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Global Acrylic Acid Market to Grow at a CAGR of 4.7% Over the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global Acrylic Acid Market Report and Forecast 2022-2027’, the global acrylic acid market reached a volume of nearly 6.3 million metric tons in 2020. The industry is further expected to grow at a CAGR of 4.7% between 2022 and 2027 to reach a volume of almost 8.3 million metric tons by 2027.

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.

Market Analysis by Applications and Regions:

  • The global acrylic acid market can be broadly categorised based on its application into acrylate esters, super absorbent polymer (SAP), and others.
  • The regional markets for acrylic acid are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global acrylic acid market is mainly driven by its increasing demand from the superabsorbent polymers industry. 
  • With the increase in demand for personal hygiene products, and coatings and paints applications, particularly from emerging countries like Brazil, China, and India, the industry for acrylic acid has witnessed a further growth. 
  • The growing construction and automobile sectors are providing additional impetus to the industry for its growth.
  • The growing disposable incomes and rise in infrastructural activities due to rapid urbanisation are further propelling the growth of the acrylic acid market.

Key Offerings of the Report:

  • The EMR report provides a detailed overview of the global acrylic acid market for the periods (2017-2021) and (2022-2027), providing an insight into the applications and regional markets of the product. 
  • The report gives the regional historical (2017-2021) and forecast (2022-2027) price trends of acrylic acid. 
  • The global trade data analysis has also been provided within the report, covering the major exporting and importing countries.

BASF SE, Nippon Shokubai Co.,Ltd., Dow Chemical Company, Arkema Group, LG Chem, Ltd., 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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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