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The global acrylic acid market is being driven by the growing construction, superabsorbent polymers, and automobile industries, particularly in emerging economies like China, India, and Brazil. The demand for the product is mainly driven by its use as a super absorbent polymer to produce products like disposable baby diapers, feminine hygiene products, and others. The Asia Pacific is the largest acrylic acid market, occupying the majority of the market share.
In the Asia Pacific, the demand for acrylic acid has witnessed an increase due to its use in the manufacturing of acrylic esters, superabsorbent polymers, and water treatment chemicals. In August 2018, BASF PETRONAS Chemicals Sdn. Bhd., a Malaysia-based joint venture between BASF (OTCMKTS: BASFY) and Petroliam Nasional Berhad (PETRONAS), announced its expansion of its production capacity of the acrylic acid and butyl acrylate plants in Kuantan, Malaysia. This step by the company is aimed at supporting the increased demand for acrylic monomers in the Asia Pacific, further enhancing its position in the global market. Earlier, in June 2016, BASF SE inaugurated the production complex for acrylic acid, butyl acrylate, and superabsorbent polymers in Camaçari, Brazil, looking at the growth prospects for the market in the Latin America region.
In October 2020, Arkema, a major player in the global acrylic acid market, with an investment of approximately USD 90 million, started a new 90,000-ton per year acrylic acid reactor at its Clear Lake site in Texas, becoming one of the most competitive acrylic acid sites in the US. With this investment, the company aims to attract consumers from paints, superabsorbents, water treatment, and adhesives markets in North America.
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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, are the key players in the global acrylic acid market. The comprehensive report looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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