid Market Growth, Size, Share, Price Trends, Industry Report, Impact of COVID-19 2020-2025′, gives an in-depth analysis of the global acrylic acid market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): 6.3 Million Metric Tons
2. Forecast CAGR (2020-2025): 4.7%
3. Forecast Market Size (2025): 8.3 Million Metric Tons
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The market growth is being driven significantly by the opportunities provided by the Asia Pacific region. The industry in the Asia Pacific region is driven by the expected growth in industries, such as construction, personal care products, paints, and lacquer (coating), that use acrylic acid and its derivatives to manufacture its products. Globally, the demands for acrylic acid is driven significantly by the growing construction, super absorbing polymers, and automobiles industries, particularly in emerging economies. The rising per capita consumption, as well as the growing rate of penetration and disposable incomes, have further aided the industry expansion, especially in India, China, and other Asian countries. The industry is expected to be driven by the growth of the demand for surface coating products in the Asia Pacific and the seasonal demand from the construction sector in North America and Europe.
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Industry Definition and Major Segments
Acrylic acid is a colourless organic compound, which is the least complicated unsaturated carboxylic acid, having a vinyl group directly connected to the carboxylic acid terminus. Acrylic acid is used in various products as an absorbent. Owing to its highly reactive nature, alcohol is used to form acrylates, which are used in various polymers and are commonly used in hygiene products.
Based on application, the market is segmented into:
1. Acrylate Esters
2. Super Absorbent Polymer (SAP)
Regionally, the market is divided into:
1. North America
2. Latin America
3. Asia Pacific
5. Middle East and Africa
The demand for superabsorbent polymers is expected to grow due to the rising infant population and growing need for adult incontinence product. This is expected to aid the demand for acrylic acid. Due to the increased interest of home care from developed regions, the demand for incontinence products has expanded considerably. Furthermore, in developed countries, governments have taken numerous steps to encourage the use of women’s sanitary napkins. With the increase in the population of women, the use of health services is also increasing considerably worldwide. Moreover, a number of government programmes in various countries include continued collaboration with different NGOs and media centres in order to educate people on the management of human hygiene. Such developments are expected to positively influence the growth of the acrylic acid market.
Key Market Players
The major players in the market are BASF SE, Nippon Shokubai Co.,Ltd., Dow Chemical Company, Arkema Group, LG Chem, Ltd., Formosa Plastic Corporation, and Shanghai Huayi Acrylic Acid Co., Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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